IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 20TH FEBRUARY 2009 / 1ST PHALGUNA 1930 WP(C).No. 5699 of 2009(F) ---------------------------------------- PETITIONER(S): ------------------------ 1. M.PREMAKUMARAN NAIR, AGED 49 YEARS, S/O. NARAYANAN THAMPI, PALLIMANGALAM, KEEZHAMMAKOM, CHENKAL P.O., NEYYATTINKARA, THIRUVANANTHAPURAM DISTRICT. 2. BHADRA DEVI M.L, PALLIMANGALAM KEEZHAMMAKOM, CHENKAL P.O. NEYYATTINKARA, THIRUVANANTHAPURAM – 695 132. BY ADV. MR.N.P.PRAJEESH RESPONDENT(S): --------------------------- 1. STATE BANK OF TRAVANCORE, REP. BY ITS BRANCH MANAGER, SASTHAMANGALAM BRANCH, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE, SASTHAMANGAM BRANCH, THIRUVANANTHAPURAM -10. R1 & R2 BY ADV. MR.K.S.DILIP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.5699 of 2009-F = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 20th day of February, 2009. JUDGMENT The first petitioner availed two housing loans from the first respondent bank. He defaulted in repayment of the EMIs. This resulted in securitization proceedings. Being a loan in the housing sector, the bank has always the appropriate approach to permit regularization. This is a welcome sign. The petitioners have stated before me through their learned counsel that they give up all other contentions in challenge to the impugned proceedings and also the right to move the DRT under Section 17 of the SARFAESI Act. If the petitioners pay the defaulted equated monthly instalments with accruals added thereon in two instalments payable on or before 28-2-2009 and 28-3-2009 and continue to pay the EMIs in terms of the transaction WP(C)5699/2009 -: 2 :- between the parties, the bank will regularize the transaction and let the petitioners enjoy the facility of loan. If there is default in paying any of the instalments as aforesaid and future instalments, the benefits of this judgment will stand recalled automatically and the writ petition will stand dismissed enabling the bank to forthwith proceed with further distress action without fresh notice to the petitioners. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/240209