IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 24TH FEBRUARY 2010 / 5TH PHALGUNA 1931 WP(C).No. 36773 of 2009(N) -------------------------- PETITIONER(S): --------------- B.M.IBRAHIM,S/O.BEEDI MOHAMMED, R/AT ARAMANGANAM,P.O.KALNAD,CHEMNAD VILLAGE, KASARAGOD DISTRICT. BY ADV. SRI.KODOTH SREEDHARAN RESPONDENT(S): --------------- AUTHORIZED OFFICER,HDFC BANK LTD, CROUNG FLOOR,SIMAX TOWER,OPP.GEM TVS KANNUR ROAD, NADAKKAVU,CALICUT-673011. ADV. SRI.T.RAJESH FOR R THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 24/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 36773 of 2009 ---------------------------------------- Dated, this the 24th day of February, 2010 J U D G M E N T The petitioner is aggrieved of the steps taken by the respondent Bank under the SARFAESI Act in the course of realisation of the amounts stated as due from the petitioner. 2. The learned counsel appearing for the Bank submits on instructions, that the petitioner had availed a housing loan of Rs.3.5 lakhs from the Bank for construction of a residential house; but the repayments were not effected on time, under which circumstance, there was no other way, but to declare the account as 'NPA' and proceed with further steps for realisation of the due amount invoking the provisions of the 'Act', which is not assailable under any circumstance, being in conformity with the relevant provisions of law. However, taking note of the actual facts and figures, the learned counsel further submits that the Bank is ready and willing to wipe off the entire 'penal interest', legal charges and such other amounts and confine to the 'overdue amounts' which comes to Rs.70,000/- as on date, which is inclusive of the EMI payable in respect of February 2010 and if the petitioner is ready and willing to clear the said liability, the loan account will be regularized, WP(C) No.36773/2009 2 subject to the condition that the petitioner satisfies the regular EMIs without fail. 3. After hearing both the sides, particularly the very reasonable submissions made from the part of the respondent Bank, the petitioner is directed to deposit a sum of Rs.35,000/- within two weeks and the remaining 'overdue' amount along with the EMI due in respect of March, 2010 shall be remitted on or before the 30th of March, 2010. Subject to the above, the loan account of the petitioner shall stand regularised and the petitioner shall continue to pay the regular EMIs without fail. It is made clear that if any default is committed by the petitioner in clearing the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc