IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 18TH AUGUST 2010 / 27TH SRAVANA 1932 WP(C).No. 24984 of 2010(W) -------------------------- CMP.1017/2010 of C.J.M.,MANJERI .................... PETITIONER: --------------- UNNIKRISHNAN T.M., S/O.NARAYANAN, THAYMANGALATH HOUSE, KARAKODE P.O., MALAPPURAM - 679 333. BY ADV. MR. SAJU.S.A RESPONDENTS: --------------- 1. HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, ROMAN HOUSE, 169 BACK BAY, RECLAMATION, MUMBAI - 400 020, REPRESENTED BY ITS AUTHORISED OFFICER MR.BABY JOSEPH, S/O.JOSEPH, BRANCH OFFICE H.D.F.C. HOUSE, 3RD FLOOR, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI - 682 015. 2. THE MANAGER, HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, KOTTAPADI BRANCH, MALAPPURAM - PIN 676 505. BY SENIOR ADVOCATE MR. K.K. CHANDRANPILLAI, SC OF HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 24984 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 18th day of August, 2010 JUDGMENT The petitioner availed a housing loan of Rs. 2.75 lakhs from the respondent Corporation, creating security interest over the property in question, agreeing to repay the same in 180 installments @ Rs. 2998/-. But, the petitioner did not choose to effect timely installments and turned to be a defaulter, under which circumstance, the respondents proceeded with further steps under the SARFAESI Act, after declaring the account as 'NPA', also by filing necessary petition before the concerned Chief Judicial Magistrate's Court, for getting assistance to take over the physical possession of the property, which in turn is under challenge in this Writ Petition. 2. Mr. Chandran Pillai, the learned Senior Counsel appearing for the respondent Bank, submits that, eventhough the petitioner had issued different cheques at different point of time, they have been dishonoured for want of sufficient funds and in the said circumstances, the Bank is constrained to proceed with further steps, which hence is strictly in conformity with the statutory prescription and not assailable under any circumstances. The learned Senior Counsel also submits that, the 'overdue' amount as on date will come nearly Rs. 27,000/-. W.P. (C) No. 24984 of 2010 2 3. After hearing both the sides, particularly taking note of the persuasive submissions made from the part of the petitioner and the fact that the loan facility availed by the petitioner pertains to 'housing sector', this Court finds it fit and proper to give one more chance to the petitioner to save his property. Accordingly, the petitioner is directed to clear the entire 'overdue' amount under the loan transaction within one month, on which event, the loan account of the petitioner will stand regularized. This will be in addition to the liability of the petitioner to remit the regular EMIs as well. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd