IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 17TH AUGUST 2010 / 26TH SRAVANA 1932 WP(C).No. 24769 of 2010(U) -------------------------------------- [CMP.NO.2847/2010 OF CHIEF JUDICIAL MAGISTRATES'S COURT, THIRUVANANTHAPURAM] .......... PETITIONER: ------------------- MOHANAKUMAR.R., S/O.RAJAIYAR NADAR, AGED 34 YEARS, PEACE COTTAGE, KACHANI PAZHANJI, PAVAR P.O., THIRUPURAM, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.AJITH MURALI. RESPONDENTS: ------------------------ 1. THE AUTHORIZED OFFICER, HDFC BANK LTD., HDFC HOUSE, VAZHUTHACAUD, THIRUVANANTHAPURAM- 10. 2. THE MANAGER, HDFC BANK LTD., VAZUTHACAUD BRANCH, THIRUVANANTHAPURAM-10. R1 & R2 BY SRI.K.K.CHANDRAN PILLAI, SC, HDFC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/08/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 24769 of 2010-U ---------------------------- Dated this the 17th day of August, 2010. J U D G M E N T The petitioner availed a loan of Rs.6 lakhs from the respondent Bank in the year 2004, for effecting maintenance to the residential building of the petitioner. Since the re-payment could not be effected as scheduled, the Bank proceed against the secured assets, by filing Ext.P2 petition under Section 42 of the SARFAESI Act before the Chief Judicial Magistrate Court, Thiruvananthapuram, pursuant to which Ext.P3 notice has been issued to the petitioner, which made the petitioner to approach this Court by filing the present Writ Petition. 2. The learned counsel for the petitioner submits that, the default was never willful but because of some unforeseen circumstances and that the petitioner actually wants to clear the liability by way of reasonable instalments. 3. The learned counsel for the Bank submits on instructions that, the total outstanding liability under the loan transaction is Rs.6,49,354/- while the overdue amount in respect of the defaulted W.P(C) No. 24769 of 2010-U 2 instalments comes to Rs.1,12,051/- and unless and until the petitioner clears the entire overdue amount, the question of regularization does not arise at all; submits the learned counsel. 4. In the above circumstances, the petitioner is directed to clear the entire 'overdue' amount by way of 'three' equal monthly instalments; the first of which shall be effected on or before the 15th of September, 2010; to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to this, the loan account of the petitioner shall stand regularised. This, however will be in addition to the liability of the petitioner to clear the regular EMIs as well. It is made clear that, if any default is committed by the petitioner in satisfying the 'overdue' amount as above, or if any two consecutive defaults are committed with regard to the regular EMIs, the respondent Bank will be at liberty to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab