IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 6TH JULY 2010 / 15TH ASHADHA 1932 WP(C).No. 15002 of 2010(A) -------------------------- PETITIONER(S): --------------- JAYASREE W/O. LATE SASIDHARAN, SAJAN NIVAS, KARIMULACKAL, KOMALLOOR.P.O., CHUNNAKKARA. BY ADV. SRI.R.SUNIL KUMAR SMT.A.SALINI LAL RESPONDENT(S): --------------- 1. THE GENERAL MANAGER, THE FEDERAL BANK LTD. HEAD OFFICE, ALUVA. 2. THE BRANCH MANAGER, THE FEDERAL BANK LTD. CHUNNAKKARA BARANCH. 3. THE FEDERAL BANK LTD., REP. BY ITS AUTHORIZED OFFICER, CHUNNAKKARA BRANCH. ADV. SRI.MOHAN JACOB GEORGE FOR R2,3 SMT.P.V.PARVATHI FOR R2,3 SMT.REENA THOMAS FOR R2,3 SRI.L.RAM MOHAN FOR R2,3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 15002 OF 2010 -------------------------------------------- Dated this the 6th day of July, 2010 JUDGMENT The petitioner availed a housing loan from the respondent Bank creating security interest over the property in question. But the repayment could not be effected on time, under which circumstance, the Bank declared the account as 'NPA' and proceeded with steps under the SARFAESI Act; which is under challenge in this Writ Petition. 2. The learned counsel for the Bank submits on instructions that, the loan was availed in the year 1997 was for a total period of 10 years, the tenure of which is already over. It is also stated that, if the entire outstanding liability, limiting the same to Rs.2,15,923/- as shown in Ext.P1 notice dated 10.04.2010 is paid by the petitioner without delay, full satisfaction of the loan will be recorded and the matter could be closed accordingly. 3. The learned counsel for the petitioner submits that, the petitioner is ready and willing to avail the said benefit by effecting the payment, for which some breathing time is sought, by way of 'two' equal monthly instalments. 4. Considering the facts and circumstances, the petitioner is directed to remit the sum of Rs.2,15,923/- by way of 'two' equal monthly 2 WP(C) No. 15002/2010 instalments; the first of which shall be effected on or before the 30th of this month and the next one to be effected on or before the 30th of the next month. Subject to this, the recovery proceedings shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner in satisfying the liability as above, the respondents 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