IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 10TH AUGUST 2009 / 19TH SRAVANA 1931 WP(C).No. 22551 of 2009(L) -------------------------- PETITIONER(S): --------------- V.R.SASIKUMAR, VALAYIL HOUSE, PARAYAKKAD P.O., CHERTHALA, ALLEPPY. BY ADV. SMT.S.MUMTAZ RESPONDENT(S): --------------- STATE BANK OF TRAVANCORE CHERTHALA BRANCH, REP.BY THE AUTHORISED OFFICER, CHERTHALA. STANDING COUNSEL Mr.K.S.DILIP THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 10/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO.22551 OF 2009 ----------------------------------- Dated this the 10th day of August, 2009 J U D G M E N T The petitioner had availed a housing loan of Rs.9,30,000/- from the respondent Bank in the year 2006, agreeing to satisfy the same as per EMIs fixed at Rs.9,090/-. But for the payment of Rs.10,000/- effected on 06.11.2006 and another sum of the Rs.10,000/- on 26.03.2007, absolutely no payment was effected by the petitioner, under which circumstance, the Bank was constrained to issue notice under Section 13(2) of the SARFAESI Act. Waking up from the deep sleep, the petitioner remitted Rs.1,50,000/- on 07.04.2008. Finding that the respondent is proceeding with further coercive steps pursuant to taking over the legal possession, the petitioner has approached this Court, seeking for indulgence to save the property in question. 2. Learned counsel for the respondent Bank submits on instructions that, a total sum of Rs.11,54,664/- is necessary to wipe off the entire liability under the loan transaction. It is also brought to the notice of this Court that, even after giving credit to the sum of Rs.1,50,000/- remitted by the petitioner, more than a sum of Rs.4,00,000/- is due towards the defaulted EMIs. Learned counsel for the petitioner submits that, the default was never wilful, but because of some frustrating pecuniary circumstances and the petitioner has made WPC NO.22551/2009 2 earnest efforts to see that the entire defaulted arrears are cleared within the shortest possible time and hence the loan account might be permitted to be regularized; particularly being in the housing sector. 3. Considering the submissions made from both the sides, the petitioner is directed to clear the entire defaulted arrears with interest and cost by way of ‘three’ equal monthly instalments; the first of which shall be effected on or before the 31st of this month and the remaining two instalments shall be effected on or before the 30th of the succeeding months, on which event, the loan account will stand regularized. This will be in addition to the liability of the petitioner to clear the regular EMIs as well. Subject to the above, all further recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the instalments as above, or if any two consecutive defaults are made in satisfying 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, from the stage where it stands now. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc