IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 14TH JULY 2010 / 23RD ASHADHA 1932 WP(C).No. 14213 of 2010(B) -------------------------- CMP.321/2010 of C.J.M., ALAPPUZHA .................... PETITIONER: --------------- REMANI, W/O.DASAPUTHRAN, DEEPA BHAVANAM, PUNNAMOODU, MAVELIKKARA. BY ADV. MR. B.PRAMOD RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER, THE ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE ALAPPUZHA. 2. THE ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD., MAVELIKKARA BRANCH REPRESENTED BY ITS BRANCH MANAGER. ADV. SRI.P.K.VIJAYAMOHANAN,SC,ALP.DIST.CO-OP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 14213 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 14th day of July, 2010 JUDGMENT The petitioner availed a housing loan Rs. 1 lakh from the respondent Bank, creating security interest over the property in question. But, the repayments were not all prompt, which made the respondents to proceed with the steps under the SARFAESI Act, after declaring the account as 'NPA', which in turn is subjected to challenge by filing this Writ Petition. 2. When the matter came up for consideration on 4.5.2010, the coercive proceedings were intercepted, on condition that, the petitioner deposited an amount of Rs. 25,000/- on or before the date specified therein, which is stated as complied with. 3. The learned standing counsel appearing for the respondent Bank submits, with reference to the counter affidavit filed, that, after giving credit to a sum of Rs.25,000/- effected pursuant to the interim order, a balance amount of Rs. 1,67,194/- is still to be satisfied by the petitioner. It is also stated in paragraph 5 of the counter affidavit that, the loan was availed on 16.9.2003 and the tenure of the loan was 5 years, which is already over. For this reason, it is stated that, there is no scope for any regularization, though the petitioner could be given some relief by way of installments, to clear the outstanding liability. W.P. (C) No. 14213 of 2010 : 2 : 4. In the above facts and circumstances, the petitioner is permitted to clear the entire outstanding amount under the loan transaction, by way of 'six' equal monthly installments; the first of which shall be effected on or before the 30th of this month; to be followed by similar installments to be effected on or before the 30th of the succeeding months. 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 effecting the payments as above, the respondent will be at liberty to proceed with further steps for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd