IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 16TH JUNE 2009 / 26TH JYAISHTA 1931 WP(C).No. 15530 of 2009(I) -------------------------- CRMP.1138/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): ------------------------- ARAVINDAKSHAN PILLAI B., MANOJ BHAVANAM, VADAKKUMBHAGOM, CHAVARA SOUTH, KOLLAM. BY ADVS. MR.PRATHEESH.P., MR. K.SIJU. RESPONDENT(S): ---------------------------- 1. THE AUTHORISED OFFICER, CHIEF MANAGER, STATE BANK OF TRAVANCORE, REGION IV, ZONAL OFFICE, THIRUVANANTHAPURAM. 2. MANAGER, STATE BANK OF TRAVANCORE, CHAVARA SOUTH BRANCH, KOLLAM DISTRICT. R1 & R2 BY ADV. MR. R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 15530 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 16th day of June, 2009 JUDGMENT Petitioner has approached this Court challenging the coercive proceedings initiated by the respondent Bank under the SARFAESI Act. Case of the petitioner is that, he had availed a 'Housing loan' from the respondent Bank in the year 2002 and that he had given necessary instructions to the second respondent for crediting the monthly installment to the loan amount from the NRI account maintained with the Bank. It is the case of the petitioner, that the failure or lapses occurred only on the part of the respondent Bank and that the petitioner was not aware of the actual situation and at any rate, there is no justification for proceeding with the coercive steps, particularly when the petitioner is ready and willing to have the loan account regularized. 2. The learned counsel appearing for respondent Bank, on instructions, submits that the entire outstanding amount towards EMI as on date will come to Rs.61,000/-, besides the other incidental expenses. 3. Considering the facts and circumstances, the petitioner is directed of deposit a sum of Rs.65,000/- by way of two equal monthly installments. The first installment shall be remitted on or before the 30th of this month and the second installment shall be paid on or before the WP (C) No. 15530 of 2009 : 2 : 30th of July, 2009. It is also made clear that, petitioner will have to continue to effect the regular EMI as well, without fail. On such circumstances, 'housing loan' of the petitioner shall stand regularized. It is also made clear that, if any default is committed by the petitioner in effecting any of the installments towards the defaulted EMI or if any two consecutive default in respect of the regular EMIs is made, the respondent Bank 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