IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE T.R.RAMACHANDRAN NAIR FRIDAY, THE 26TH AUGUST 2011 / 4TH BHADRA 1933 WP(C).No. 22550 of 2011(P) -------------------------- MC.344/2011 of C.J.M.,TRIVANDRUM .................... PETITIONER: --------------- B.SREEDHARAN, B 4 S BUNGLOW, KURAKKAMOOLA, PADIPPURA PUTHEN VEEDU, KANCHAMPAZHINJI P.O., (VIA POOVAR), THIRUVANANTHAPURAM BY ADV. SRI.BLAZE K.JOSE SMT.B.BINDU SMT.N.DEEPA RESPONDENT(S): --------------- 1. FEDERAL BANK LTD., NEYYATTINKARA BRANCH, NEYYATTINKARA, THIRUVANANTHAPURAM DISTRICT. PIN: REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER, THE CHIEF MANAGER, FEDERAL BANK LTD., REGIONAL OFFICE, STATUE, THIRUVANANTHAPURAM 695001 BY ADV. SRI.A.ANTONY (SC) SMT.LEELAMMA ANTONY THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 26/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: APPENDIX IN W.P.(C)No.22550/11 PETITIONER'S EXTS: EXT.P1: COPY OF STATEMENT OF ACCOUNTS ISSUED BY THE FEDERAL BANK, NEYYATTINKARA BRANCH. EXT.P2: COPY OF NEWS REPORT IN THE FINANCIAL EXPRESS DT.20.2.03. EXT.P3: COPY OF NEWS REPORT IN THE FINANCIAL EXPRESS DT.11.2.03. EXT.P4: COPY OF ORDER IN M.C.NO.344/11 DT.21.6.11 OF THE CHIEF JUDICIAL MAGISTRATE, THIRUVANANTHAPURAM. EXT.P5: COPY OF LETTER DT.4.7.11. EXT.P6: COPY OF REPRESENTATION DT.2.8.11. EXT.P7: COPY OF LETTER DT.10.8.11. TRUE COPY P.A.TO JUDGE T.R.RAMACHANDRAN NAIR, J. ------------------------------------- W.P.(C)No.22550 Of 2011-P -------------------------------------------------- DATED THIS THE 26th DAY OF AUGUST, 2011 J U D G M E N T The petitioner availed a housing loan from the 1st respondent- Bank in 2005 for an amount of Rs.6 lakhs for the construction of a residential house. The period of the loan was 10 years. 2. Aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of the Security Interest Act, 2002 (SARFAESI Act) this Writ Petition has been filed. The order passed by the Chief Judicial Magistrate, Thiruvananthapuram is produced as Exhibit P4. Exhibit P5 is the copy of the request made by the Advocate Commissioner appointed by the learned Chief Judicial Magistrate, before the Sub Inspector of Police, Thiruvananthapuram to render assistant to execute Exhibit P4 order. 3. While admitting the Writ Petition, this Court passed an interim order staying taking over of the property on condition that the petitioner remits an amount of Rs.1 lakh. 4. It is submitted by the learned Standing Counsel for the Bank that the amount of Rs.1 lakh has already been remitted in terms of the interim order passed by this Court. It is submitted that the defaulted instalments after remittance will be around Rs.1,95,000/- W.P.(C)No.22550/11 -2- and the total amount due will be above five lakhs. 5. The learned counsel for the petitioner submitted that if sufficient time is granted, the petitioner will be able to clear off the arrears for regularising the loan. 6. Having regard to the averments in the Writ Petition, there will be a direction to the petitioner to clear off the arrears to the tune of Rs.1,95,000/- within a period of three months. The amounts will be remitted in equal monthly instalments on or before 15th of every month starting from 15.9.2011. Such amount will be remitted along with the normal monthly instalments. The proceedings before the Chief Judicial Magistrate Court, Thiruvananthapuram will be kept in abeyance for a period of four months. If any default is made, the respondents-bank will be free to proceed with the matter. The Writ Petition is disposed of as above. T.R.RAMACHANDRAN NAIR, JUDGE. dsn