IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 1ST JULY 2010 / 10TH ASHADHA 1932 WP(C).No. 19496 of 2010(J) -------------------------- PETITIONER: --------------- SANTHOSH KUMAR.B, S/O.BHASKARAN NAIR, LAKSHMI VILASOM, T.C.19/164, VATTAVILA, THIRUMALA. P.O., THIRUVANANTHAPURAM-6. BY ADV. SRI.D.KISHORE RESPONDENTS: --------------- 1. THE STATE BANK OF INDIA , STRESSED ASSETS RESOLUTION CENTRE, LHO ANNEX(WING 1) 1ST FLOOR, CHILD WELFARE COMPLEX,LMS COMPOUND, THIRUVANANTHAPURAM-695 033, REPRESENTED BY ITS CHIEF MANAGER. 2. THE CHIEF MANAGER(AUTHORIZED OFFICER) THE STATE BANK OF INDIA STRESSED ASSETS RESOLUTION CENTRE LHO ANNEX(WING-1) 1ST FLOOR, CHILD WELFARE COMPLEX, LMS COMPOUND, THIRUVANANTHAPURAM-6. BY ADV. SHRI P.V. SURENDRANATH, SC, SBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 19496 OF 2010 ......................................................................... Dated this the 1st July , 2010 J U D G M E N T The petitioner had availed three different loans from the respondent Bank- two housing loans and one personal loan, creating security interest over the property in connection with housing loans. Because of the default, the bank proceeded with further steps after declaring the account as NPA, resorting to the remedy under the SARFAESI Act, leading to Exts. P1 and P2; which in turn are under challenge in this Writ Petition. 2. The learned Standing Counsel for the respondent Bank submits that the outstanding amount in respect of defaulted installments of the two 'housing loans' is nearly Rs. Two lakhs and one lakh respectively and if the petitioner is ready and willing to clear the overdue amount, the Bank is ready to have said loan accounts regularised . 3. In the said circumstances, the petitioner is permitted to clear the overdue amount by way of 'three' equal monthly installments, the first of which shall be effected on or before 30.07.2010, to be followed by similar installments to be W.P.(C) No. 19496 OF 2010 2 effected on or before the 30th of the succeeding months, subject to which the two housing loans will stand regularised. All coercive proceedings shall be kept in abeyance for the time being It is also made clear that the petitioner shall continue to effect the regular E.M.Is as originally stipulated, besides clearing the arrears as above. It is further made clear that if the petitioner commits any default in remitting the overdue amounts/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondents will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump sum, pursuing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk