IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 25TH FEBRUARY 2010 / 6TH PHALGUNA 1931 WP(C).No. 960 of 2010(T) ------------------------ PETITIONER(S): --------------- SREEKALA, "BEINEX" HOME, P.V.R.A. 59/-PALAMVILA LANE, N.C.C.NAGAR -TRIVANDRUM. BY ADV. SRI.R.BINDU (SASTHAMANGALAM) SRI.PRASANTH M.P RESPONDENT(S): --------------- 1. I.C.I.C.BANK LTD., LAND MARK, RACE COURSE CIRCLE, VADOTHARA - HAVING ITS BRANCH OFFICE AT FELICITY SQUARE, OPPOSITE A.G.'S OFFICE, NEAR STATUE, M.G.ROAD, THIRUVANANTHAPURAM REPRESENTED BY ITS AUTHORISED OFFICER. 2. THE AUTHORISED OFFICER, I.C.I.C BANK LTD STATUE BRANCH, M.G.ROAD, TRIVANDRUM. ADV. SRI.KKM.SHERIF FOR R1 SRI.LAL K.JOSEPH FOR R1 SRI.A.A.ZIYAD RAHMAN FOR R1 SRI.V.R.REKESH FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 960 of 2010 ----------------------------------- Dated, this the 25th day of February, 2010 J U D G M E N T The petitioner had availed a housing loan of Rs.13,00,000/- from the first respondent Bank in the year 2006. But the petitioner could not prove his bonafides in the matter of repayment, which made him a defaulter; whereupon the Bank declared the account as NPA and proceeded with further steps under the SARFAESI Act, which forms the subject matter of challenge in this Writ Petition. 2. The learned counsel appearing for the Bank, with reference to the contents of the statement filed before this Court (which however is still to form part of the records) submits that the action pursued by the Bank is perfectly within the four walls of the law and that a total sum of nearly Ten lakhs is due from the petitioner to wipe off the entire liability under the loan transaction. The learned counsel also submits that because of the number of defaults committed by the petitioner a sum of Rs.3,92,834/- is due by way of defaulted instalments interest accrued thereon and other incidental charges as on 15.02.2010. 3. The learned counsel for the petitioner submits that the default on the part of the petitioner was never wilful and that the WP(C) No.960/2010 2 petitioner might be permitted to clear the 'overdue' amount within a reasonable time and to continue to pay the regular EMIs without fail. 4. Considering the facts and circumstances including the fact that the loan provided by the respondent is in the 'housing sector', this Court permits the petitioner to clear the entire 'overdue' amount by depositing a sum of Rs.2,00,000/- within two weeks and the balance amount on or before the 31st of March, 2010. Subject to the above, the loan account will stand regularized and the petitioner shall be liable to continue to pay the regular EMIs as well. It is made clear that if any default is committed by the petitioner in satisfying the 'overdue' amount 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. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc