IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 11TH JUNE 2009 / 21ST JYAISHTA 1931 WP(C).No. 15917 of 2009(H) -------------------------- CMP.3540/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): ------------------------- UNNIKRISHNAN.R., 8/1407, T.D.EAST ROAD, KOOVAPADAM, MUTTACHERY. BY ADV. MR.P.V.JYOTHI PRASAD RESPONDENT(S): --------------------------- THE HOUSING DEVELOPMENT FINANCIAL CORPORATION LTD., REP. BY GENERAL MANGER, M.G.ROAD, RAVIPURAM JUNCTION, KOCHIN-15. BY ADV. MR. K.K.CHANDRAN PILLAI, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 15917 OF 2009 ......................................................................... Dated this the 11 th June, 2009 J U D G M E N T The petitioner had availed a housing loan from the respondent to the tune of Rs. 4,50,000/- on 01.07.1995 creating equitable mortgage over the property. Subsequently, even though the petitioner had remitted the instalments promptly till 09.01.2006, he turned to be a defaulter when the rate of interest originally prescribed was enhanced re-scheduling the repayment. When the petitioner turned to be a chronic defaulter, the respondent Bank was constrained to take appropriate steps under the SARFAESI Act, which in turn has been subjected to challenge in the Writ Petition. 2. Heard the learned Standing Counsel appearing for the respondent Bank as well. 3. The case of the petitioner is that he is ready and willing to clear the entire liability within no time, provided the respondent Bank does not charge any future interest in respect of the transactions spreading over the entire period, for which, the loan was availed. W.P.(C) No. 15917 OF 2009 2 4. On getting instructions, the learned counsel appearing for the Bank submits that the respondent is very much agreeable, if the outstanding amount to the tune of Rs.5,73,869/- as on 09.06.2009 is paid by the petitioner within two months. Considering the facts and figures, the Writ Petition is disposed of, directing the petitioner to effect the payment as aforesaid, within two months from today. All further coercive steps stated as taken against the petitioner shall be kept in abeyance for a period of two months. It is also made clear that if the petitioner commits any default in making the repayment as above, the respondent Bank will be at liberty to proceed against the petitioner and his assets for realisation of the entire outstanding amount in a lump sum. P.R. RAMACHANDRA MENON, JUDGE. lk