IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 20TH NOVEMBER 2008 / 29TH KARTHIKA 1930 WP(C).No. 34261 of 2008(D) -------------------------- CMP.3286/2008 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- MRS.MISRIA, KP IX/189 A, NCC ROAD, PEROORKADA, THIRUVANANTHAPURAM. BY ADV. SRI.L.MOHANAN SMT.LIGEY ANTONY RESPONDENT(S): --------------- 1. HDFC LIMITED, THIRUVANANTHAPURAM BRANCH REPRESENTED BY ITS MANAGER, HDFC HOUSE, VAZHUTHACAUD, THIRUVANANTHAPURAM. 2. AUTHORIZED OFFICER OF HDFC LIMITED M.S.SREEKUMARAN NAIR, HDFC HOUSE, VAZHUTHACAUD, THIRUVANANTHAPURAM. BY ADV.SRI.K.K.CHANDRAN PILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.34261 OF 2008 ------------------------------------------- Dated this the 20th day of November, 2008 JUDGMENT The petitioner availed a housing loan of Rs.10 lakhs with rate of interest 10.75%, fixing the repayable EMI at Rs.12,896/-. On default in repayment in terms of the contract, the facility was recalled and the account was classified as an NPA and notified under Section 13 (2) in October, 2005. Since the transaction stood without being regularised, notice under Section 13 (4) was issued on 11.8.2006 fixing the outstandings at Rs.11,59,855/- as on 30.9.2005. Thereafter, the respondent invoked Section 14 of the SARFAESI Act and the petitioner apprehends immediate dispossession. Having perused the materials, I do not find any jurisdictional error or legal infirmity in the impugned proceedings. However, having regard to the fact that the loan is spread out for a larger period of time and it being a housing loan, it is ordered that if the petitioner remits an amount of WPC.34261/08 Page numbers Rs.1.50 lakhs within three weeks and continues to remit amounts at the rate of Rs.1 lakh per month, payable on or before the last working day of every month commencing from December, 2008, the bank will defer the impugned action and would consider permitting the petitioner to enjoy the benefit of the transaction on remittance of a total amount of Rs.4,5 lakhs. This will be on the further condition that the petition will also deposit, apart from the above amounts, monies at the rate of Rs.12,896/- per month from December, 2008 in terms of the original agreement. The time limits fixed above shall be treated as peremptory having regard to the nature of the transaction. However, if there is default in remitting any of the amounts as aforesaid, the benefit of this judgment shall stand recalled automatically and distress action shall follow. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.