IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 14TH JUNE 2010 / 24TH JYAISTHA 1932 WP(C).No. 14325 of 2010(M) -------------------------- CMP.306/2010 of C.J.M.,THRISSUR .................... PETITIONERS: --------------- STANCYLAL JACOB, "STANCI NIVAS", VALLAKADAVU P.O., CHERIYATHURA, THIRUVANANTHAPURAM. BY ADV. MR. K.RAJESH KANNAN MR. HARIKUMAR.S. RESPONDENTS: --------------- 1. AIG HOME FINANCE LTD., KRISHNA BUILDINGS, BAKERY JUNCTION, THIRUVANANTHAPURAM. 2. THE SECRETARY, FISHERMEN DEBT RELIEF COMMISSION, T.C.11/683-1 & 23, NALANDA ROAD, NANTHANCADU, THIRUVANANTHAPURAM. 3. STATE OF KERALA, REP. BY ITS SECRETARY, FISHERIES DEPARTMENT, GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM. R1 ADV. MR. RAJESH THOMAS R2 AND R3 BY GOVERNMENT PLEADER MR. C. K. GOVINDAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 14325 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 14th day of June, 2010 JUDGMENT The petitioner had availed a 'housing loan' of Rs. 2 lakhs from the respondent Bank in the year, 2005, creating security interest over 2.6. cents of land. It is stated that, due to some unforeseen circumstances, the petitioner could not effect the installments as scheduled, which made the Bank to proceed against the petitioner under the SARFAESI Act. The petitioner is challenging the steps taken by the Bank, on many a ground. 2. The learned counsel appearing for the Bank submits, on instructions that, a total sum of Rs.68,694/- is due in respect of the defaulted installments (after giving credit to a sum of Rs.30,000/- , deposited by the petitioner pursuant to the interim order passed by this Court on 19.5.2010) and unless and until the 'overdue' amount is cleared, the question of regularization is not liable to be entertained 3. The learned counsel appearing for the petitioner submits that, the default was never wilful, but due to some unforeseen circumstances, adding that the petitioner would clear the entire 'overdue' amount, provided some breathing time in this regard. 4. Considering the facts and circumstances, the petitioner is permitted to clear the 'balance overdue' amount, as mentioned above, W.P. (C) No. 14325 of 2010 : 2 : by way of '2' equal monthly installments; the first of which shall be paid on or before the 30th of June, 2010; to be followed by the next and the last installment to be effected on or before the 30th of July, 2010; on which event, the loan account will stand regularized. This will be in addition to the liability of the petitioner to remit the regular EMIs as well. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing the overdue amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd