IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.T.RAVIKUMAR TUESDAY, THE 31ST AUGUST 2010 / 9TH BHADRA 1932 WP(C).No. 24159 of 2010(T) ------------------------------------------- PETITIONER(S): ------------------------- 1. M.M.MUJEEB RAHMAN, S/O.MOOSA, AGED 39, MOOKADA HOUSE, A.M.ROAD, MUDICKAL.P.O., ERNAKULAM DISTRICT. PIN-683 547. 2. MRS.MUNEERA K.M., W/O.MUJEEB RAHMAN, AGED 34, MOOKADA HOUSE, A.M.ROAD, MUDICKAL.P.O., ERNAKULAM DISTRICT. PIN-683 547. BY ADVS. SRI.K.I.ABDUL RASHEED, SRI.K.A.SHAMSUDEEN, SMT.SEEMA.E.GEORGE, SRI.V.K.MEETHIANKUNJU. RESPONDENT(S): --------------------------- 1. THE STANDARD CHARTERED BANK, HDFC BUILDING, HDFC HOUSE, M.G.ROAD, RAVIPURAM, ERNAKULAM, PIN-682 015. 2. THE AUTHORIZED OFFICER, STANDARD CHARTERED BANK, MORTGAGE COLLECTION, HDFC BUILDING, HDFC HOUSE, M.G.ROAD, RAVIPURAM, ERNAKULAM, PIN-682 015. R1 & R2 BY ADV. SRI.PRADEESH CHACKO THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss C.T. RAVIKUMAR, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P. (C) No. 24159 OF 2010 - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 31st day of August, 2010 J U D G M E N T The petitioners who are man and wife, had availed a loan for an amount of Rs.1,40,27,953/- offering their property as a collateral security. The first E.M.I was payable on 5.5.2009. Later, alleging continued delay in payment of installments towards the said loan account the respondents have issued Exts.P4 and P5 notices to the petitioners. It is challenging Exts. P4 and P5 that this writ petition has been filed. 2. On 3.8.2010 when this matter came up for admission, this court passed an interim order as follows: “Urgent notice on admission to the respondents by speed post returnable within 10 days. 'Status quo' shall be maintained for a period of one month on condition that, the petitioner deposits a sum of Rs. 3 lakhs (Rupees three lakhs only) on or before 20.8.2010, besides effecting the regular EMI in respect of August 2010, on 5.8.2010. It is made clear that no petition for enlargement of time will be entertained under any circumstances.” The learned counsel for the respondents submitted that at present amount in arrear towards the said loan account is WPC.24159/2010 : 2 : Rs.5,22,721.99/-. If the petitioners pay off the entire arrears and undertake to effect the E.M.I in terms of the agreement, the loan can be regularized, it is further submitted. Learned counsel for the petitioners submits that the petitioners are prepared to pay an amount of Rs.2,00,000/-(two lakhs only) on or before 6.9.2010 and they would pay off the entire arrears towards the loan account on or before 23.9.2010. It is also submitted that the petitioner would remit E.M.I as originally scheduled. The learned counsel for the respondents submits that in case, the petitioners comply with the said undertaking, the loan account would be regularized. 3. In this circumstances, this writ petition is disposed of with the following terms:- Exts.P4 and P5 are set aside on condition that the petitioners deposit an amount of Rs.2,00,000/- towards the arrears outstanding in the loan account on or before 6.9.2010 and the balance amount of arrears on or before 23.9.2010. The petitioners shall also effect payment of the regular E.M.I as originally scheduled under the agreement. In case the petitioners effects the payment as directed above the WPC.24159/2010 : 3 : respondents shall regularize their loan account. In case of failure on the part of the petitioners in remitting the installments as agreed and directed above it will be open to the respondents to take further action in accordance with law. Sd/- (C.T. RAVIKUMAR, JUDGE) jma //true copy// P.A to Judge