IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE CHIEF JUSTICE MR.S.R.BANNURMATH & THE HONOURABLE MR. JUSTICE KURIAN JOSEPH THURSDAY, THE 2ND APRIL 2009 / 12TH CHAITHRA 1931 WA.No. 783 of 2009 -------------------- AGAINST THE ORDER IN WPC.9681/2009 Dated 27/03/2009 .................... APPELLANT/PETITIONER: --------------------------- JACOB P. JOHN, AGED 45 YEARS, S/O.P.J. JOHN, PUNNILATHIL HOUSE, VADAYAMPADY.P.O, PUTHENCRUZ, ERNAKULAM - 682 308. BY ADV. SRI.PAUL K.VARGHESE RESPONDENTS/RESPONDENTS: ---------------------------------- 1. BANK OF INDIA, ZONAL OFFICE, KERALA ZONE, KALOOR TOWERS, KALOOR - KADAVANTHRA ROAD, KOCHI - 17, REPRESENTED BY CHIEF MANAGER. 2. BANK OF INDIA, KAKKANADU BRANCH, NEW EXPORT PROCESSING ZONE, SEA PORT AIRPORT ROAD, KAKKANADU, REPRESENTED BY MANAGER. R1 & R2 BY SRI.DEVAN RAMACHANDRAN, SC. THIS WRIT APPEAL HAVING BEEN FINALLY HEARD ON 02/04/2009, ALONG WITH WP(C) No. 9681/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.R. Bannurmath, C.J. & Kurian Joseph, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.A.No. 783 OF 2009 and W.P.(C) No. 9681 OF 2009 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this, the 2nd day of April, 2009 JUDGMENT Kurian Joseph, J. Appellant is the petitioner. He approached this Court aggrieved by the recovery steps initiated by the 1st respondent Bank. The learned Single Judge by interim order dated 27.03.09, directed the writ petitioner to pay the defaulted amounts in instalments. It was made clear that on payment of the amounts as stated in the interim order, the proceedings for recovery will be deferred and in the event of default in the matter of deposit as per the interim order, the order itself would stand recalled. When the writ appeal came up before us we find that nothing survives after the disposal of the writ appeal and hence by consent of all the parties, we called for the writ petition also to be disposed of along with the writ appeal. WA No. 783/09 -:2:- 2. Learned counsel for the appellants submits that he needs only a breathing time and if six months' time is given, he would be in a position to pay off the entire defaulted arrears. It is also submitted that since the loan is well secured, the Bank need not have any apprehension otherwise. 3. After having heard Sri.Devan Ramachandran, learned counsel appearing for the Bank, we find that it will be in the interest of the Bank also that some arrangement for payment is made. Therefore, we dispose of the writ appeal and also the writ petition as follows: The appellant will make payment of Rs.2 lakhs within a period of one month from today. Within six months thereafter the appellant will pay the entire defaulted arrears including the defaulted EMI accruing during the said period of 7 months. If either of these conditions is not satisfied, we make it clear that it will be open to the Bank to proceed with the recovery. Needless to say that, on complying with the first condition as above, the recovery proceedings will be deferred till the period referred to above. We also make it clear that on payment of the entire WA No. 783/09 -:3:- arrears as above, steps will be taken by the Bank for regularisation of the loan, subject to the petitioner complying with the required formalities. S.R. Bannurmath, Chief Justice. Kurian Joseph, Judge. ttb