IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 2ND JULY 2010 / 11TH ASHADHA 1932 WP(C).No. 16871 of 2010(H) -------------------------- CMP.777/2010 of C.J.M.,TRIVANDRUM .................... PETITIONERS: --------------- 1. SRI.N.CHANDRAN, TC.20/1624, CHARUVILA VEEDU, KOWDIAR P.O., THIRUVANANTHAPURAM-695003. 2. SMT.USHAKUMARI, TC.20/1624, CHARUVILA VEEDU, KOWDIAR P.O., THIRUVANANTHAPURAM-695003. BY ADV. MR. P.RAVEENDRAN PILLAI MS. INDIRA RAVEENDRAN RESPONDENTS: --------------- 1. THE SECRETARY, THE ANANTHASAYANAM CO-OPERATIVE BANK, POST OFFICE LANE, PUTHENCHANTHAI, THIRUVANANTHAPURAM. 2. SMT.L.SUBBALEKSHMI, AUTHORIZED OFFICER, THE ANANTHASWAYANAM CO-OPERATIVE BANK, POST OFFICE LANE, PUTHENCHANTHAI, THIRUVANANTHAPURAM. ADV. MR. R.S.MOHANAN NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 16871 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 2nd day of July, 2010 JUDGMENT The petitioner is challenging the steps taken by the respondent Bank, invoking the remedy under the SARFAESI Act, for realization the amount stated as due under a loan transaction. 2. When the matter came up for consideration before this Court on 1.6.2010, the petitioner was directed to satisfy a sum of Rs.50,000/-, which is stated as complied with. 3. The learned counsel for the Bank submits, on instructions, that unless and until the entire 'overdue' amount is cleared in respect of the defaulted EMIs, the prayer of the petitioner to have the loan account regularized is not liable to be entertained. 4. In the above circumstances, particularly taking note of the fact that the loan facility extended by the Bank is under 'housing sector', this Court finds it fit and proper to permit the petitioner to have the loan account regularized, once the entire 'overdue' amount is satisfied. Accordingly, the petitioner is directed to clear the balance 'overdue' amount by way 'two' equal monthly installments; the first of which shall be effected on or before the 30th of this month; to be followed by the second installment to be effected on or before the 30th of August, 2010; W.P. (C) No. 16871 of 2010 : 2 : 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. P. R. RAMACHANDRA MENON, JUDGE kmd