IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 15TH JULY 2010 / 24TH ASHADHA 1932 WP(C).No. 21186 of 2010(W) -------------------------- PETITIONER(S): --------------- AMBILY T.V, THUNNIMOOTTIL AMBILY BHAVAN PARAKKONAM, THOTTUPURAM, PATHANAMTHITTA. BY ADV. SRI.D.KISHORE RESPONDENT(S): --------------- 1. THE SOUTHE INDIAN BANK REGIONAL OFFICE, KAKKANATTU APARTMENTS ST.PETERS JUNCTION, PATHANAMTHITTA 689 645 REPRESENTED BY ITS CHIEF MANAGER 2. THE CHIEF MANAGER (AUTHORIZED OFFICER SOUTH INDIAN BANK, KAKKANATTU APARTMENTS ST.PETERS JUNCTION, PATHANAMTHITTA 3. ANILKUMAR P THUNNIMOOTTIL AMBIL BHAVAN PARAKKONAM, THOTTUPURAM, PATHANAMTHITTA PIN 689 645 ADV. SRI.K.K.JOHN,SC,SOUTH INDIAN BANK FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ``````````````````````````````````````````````````````` W.P.(C) No. 21186 of 2010 W ``````````````````````````````````````````````````````` Dated this the 15th day of July, 2010 J U D G M E N T The petitioner, who is the wife of the third respondent, is before this Court because of the steps taken by the respondent Bank for realisation of the due amount under a housing loan of Rs.3 lakhs, by proceeding against the petitioner's property over which security interest was created at the time of availing the loan on 16-06-2004. After availing the loan by the third respondent/husband, the repayment was not effected on time, which made the Bank to proceed against the petitioner under the SARFAESI Act. This, in turn, led to Ext.P2 order passed by the concerned Chief Judicial Magistrate, in a petition filed by the Bank under Section 14 of the Act for taking physical possession of the building/premises. The prayer of the petitioner is that the petitioner may be permitted to regularise the loan account by clearing the 'overdue' amounts, assuring that the regular EMIs will be continued to be paid without fail. 2. Heard the learned counsel for the Bank as well, who submits that, unless and until the entire 'overdue' amount is WPC.21186/2010 : 2 : cleared, the loan account is not liable to be considered for regularisation. 3. After hearing both sides, this Court finds that the petitioner can be given an opportunity to clear the entire 'overdue' amount and to have the loan account regularised. Accordingly, the petitioner is permitted to clear the entire 'overdue' amount by way of 'three' equal monthly instalments, the first of which shall be paid on or before the 30th of this month, to be followed by the other two instalments to be effected on or before the 30th of the succeeding months. Subject to this, the loan account will stand regularised and this will be in addition to the liability to satisfy the regular EMIs without fail. It is made clear that, if any default is committed 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 realisation of the entire amount in lumpsum. The writ petition is disposed of accordingly. (P.R. RAMACHANDRA MENON, JUDGE) aks