IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 27TH MAY 2010 / 6TH JYAISHTA 1932 WP(C).No. 16307 of 2010(K) -------------------------- CRMP.3276/2010 of C.J.M.,THRISSUR .................... PETITIONER(S): --------------- GRACY CHERIAN,WIFE OF LATE CHERIYAN, VANGANATH HOUSE,KUNDALIYUR PO,ENGANDIYUR,THRISSUR. BY ADV. SRI.S.M.PREM SMT.K.P.SANTHI SRI.P.K.NIJOY SMT.NISHA G.THARAMAL RESPONDENT(S): --------------- THE AUTHORISED OFFICER,HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, HDFC HOUSE PO NO.1667,RAVIPURAM JUNCTION, M.G.ROAD, KOCHI-682 015. STANDING COUNSEL SRI.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 16307 OF 2010 -------------------------------------------- Dated this the 27th day of May, 2010 JUDGMENT The petitioner is the widow of the borrower, who had availed a 'housing loan' from the respondent Bank in the year 2008. The deceased husband of the petitioner was working abroad, who unfortunately met with an accident and succumbed to the injuries. Because of the sudden demise, there occurred some default in effecting the monthly repayment under the loan transaction; pursuant to which the Bank declared the account as 'NPA' and proceeded with steps under the SARFAESI Act; which forms the subject matter of challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the default was never wilful; but because of the circumstances as mentioned above and that earnest efforts are being pursued to obtain the compensation/benefits pursuant to the death of the deceased husband from the parties concerned and to clear the outstanding liability to the Bank; for which some reasonable time is sought for. 3. The learned counsel appearing for the Bank submits on instructions, that the 'overdue' amount in respect of the defaulted instalments will come nearly Rs.63,239/- with further interest and other miscellaneous charges (to an extent of nearly Rs.32,231/-). It is also brought to the notice of this Court that, if the liability as above is cleared by the petitioner, the loan 2 WP(C) No. 16307/2010 account of the petitioner could be regularized; simultaneously adding that, if the petitioner continues to effect the regular EMIs without fail, the 'miscellaneous charges' as mentioned above will be returned to the petitioner or set off against the total liability, by the end of the deal. 4. Considering the particular facts and circumstances, the petitioner is permitted to clear the overdue amount of Rs.95,470/- by way of ‘four’ equal monthly instalments, the first of which shall be effected on or before the 25th of June, 2010, to be followed by similar instalments to be effected on or before the 25th of the succeeding months. Subject to this, the loan account will stand regularized. This will be in addition to the liability of the petitioner to remit the regular EMIs as well. It is also made clear that if any default is committed by the petitioner in satisfying the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondents are at liberty to proceed with further coercive steps for realisation of the entire amount in a lump sum. It is further made clear that if the petitioner remits the regular EMIs without fail, the amount now being satisfied towards the 'miscellaneous expenses' as mentioned above shall be set off against the actual liability as assured and undertaken from the part of the Bank, while closing the loan account. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc