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. 21213 of 2010(B) -------------------------- PETITIONER(S): --------------- K.SASIKUMARAN NAIR, S/O.KUTTAN PILLAI, RETNA VILASAM, CHULLIYOOR, PERUMKADAVILA, MARAYAMUTTOM.P.O., NEYYATTINKARA. BY ADV. SRI.M.SREEKUMAR RESPONDENT(S): --------------- 1. KERALA STATE CO-OPERATIVE BANK LTD., REPRESENTED BY ITS MANAGING DIRECTOR, CO-BANK TOWERS, PALAYAM, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE, THIRUVANANTHAPURAM. ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1-2 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. 21213 of 2010 B ``````````````````````````````````````````````````````` Dated this the 15th day of July, 2010 J U D G M E N T The petitioner availed a loan of Rs.7 lakhs from the first respondent Bank in February, 2006. But, the repayment was not effected on time which made the Bank to proceed against the petitioner under the SARFAESI Act, which is under challenge in this writ petition. 2. The learned standing counsel appearing for the Bank submits, on instructions, that a sum of Rs.5,70,000/- is due from the petitioner in respect of the defaulted instalments and unless and until the same is cleared in toto, the loan account of the petitioner is not liable to be regularised. 3. The learned counsel appearing for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that earnest efforts have been taken to clear the overdue amount; for which some reasonable time is sought for. 4. Considering the rival submissions, this Court finds that the petitioner can be given one more opportunity to satisfy the WPC.21213/2010 : 2 : '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 the petitioner shall continue to effect the regular EMIs without fail. It is made clear that, if the petitioner commits any default in satisfying the instalments as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in lumpsum. The writ petition is disposed of as above. (P.R. RAMACHANDRA MENON, JUDGE) aks