IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 4TH AUGUST 2010 / 13TH SRAVANA 1932 WP(C).No. 21440 of 2010(D) -------------------------- PETITIONER(S): --------------- K.P.JOY, S/O.PAPPACHAN, AGED 53 YEARS, KUTTIKKATIL HOUSE, MUTHUPILAKKADU.P.O, BHARANIKKAVU, SASTHAMCOTTA, KOLLAM. BY ADV. SRI.K.S.MANU (PUNUKKONNOOR) SRI.P.SREEKUMAR RESPONDENT(S): --------------- STATE BANK OF INDIA, REPRESENTED BY CHIEF MANAGER, THE AUTHORISED OFFICER, RASMECCC, RAVI ARCADE 2ND CLOOR, NEAR IRON BRIDGE, KOLLAM. ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 21440 of 2010-D ---------------------------- Dated this the 4th day of August, 2010. J U D G M E N T The petitioner, who is a Higher Secondary School Teacher, availed a loan of Rs.3 lakhs from the first respondent Bank, on 30.7.2008 creating interest over the property in question. But the repayment could not be effected on time, under which circumstances, the Bank proceeded with further steps invoking the provisions under the SARFAESI Act; which in turn is subjected to challenge in this Writ Petition. 2. The case of the petitioner is that, the petitioner has effected various payments on different points of time as evident from Exts.P2 and P5 receipts and Ext.P3 statement of account and this being the position, the 'overdue' amount has been substantially scaled down. The learned counsel also submits that, the default was never wilful, but because of some unforeseen circumstances and that the petitioner might be given one more opportunity to clear the overdue amount and to have the loan account regularised; simultaneously assuring that the regular EMIs will be paid without fail. W.P(C) No. 21440 of 2010-D 2 3. The learned counsel for the Bank submits that, the outstanding liability as on 31.7.2010 is Rs.2,85,410/- and that after giving credit to the amount stated as satisfied by the petitioner, a balance sum of Rs.20,000/- is still lying as 'overdue' in respect of the defaulted instalments. 4. Taking note of the particular facts and circumstances including the fact that the loan provided by the Bank is in the 'housing sector', the petitioner is permitted to clear the 'overdue' amount of Rs.20,000/- within 'two weeks' from the date of receipt of a copy of this judgment. On satisfying the same, the loan account of the petitioner shall stand regularised and the petitioner shall continue to effect the regular EMIs without fail. It is made clear that, if there is any failure in clearing the 'overdue' amount as above or if any 'two' consecutive defaults are made in remitting the regular EMIs, the respondent will be free to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// ab P.A to Judge