IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 8TH JULY 2010 / 17TH ASHADHA 1932 WP(C).No. 17760 of 2010(T) -------------------------- PETITIONERS: --------------- 1. K.CHANDRA SEKHAR, S/O. LATE SUBBA POOJARI, AGED 57 YEARS, OLD HIGHWAY, SHARADHA NAGAR, ANANGOOR, KASARAGOD DISTRICT. 2. SHOBHA, OLD HIGHWAY, SHARUDHA NAGAR, ANANGOOR, KASARAGOD DISTRICT. BY ADV. MR. T.SETHUMADHAVAN RESPONDENTS: --------------- 1. THE AUTHORIZED OFFICER, AIG HOMES INDIA LTD. (FOREMERLY WEIZMANN HOMES), NO.28, 4TH FLOOR, CENTENARY BUILDING, M.G.ROAD, BANGALORE-560 001, KARNATAKA STATE. 2. THE AUTHORIZED OFFICER, AIG HOME FINANCE INDIA LTD., (FOREMERLY WEIZMANN HOMES LTD.), 3RD FLOOR, CITY CENTRE, NO.14-2-101/23, BALMATTA ROAD, HAMPANKATTA, MANGALORE-575 001, KARNATAKA STATE. 3. THE DISTRICT COLLECTOR & DISTRICT MAGISTRATE, KASARAGOD. 4. THE TAHSILDAR, KASARAGOD. R1 AND R2 BY ADV. MR. RAJESH THOMAS R3 AND R4 BY GOVERNMENT PLEADER MR. BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 17760 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 8th day of July, 2010 JUDGMENT The petitioners availed a housing loan of Rs. 15 lakhs from the respondents in the year 2005, creating security interest over the property in question, agreeing to repay the same in 156 equal monthly installments, which is stated as enhanced to 175 installments later. But the petitioners did not honour their commitment, under which circumstance, the account of the petitioners was declared 'NPA' and the respondents proceeded with the steps under the SARFAESI Act, which in turn is subjected to challenge by filing the present Writ Petition. 2. When the matter came up for consideration on 09.06.2010, 'status quo' was ordered to be maintained on condition that, the petitioner deposited a sum of Rs. Two lakhs, within two weeks. The time stipulation was sought to be enlarged by filing I.A. 8630 of 2010, which was allowed on 29.6.2010, enlarging the time as sought for. 3. The learned counsel for the petitioner submits that, the petitioner has entered into some agreement with somebody, so as to cause the properties to be sold and the sales consideration derived from there will be enough to wipe off the entire liability towards the W.P. (C) No. 17760 of 2010 : 2 : respondents, for which some breathing time of at least two months is sought for. The learned counsel also submits that, the petitioner does not intend to challenge the sustainability of the steps taken by the respondents availing the statutory remedy by approaching the DRT. The submission as above is recorded. 4. Considering the facts and circumstances and after hearing the learned counsel for the Bank, this Court finds it fit and proper to permit the petitioner to wipe off the entire liability within two months from today, making it clear that, no further extension of time will be granted under any circumstances. It is made clear that, if the petitioner commits any default in clearing the liability as above, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd