IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 30TH JUNE 2010 / 9TH ASHADHA 1932 WP(C).No. 16509 of 2010(K) -------------------------- PETITIONER: --------------- S.UNNIKRISHNAN, AGED 37, S/O.SUKUMARAN, UNNI NIVAS, KOLLAMKONAM, VILAPPISALA P.O., THIRUVANANTHAPURAM. BY ADV. SRI.S.D.ASOKAN RESPONDENTS: --------------- 1. P.N.B.HOUSING FINANCE LTD., REPRESENTED BY ITS BRANCH MANAGER, CAPITAL TOWERS, 4TH FLOOR, STATUE, THIRUVANANTHAPURAM. 2. THE AUTHORIZED OFFICER (BRANCH MANAGER), P.N.B.HOUSING FINANCE LTD., CAPITAL TOWERS, VANCHIYOOR, THIRUVANANTHAPURAM. 3. THE DISTRICT COLLECTOR, COLLECTORATE, KUDAPPANAKKUNNU, THIRUVANANTHAPURAM. ADV. SRI.R.S.MOHANAN NAIR FOR R1 & R2 GOVT. PLEADER SRI.MATHEW GEORGE VADAKKEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.16509 of 2010-K ---------------------------- Dated this the 30th day of June, 2010. J U D G M E N T The petitioner had availed a housing loan from the first respondent in the year 2003, creating security interest over the property in question. In spite of the assurance and undertaking, the petitioner could not satisfy the regular monthly instalments on time; under which circumstances, the first respondent proceeded with steps under the SARFAESI Act, declaring the accounts as 'NPA', which is under challenge in this Writ Petition. 2. When the matter came up for consideration before this Court on 28.5.2010, coercive proceedings were intercepted on condition that the petitioner deposited a sum of Rs.50,000/- within two weeks. It is stated that the direction is complied with by way of two monthly instalments, though belatedly. 3. The learned counsel for the first respondent submits with reference to the materials on record and also on the basis of the instructions that, the petitioner had approached this Court earlier by filing W.P(C) No.1149 of 2008, seeking for regularisation W.P(C) No.16509 of 2010-K 2 of the loan account, which was considered and appropriate directions were given by this Court as per Ext.P2 judgment, directing the petitioner to satisfy the 'overdue' amount and to have the loan account regularised. Pursuant to the above verdict, the petitioner cleared the 'overdue' amount and the account was regularised. But the petitioner again became a defaulter, which made the first respondent to proceed with further steps. 4. The learned counsel for the first respondent submits that the steps taken by the first respondent are in conformity with the relevant provisions of the statute. It is also brought to the notice of this Court that after giving credit to Rs.50,000/- already remitted by the petitioner, a balance amount of Rs.1.38 lakhs is to be deposited by the petitioner to wipe off of the entire liability. The learned counsel for the petitioner submits that the default was never wilful but because of some unforeseen circumstances. It is also stated that the petitioner does not intend to avail the statutory remedy by approaching the Debt Recovery Tribunal and that the entire balance will be cleared for which some breathing time is sought for. This Court finds it fit and proper to permit the petitioner to discharge the liability in a phased manner, to have the loan account closed. W.P(C) No.16509 of 2010-K 3 5. Accordingly, the petitioner is directed to clear the entire balance amount by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 30th of July, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, all further coercive proceedings shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will be open to the first respondent, to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab