IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 7TH APRIL 2010 / 17TH CHAITHRA 1932 WP(C).No. 12290 of 2010(I) -------------------------- PETITIONER: --------------- FR. CHRISTY THEVALLIL, AGED 47 YEARS, S/O. T.M. CHACKO,THE ST.MARY'S MALANKARA CATHOLIC CHURCH, CHITTAR - SEETHATHODE VILLAGE, RANNI TALUK, PATHANAMTHITTA DISTRICT. BY ADV. SRI.V.SETHUNATH RESPONDENT --------------- THE STATE BANK OF TRAVANCORE, PATHANAMTHITTA MAIN BRANCH, REPRESENTED BY THE AUTHORISED OFFICER, CHIEF MANAGER, PATHANAMTHITTA. BY ADV. SRI.SATHISH NINAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/04/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 12290 OF 2010 ......................................................................... Dated this the 7th April, 2010 J U D G M E N T The petitioner, a church had availed a loan from the respondent Bank to an extent of Rs. 40 lakhs . But the petitioner was not at all eager or prompt in paying the monthly installments in time, which made the petitioner a defaulter, under which circumstance the account of the petitioner was declared as 'NPA' and the respondent Bank proceeded with further steps, invoking the machinery under the SARFAESI Act , which is under challenge in this Writ Petition. 2. The learned Counsel for the respondent Bank, on instruction, submits that the overdue amount itself will be about Rs. 9.25 lakhs as on 31.03.2010 with further interest and cost . Eventhough the bank is much reluctant to accede to the prayers made by the petitioner, if the petitioner is ready and willing to clear the 'overdue' amount forthwith, the question of regularisation can be considered, submits the learned Counsel. W.P.(C) No. 12290 OF 2010 2 3. The learned Counsel for the petitioner submits that, though the petitioner has sought for some time by way of installments so as to clear the overdue amount, in view of the stand made clear from the part of the Bank, the petitioner will clear the overdue amount at the earliest, for which two weeks time is sought for and seeks for a direction to have the loan account regularised. 4. Considering the facts and circumstance, the petitioner is directed to clear the overdue amount within two weeks, on which event, the loan account shall stand regularised and all coercive proceedings shall stand stayed for the time being. It is also made clear that the petitioner shall continue to effect the regular E.M.Is as originally stipulated, besides clearing the arrears as above. It is further made clear that if the petitioner commits any default in remitting the overdue amounts, as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump sum, pursuing the steps, from the W.P.(C) No. 12290 OF 2010 3 stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk