IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 18TH JUNE 2009 / 28TH JYAISHTA 1931 WP(C).No. 16855 of 2009(B) -------------------------- PETITIONER: --------------- M.P. JOSE, S/O. PAILY, AGED 67 YEARS, MUTHIRAKKALAYIL HOUSE, BAVALI P.O., KARTIKULAM VIA, WAYANAD. BY ADV. SRI.JIJI THOMAS RESPONDENTS: --------------- 1. KERALA STATE CO-OPERATIVE BANK LTD., REPRESENTED BY ITS REGIONAL MANAGER, COLOMBO COMPLEX, M.M. ALI ROAD, KOZHIKODE - 673 002. 2. AUTHORISED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., MANANTHAVADY BRANCH, WAYANAD. 3. REGISTRAR, KERALA STATE CO-OPERATIVE BANK LTD., WAYANAD. BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 16855 OF 2009 ......................................................................... Dated this the 18 th June, 2009 J U D G M E N T The petitioner had availed a housing loan of Rs.1,50,000/- from the first respondent Bank on 27.09.2000. However, the petitioner could not effect repayment as scheduled, which made the respondent-Bank to proceed against the petitioner with coercive steps invoking the relevant provisions under the SARFAESI Act, which in turn is sought to be intercepted by filing the present Writ Petition. 2. The learned Counsel for the petitioner submits that the petitioner is ready and willing to close the account despite the adverse circumstances still prevailing. The learned counsel for the respondent-Bank brought it to the notice of the Court that a sum of Rs.2,31,891/- is due as on 27.05.2009 with further interest on the principal amount from 01.06.2004 and other incidental expenses, as borne by Ext. P1 3. Considering the facts and circumstances, particularly as to the willingness tendered from the part of the petitioner to have the housing loan closed forthwith, the petitioner is W.P.(C) No. 16855 OF 2009 2 permitted to wipe out the entire outstanding liability, by way of six equal monthly installments, in the manner as specified below: (i) The petitioner shall effect deposit of Rs.50,000/- on or before 30.06.2009 towards the outstanding liability. The balance amount shall be repaid by way of five equal monthly installments commencing from 25.07.2009 onwards. (ii) It is made clear that coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance. (iii) It is also made clear that if any default is committed by the petitioner in effecting the installments as above, the respondent Bank will be at liberty to proceed against the petitioner with further steps from the stage where it stands now, for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk