IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 3RD AUGUST 2010 / 12TH SRAVANA 1932 WP(C).No. 22249 of 2010(E) ------------------------------------- PETITIONER(S): ------------------------ P.BIJOY, AGED 39 YEARS, S/O. P.RAJAN, MYLANDITHARAYIL HOUSE, KUTHIATHODU P.O., CHERTHALA 688 533. BY ADV. SRI.PEEYUS A.KOTTAM RESPONDENT(S): ----------------------------- 1. THE CHIEF MANAGER AND AUTHORIZED OFFICER, BANK OF INDIA, M.G. ROAD, RAVIPURAM BRANCH, ERNAKULAM , COCHIN 682 016. 2. THE MANAGER, BANK OF INDIA, RAVIPURAM BRANCH , M.G.ROAD, ERNAKULAM COCHIN 682 016. R2 BY ADV. SRI.C.A.JOY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 22249 OF 2010 -------------------------------------------- Dated this the 3rd day of August, 2010 JUDGMENT The petitioner availed a housing loan of Rs.15 lakhs from the respondent Bank on 17.08.2005, which was subsequently enhanced by 15.65 lakhs on 14.02.2006, creating security interest over the property of the petitioner. But the repayment could not be effected by the petitioner as intended and scheduled, because of the serious ailments to the parents of the petitioner, which made him a defaulter. In the said circumstance, the Bank declared the account as 'NPA' and proceeded with further steps under the SARFAESI Act, which is under challenge in this Writ Petition. 2. When the matter came up for consideration before this Court on 16.07.2010, the coercive proceedings were intercepted on condition that the petitioner deposited a sum of Rs. 2 lakhs within ten days. The petitioner satisfied a sum of Rs.1 lakh and filed an I.A.10428/2010 seeking for enlargement of time to satisfy the balance amount, which is stated as remitted on 02.08.2010. The learned standing counsel appearing for the Bank submits on instructions, that the total outstanding liability under the loan is nearly Rs.19,83,675/- as on 30.06.2010 and the 'overdue' amount, after giving credit to the amount 2 lakhs already satisfied by the petitioner, pursuant to the interim order passed by this Court is only Rs.1,13,476/-. 2 WP(C) No. 22249/2010 Unless and until the said amount is satisfied by the petitioner, the question of regularisation is not liable to be entertained, submits the learned counsel. 3. Considering the facts and circumstances, the petitioner is permitted to clear the 'overdue' amount in 'two' equal monthly instalments, the first of which shall be effected on or before the 30th of this month to be followed by similar instalment to be effected on or before the 30th of September, 2010. Subject to this, the loan account will stand regularised. This will be in addition to the liability of the petitioner to satisfy the regular EMIs as well. It is made clear that, if any default is committed by the petitioner in satisfying the 'overdue' amount or if any 'two' consecutive defaults are made with regard to the regular EMIs, the respondent will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc