IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 15TH MARCH 2010 / 24TH PHALGUNA 1931 WP(C).No. 6964 of 2010(U) ----------------------------------- PETITIONER(S): ----------------------- MATHEW GEORGE, AGED 54 YEARS, S/O. LATE.K.G.GEORGE, RESIDING AT 3A, LINK HORIZON, MARINE DRIVE, COCHIN-16. BY ADVS.MR.S.ABHILASH MR.JAMES ABRAHAM RESPONDENT(S): ------------------------- 1. THE AUTHORISED OFFICER, THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE, ERNAKULAM. 2. THE MANAGER, THE SOUTH INDIAN BANK LTD., TRIPUNITHURA, ST.MARY'S CHURCH BUILDING, TRIPUNITHURA,ERNAKULAM. R1 & R2 BY ADVS.MR.GEORGE VARGHESE (MANACHIRACKEL) MR.P.R.MILTON, MR.K.J.CHACKOCHAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 6964 of 2010-U ---------------------------- Dated this the 15th day of March, 2010. J U D G M E N T The petitioner is challenging the steps taken by respondents under the SARFAESI Act, contending that the action pursued by the Bank is without any rhyme or reason. 2. The learned counsel appearing for the Bank submits that all the statutory requirements have been complied with. It is also brought to the notice of this Court that Ext.P1 notice issued is under Section 13(2) of the 'Act' and further steps, on failure of the petitioner, are yet to be followed. 3. The learned counsel appearing for the petitioner submits that on issuance of Ext.P1, the petitioner expressed his willingness to satisfy the overdue amount. Still, a further notice has been issued on 13.2.2010, as borne by Ext.P7 and it is in the said circumstance, that the petitioner has approached this Court by filing the present Writ Petition. 4. The learned counsel for the respondent Bank submits W.P(C) No. 6964 of 2010-U 2 that the 'overdue' amount shown in Ext.P7 as on January 2010 and that further interest and cost; besides the amount payable at the rate of Rs.47,700/- in respect of the subsequent months and that, unless and until the petitioner clears the 'overdue' amount, the account is not liable to be regularised. 5. In the above facts and circumstances, the petitioner is directed to deposit 50% of the 'overdue' amount on or before the 31st of this month and the remaining 50% shall be satisfied on or before the 30th of April, 2010. On satisfying the said requirement, the loan account of the petitioner shall stand regularised and the petitioner shall be bound to effect regular EMIs without fail. It is made clear that in case of any failure to pay the 'overdue amount' as above, or if any two consecutive defaults are made in remitting the regular EMIs, the Bank will be free to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE abaz