IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 13TH AUGUST 2010 / 22ND SRAVANA 1932 WP(C).No. 24507 of 2010(K) -------------------------- CRMP.4179/2010 of CHIEF JUDL.MAGISTRATE, ERNAKULAM .................... PETITIONERS --------------- 1. B.RAJASEKHARAN NAIR, T.C.NO.36/728 (1) VRINDAVAN, PERUMTHANNI P.O., THIRUVANANTHAPURAM-8. 2. SREEDEVI.E.P., TC NO.36/728 (1), VRINDAVAN, PERUMTHANNI P.O., THIRUVANANTHAPURAM-8. BY ADV. SRI.D.SAJEEV SRI.K.R.HARIDAS RESPONDENTS: --------------- 1. THE HDFC LIMITED, HDFC HOUSE, P.O.NO.1667, RAVIPURAM JN., M.G.ROAD, KOCHI-15, REPRESENTED BY ITS AUTHORIZED OFFICER, SRI NISHAD AHAMMED.O. 2. THE BRANCH MANAGER, HDFC LTD., VAZHUTHACAUD, THIRUVANANTHAPURAM. R1 AND R2 BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 24507 OF 2010 ......................................................................... Dated this the 13th August , 2010 J U D G M E N T The petitioners had availed two housing loans, viz, a loan to an extent of Rs.Four lakhs from the respondent Bank in August, 2007 and another loan of Rs.One lakh in December 2007 creating security interest over the property in question. It is the admitted case that the petitioners could not satisfy the installments promptly, which made the respondents to proceed with further steps , which in further is sought to be intercepted in this Writ Petition. 2. The learned Counsel for the petitioners submits that the default was never wilful, but because of some unforeseen circumstances and that earnest efforts are being made to clear the entire liability towards defaulted installments, for regularisation of the loan account. It is also brought to the notice of this Court that, pursuant to the interim order dated W.P.(C) No. 24507 OF 2010 2 05.08.2010, the petitioners have satisfied a sum of Rs. One lakh yesterday, which is stated as correct from the part of the respondent Bank as well. 3. The learned Standing Counsel for the respondent Bank, on instruction submits that the overdue amount in respect of the defaulted installments is Rs.1,91,548/- and after giving credit to the sum of Rs. One lakh paid yesterday, the balance sum of Rs.91,548/- is due towards the defaulted installments. It is also submitted that unless and until the said amount is cleared, the loan account is not liable to be regularised. 4. Taking note of the persuasive submissions made by the learned counsel for the petitioners, this Court finds it fit and proper to permit the petitioners to clear the overdue amount by way of 'two' equal monthly installments, the first of which shall be effected on or before 30.08.2010, to be followed by the next installment to be effected on or before the 30th September, 2010. Subject to this, the loan account will stand regularised and all coercive proceedings shall be kept in abeyance, for the time being. W.P.(C) No. 24507 OF 2010 3 5. It is made clear that the petitioners 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 petitioners commit any default in remitting the overdue amounts/arrears 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 coercive steps, from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk