IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 16TH FEBRUARY 2010 / 27TH MAGHA 1931 WP(C).No. 4816 of 2010(B) ------------------------- CRMP.525/2010 of CHIEF JUDL.MAGISTRATE, ERNAKULAM ................... PETITIONER(S): --------------- SAJU THURUTHIKUNNEL, S/O.THANKAPPAN, AGED 38 YEARS, THURUTHIKUNNEL HOUSE, VADAYAMPADY P.O., AIKKARANADU SOUTH, CHOONDY ERNAKULAM DIST. BY ADV. SRI.PAUL K.VARGHESE RESPONDENT(S): --------------- 1. THE FEDERAL BANK LTD, FEDERAL TOWERS, MARINE DRIVE, KOCHI - 31. REPRESENTED BY AUTHORIZED OFFICER 2. SRI.K.T.THOMACHAN(ASST.GENERAL MANAGER) REGIONAL OFFICE, FEDERAL TOWERS, MARINE DRIVE, KOCHI - 31. 3. THE FEDERAL BANK LTD., PUTHENCRUZ, REPRESENTED BY ITS MANAGER. STANDING COUNSEL SRI.A.ANTONY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/02/2010, ALONG WITH WPC NO. 3837 OF 2010 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 4816 of 2010 -------------------------------------- Dated, this the 16th day of February, 2010 J U D G M E N T The learned counsel appearing on behalf of the respondents in WP(C) 3837/2010 submits that he takes notice on behalf of the respondents in WP(C) 4846/2010 as well. The learned counsel submits that the petitioner has defaulted several instalments and that a sum of Rs.1.55 lakhs is due as 'overdue amount' under the loan transaction, while the total outstanding liability is nearly Rs. 3.77 lakhs. It is also submitted by the learned counsel that if the petitioner is ready and willing to clear the 'overdue' amount along with the expenses incurred by the Bank, the Bank is ready and willing to regularise the loan account; subject to the condition that the petitioner proves his bonafides by effecting substantial deposit within a reasonable time and clears the balance overdue amount on or before the 31st of March, 2010. 2. After hearing both the sides, the petitioner is directed to deposit a sum of Rs.50,000/- within two weeks and the balance overdue amount and the expenses stated as incurred by the Bank on or before the 31st of March, 2010. Subject the satisfaction of the liability as above, the loan account of the petitioner will stand regularised. This will be in WP(C) No.4816/2010 2 addition to the liability of the petitioner to remit the regular EMIs as well. It is made clear that if any default is committed by the petitioner in clearing the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the payment of regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. Subject to the above, all further coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON JUDGE dnc