IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 30TH JUNE 2010 / 9TH ASHADHA 1932 WP(C).No. 20078 of 2010(H) -------------------------- CMP.1446/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- M.S.JAYARAJ, S/O. MUTHUSWAMY, RESIDING AT J.V.COTTAGE, KATTACHALKUZHY.P.O., BALARAMAPURAM,THIRUVANANTHAPURAM. BY ADV. SRI.A.B.MOHANAKUMAR RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER,(THE CHIEF MANAGER) STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE KSHB BUILDING, SANTHINAGAR, THIRUVANANTHAPURAM. 2. THE CHIEF MANAGER, STATE BANK OF TRAVANCORE, BALARAMAPURAM,THIRUVANANTHAPURAM. PIN-695501. BY SRI.R.S.KALKURA - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.20078 of 2010-H ---------------------------- Dated this the 30th day of June, 2010. J U D G M E N T The petitioner had availed a housing loan of Rs.10.5 lakhs in the year 2006, creating security interest over the property in question. However, repayment was not effected promptly; under which circumstances, the Bank proceeded with steps under the SARFAESI Act, leading to taking over physical possession of the property in question. 2. The learned counsel for the petitioner submits that the petitioner was employed in the Indian Army, who lost his employment and that he was making earnest efforts, to raise funds from different corners, to wipe off the 'overdue' amount and to have the loan amount regularised. It is without any regard to the earnest efforts so taken by the petitioner, the respondents have resorted to the coercive steps for realisation of the amount stated as due, under the loan transaction. 3. The learned counsel appearing for the Bank submits on instructions that, the total outstanding amount will be more than Rs.5.3 lakhs. Unless and until the petitioner clears the 'overdue' amount in respect of the defaulted instalments, the question of regularisation is not liable to be entertained; submits the learned counsel. W.P(C) No.20078 of 2010-H 2 4. Taking note of the particular facts and circumstances, this Court finds that some indulgence is necessary, reckoning the service rendered by the petitioner to the Nation, as a soldier, giving one more chance to clear the 'overdue' amount. In the said circumstances, the petitioner is permitted to clear the 'overdue' amount in a phased manner. Accordingly, the petitioner is directed to deposit a sum of Rs.2 lakhs on or before the 30 th of July, 2010 and the balance 'overdue' amount shall be cleared within one month thereafter. On satisfying the requirement as above, the loan account will stand regularised. This will be over and above the liability of the petitioner to satisfy the regular EMIs. 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 respondents will be free to proceed with further steps for realisation of the entire amount in a lump sum. It is further made clear that, once the first instalment towards the 'overdue' is cleared by the petitioner, physical possession of the property shall be restored. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab