IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 27TH AUGUST 2009 / 5TH BHADRA 1931 WP(C).No. 24864 of 2009(C) -------------------------- PETITIONER(S): --------------- MATHEW K.M., S/o. MATHEW, AGED 47 YEARS, KAKKAKOOTTUNGAL HOUSE, NILAMBUR R.S. P.O., MALAPPURAM DISTRICT. BY ADV. SRI.BABU S. NAIR RESPONDENT(S): --------------- 1. THE NILAMBUR CO-OPERATIVE URBAN BANK LTD., NO.F.1043, HEAD OFFICE, NILAMBUR, MALAPPURAM DISTRICT, REPRESENTED BY ITSelf GENERAL MANAGER. 2. THE DEPUTY GENERAL MANAGER (AUTHORIZED OFFICER) THE NILAMBUR CO-OPERATIVE URBAN BANK LTD., NO.F.1043, HEAD OFFICE, NILAMBUT, MALAPPURAM DISTRICT. STANDING COUNSEL Mr.DEVAPRASANTH P.J. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 24864 OF 2009 ----------------------------------- Dated this the 27th day of August, 2009 J U D G M E N T The petitioner had availed a loan of Rs.10,00,000/- from the respondent Bank on 27.08.2008. But since the due amount could not be repaid on time, the Bank resorted to the proceedings under the SARFAESI Act, which in turn is subjected to challenge in the present Writ Petition. 2. Learned counsel appearing for the respondent Bank submits on instructions that, as on 31.07.2009, a sum of Rs.11,58,324/- is due as shown in Ext.P2, with further interest and cost . It is also brought to the notice of this Court that, as on date, a sum of Rs.3,70,000/- is due towards the defaulted EMIs itself. The learned counsel further submits that, after availing the loan, nothing was paid by the petitioner to honour his commitment. However, the learned counsel also adds that, if the petitioner is ready and willing to satisfy the entire defaulted arrears forthwith, the loan account can be regularised. 3. Considering the above facts and circumstances, the petitioner is directed to pay a sum of Rs.3,70,000/- stated as due towards the defaulted EMIs within one month from today. On satisfying the said WPC NO.24864/2009 2 amount, the loan account will stand regularised. This will be in addition to the liability of the petitioner to effect the regular EMIs as well. It is made clear that, if any default is committed by the petitioner in satisfying the defaulted EMIs as above, or if any two consecutive defaults are made with regard to the payments of the regular EMIs, the respondent Bank will be free to proceed with further steps for realisation of the entire amount in a lump sum, by pursuing such steps from the stage where it stands now. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc