IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 2ND JULY 2009 / 11TH ASHADHA 1931 WP(C).No. 26455 of 2008(Y) -------------------------- PETITIONERS: --------------- 1. STANALEY K.L., KALLUVEETTIL HOUSE, CHITTOOR ROAD, ERNAKULAM, KOCHI -18. 2. RANJITH PAUL, S/O STANLEY K.L., -DO- -DO- BY ADV. MR. P.C.SASIDHARAN RESPONDENTS: --------------- 1. THE DISTRICT COLLECTOR, ERNAKULAM, COLLECTORATE, ERNAKULAM. 2. THE TAHSILDAR, KANAYANNUR, TALUK OFFICE, KANAYANNUR, ERNAKULAM. 3. ING VYSYA BANK, REPRESENTED BY ITS AUTHORISED SIGNATORY, MANAGER (RETAIL), ING VYSYA BANK LTD., M.G. ROAD, ERNAKULAM, KOCHI -16. R1 AND R2 BY GOVERNMENT PLEADER MR. P.K. BABU R3 BY MR. R.S.KALKURA MR. M.S.KALESH MR. HARISH GOPINATH MR. V.VINAY MENON THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 02/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 26455 of 2008 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 2nd day of July, 2009 JUDGMENT The petitioners (who are the father and son) had availed 'an education' of Rs. 2 lakhs loan from the 3rd respondent, in connection with the B.Tech studies of the 2nd petitioner, which was not repaid on time. This led to the coercive proceedings pursued by the first and second respondents, at the instance of the 3rd respondent, which is subjected to challenge in the present Writ Petition. 2. The respondent Bank has filed a statement, pointing out the relevant facts and figures along with the statement of accounts, as Annexure R3 (a). 3. After hearing both the sides, taking note of the fact that the petitioner completed his studies only in September, 2007, that he got employment only in July, 2008, and of course with reference to the relevant clause governing the loan transaction, this Court finds it fit and proper to have the loan regularized, subject to the condition that the petitioner satisfies the defaulted arrears, which is stated as about Rs.30,000/- plus interest and cost as on date. 4. In the said circumstances, the petitioners are directed to clear the defaulted arrears as above, by way of two equal installments. The first installment shall be effected on or before the 30th of this month and WP (C) No. 26445 of 2008 : 2 : the second installment shall be effected on or before the 30th of August, 2009. It is made clear that, this will be in addition to the liability of the petitioners to effect the regular monthly installments in respect of July onwards. It is further made clear that, if any default is committed by the petitioners in clearing the defaulted arrears 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 the coercive steps against the petitioners from the stage where it stands as on date, for realization of the due amounts as aforesaid The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd