IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 5TH FEBRUARY 2009 / 16TH MAGHA 1930 WP(C).No. 3931 of 2009(R) ------------------------- PETITIONER(S): --------------- 1. P.K.RAMACHANDRAN,NALUTHENGUKAL, NEAR LENIN CORNER, NORTH ARYAD, PO ALAPPUZHA. 2. T.SUJATHA, W/O.P.K.RAMACHANDRAN, NALUTHENGUKAL, NEAR LENIN CORNER, NORTH ARAYAD.PO, ALAPPUZHA. BY ADV. SMT.S.MUMTAZ RESPONDENT(S): --------------- UNION BANK OF INDIA, ALAPPUZHA BRANCH REP. BY THE AUTHORISED OFFICER, KABEER PLAZA, C.C.SB ROAD, MULLAKKAL, ALAPPUZHA. BY ADV.SRI.A.S.P.KURUP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.3931 OF 2009 ------------------------------------------- Dated this the 5th day of February, 2009 JUDGMENT The petitioners availed a loan. They defaulted repayment of the equated monthly instalments. Possession notice under Section 13(4) of the SARFAESI Act has been issued in November, 2008. The petitioners have remitted an amount of Rs.39,000/- after the possession notice. The only plea pressed is that the petitioners may be permitted to regularise the transaction. They give up their right to challenge the proceedings before the Debts Recovery Tribunal under Section 17 of the SARFAESI Act. No other grounds are pressed. Taking into consideration the defaulted EMIs, the accruals thereon and the probable securitisation charges and also giving credit to the amounts paid after the dispossession notice, it is directed that if the petitioners remit an amount of Rs.25,000/- on or before 28.2.2009 and another amount of Rs.25,000/- on or before 31.3.2009, the bank will consider regularising transaction and permitting the petitioners to enjoy the loan on payment of WPC.3931/09 Page numbers further amounts as may be fixed by the bank for such purpose. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and distress action will follow. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.9/2.