IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 22ND FEBRUARY 2010 / 3RD PHALGUNA 1931 WP(C).No. 2163 of 2010(U) ------------------------- PETITIONER(S): --------------- S.JAYA , W/O.ASOKAN, REVATHY, HOUSE NO.23/64 A,KILITHATTUMUKKU, JANARDHANAPURAM, VARKALA. BY ADV. SRI.S.MOHAMMED AL RAFI RESPONDENT(S): --------------- 1. FEDERAL BANK LTD REPRESENTED BY CHIEF MANAGER/AUTHORISED OFFICER M.G.ROAD, TRIVANDRUM. 2. BRANCH MANAGER FEDERAL BANK, VARKALA. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1 & R2 GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 2163 of 2010 ------------------------------------ Dated, this the 22nd day of February, 2010 J U D G M E N T The petitioner is before this Court challenging the recovery proceedings pursued by the respondents under the SARFAESI Act. 2. The learned counsel appearing for the respondent Bank submits that two loans were availed by the petitioner, one, a 'housing loan' and the other 'IPS loan' (Instalment Payment Scheme). It is brought to the notice of this Court that a total sum of Rs.2.1 lakhs is due in respect of the defaulted instalments under the 'Housing Loan' and unless the petitioner satisfies the entire 'overdue' amount, the question of regularization of the 'Housing Loan' is not liable to be entertained. The learned counsel also submits that no such course is open in respect of the other loan, by virtue of the very nature of the loan transaction and that a sum of nearly Rs.3.3 lakhs is due to wipe off the entire liability under the said loan. 3. The learned counsel for the petitioner submits that the petitioner is ready and willing to clear the entire 'overdue' amount in respect of the 'housing loan' and that the loan account might be ordered to be regularized. With regard to the second loan, the learned counsel seeks for some breathing time by way of reasonable instalments. WP(C) No.2163/2010 2 4. After hearing both the sides, the petitioner is directed to clear the entire 'overdue' amount under 'housing loan' by way of ‘two’ equal monthly instalments, the first of which shall be effected on or before the 10th of March, 2010 and the other one on or before the 10th of April, 2010; on which event, the 'housing loan' account shall stand regularized. This will be in addition to the liability to the petitioner to clear the regular EMIs as well. 5. With regard to the IPS loan, the petitioner is permitted to wipe off the entire liability by way of ‘six’ equal monthly instalments, the first of which shall be effected on or before the 30th of March, 2010, to be followed by similar instalments to be effected on or before the 30th of the succeeding months. 6. It is made clear that if any default is committed by the petitioner in satisfying the liability as above, the benefit of this judgment will stand automatically withdrawn and the respondents will be at liberty to proceed with further steps, in accordance with law. It is also recorded that the petitioner does not intend to raise any challenge against the cause of action impugned in this Writ Petition by availing the alternate remedy, in view of the nature of relief sought for and obtained from this Court. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc