IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 10TH AUGUST 2009 / 19TH SRAVANA 1931 WP(C).No. 22696 of 2009(F) -------------------------- CMP.317/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER: --------------- K.UNNIKRISHNAN, S/O.KESAVA KURUP, K.S.NIVAS, NEAR VETTIYARA U.P.S,VETTIYARA PO, ATTINGAL, THIRUVANANTHAPURAM DIST. BY ADV. MR. A.B.MOHANAKUMAR RESPONDENT: --------------- THE AUTHORISED OFFICER(CHIEF MANAGER) UNION BANK OF INDIA,REGIONAL OFFICE M.G.ROAD, G.P.O, THIRUVANANTHAPURAM-01. BY ADV. MR. A.S.P KURUP, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/08/2009, THE COURT ON 10/08/2009 DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 22696 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 10th day of August, 2009 JUDGMENT The petitioner had availed a housing loan of Rs. 10 laks from the respondent Bank, which however could not be repaid on time. This made the respondent Bank to resort to coercive steps under the SARFAESI Act, finally leading to Ext.P1 proceedings pursued under Section 14 of the Act for obtaining assistance to take over the physical possession. 2. Heard the learned standing counsel appearing for the respondent Bank, who submits that, even according to the petitioner the defaulted EMIs itself will come to nearly Rs. 3 lakhs and that the petitioner will have to satisfy the entire defaulted EMIs,if at all the loan account is to be considered for regularization. 3. The learned counsel for the petitioner submits that, the petitioner is ready and willing to clear the entire defaulted EMIs with interest, by way of two equal monthly installments. 4. In the above facts and circumstances, the petitioner is directed to deposit Rs. 1.5 lakhs on or before the 31st of this month and the balance amount including the interest and cost towards the defaulted EMIs shall be remitted within a further period of one month thereafter. This will be in addition to the petitioner's liability to satisfy the regular WP (C) No. 22696 of 2009 : 2 : EMIs as well. It is made clear that, if the petitioner commits any default in satisfying the defaulted EMIs as above or if any two consecutive defaults are made in respect of the regular EMIs, the respondent Bank will be at liberty to proceed against the petitioner, for realization of the entire dues in lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd