IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 8TH FEBRUARY 2008 / 19TH MAGHA 1929 WP(C).No. 4604 of 2008(W) ----------------------- PETITIONERS: ------------ 1. EASOW JAMES, AGED 54 YEARS, S/O. JAMES, EASO BHAVAN, MANGAD P.O., KOLLAM. 2. GRACE EASO, W/O. EASO JAMES, EASO BHAVAN, MANGAD P.O., KOLLAM. BY ADV. SRI.V.V.RAJA SRI.R.RENJITH RESPONDENTS: ------------- 1. UCO BANK, REPRESENTED BY ITS GENERAL MANAGER, REGIONAL OFFICE, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER (CHIEF MANAGER), UCO BANK, BEACH ROAD, KOLLAM-690 001. 3. THE DISTRICT COLLECTOR, COLLECTORATE, KOLLAM. 4. THE TAHSILDAR, TALUK OFFICE, KOLLAM. BY ADV. SRI.P.B.SAHASRANAMAN, SC FOR R1 AND 2 GOVT.PLEADER SRI.I.V.PRAMOD SRI.K.JAGADEESH SRI.T.S.HARIKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =================== W.P.(C) NO.4604 OF 2008 W =========================== Dated this the 8 th day of February, 2008 J U D G M E N T The petitioners have availed of a housing loan from the 2 nd respondent Bank. Following the default that were committed, proceedings were initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The Bank after complying with all procedural formalities obtained an order under Section 14 from the Chief Judicial Magistrate Court. According to the counsel for the petitioners, in pursuance to the order so passed, possession of the property is scheduled to be taken over on 11/02/2008. At this stage, this writ petition has been filed challenging the whole proceedings. 2. Though several contentions are raised by the counsel for the petitioners, when the writ petition was taken up for admission, WPC 4604/08 :2 : counsel sought an opportunity to regularise the loan account by paying the entire amount in default. On this request, I heard the standing counsel for the Bank also, who does not oppose the prayer for an opportunity being given to the petitioners to regularise the loan, if they really wish to do so. 3. Having regard to the submission made by both sides, I dispose of this writ petition with the following directions. 1) That the amount that is in default as of now shall be paid by the petitioners to the 2 nd respondent Bank in two monthly instalments, first of which will be paid in the 1 st week of March, 2008 and the second instalment will be payable in the 1 st week of April, 2008. These instalments shall be paid by the petitioners along with the current dues. 2) If the petitioner makes payment as above, the Bank shall regularise the loan account and permit the petitioners to pay the amount as originally scheduled. WPC 4604/08 :3 : 3) Subject to payment as above, further proceedings pursuant to Ext.P1 proceedings shall be deferred and in case the petitioners commit default in paying any one of the instalments, the Bank will be entitled to continue the action that it has already initiated. ANTONY DOMINIC,JUDGE. Rp