IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 2ND JUNE 2009 / 12TH JYAISHTA 1931 WP(C).No. 15020 of 2009(V) -------------------------- PETITIONER(S): --------------- 1. SMT. NISHA.K.P. AGED 37, KAIRINJETTA HOUSE, NADUVILKARA, VADANAPALLY, PIN-680614, TRISSUR. 2. K.V.SUBHASH, AGED 42,KARINJETTA HOUSE, NADUVILKARA, VADANAPALLY-680614,TRISSUR. BY ADV. SRI.T.C.SURESH MENON SRI.C.A.ANOOP RESPONDENT(S): --------------- THE CHIEF MANAGER, UNION BANK OF INDIA, TRISSUR BRANCH. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 15020 OF 2009 ----------------------------------- Dated this the 2nd day of June, 2009 JUDGMENT The petitioner has approached this Court challenging the coercive steps taken by the respondent Bank, invoking the provisions under the SARFEASI Act. The case of the petitioner is that he had availed a housing loan of Rs.3,00,000/- in the year 2002 and though because of some unforeseen circumstances, he happened to be a defaulter, earnest effors are being taken to wipe off the entire liability. 2. Learned counsel appearing on behalf of the second respondent submits on instructions, that, after availing loan, there was no substantial repayment, which led to mounting up of arrears to the tune of Rs.2,58,675/- as on 30.01.2009. Learned counsel for the respondent Bank submits that only on remittance of this amount, can the housing loan be regularised by the Bank so as to enable the petitioner to continue to pay the amount by way of instalments as originally stipulated. 3. After considering the facts and circumstances, the petitioner is directed to pay a sum of Rs.1,00,000/- on or before the 30th of this month. The balance of Rs.1,58,675/- which is arrears under the defaulted EMI WPC NO.15020/2009 2 shall be paid by way of two equal monthly instalments. Second and third instalments shall be paid on or before 30th July, 2009 and 30th August, 2009 respectively. On such event, the loan shall stand regularised. Coercive steps shall be kept in abeyance till such time. It is also made clear that the clearance of the amount by way of arrears towards the EMI will be in addition to the liability of the petitioner to remit the regular EMI. If any default is committed in effecting the instalments towards the defaulted EMIs or if any two consecutive defaults are made in paying the regular EMIs, the respondent Bank will be at liberty to proceed with the coercive steps for realisation of the entire dues in a lumpsum. The Writ Petition is disposed of accordingly. (P.R.RAMACHANDRA MENON, JUDGE) dnc