IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 12TH AUGUST 2010 / 21ST SRAVANA 1932 WP(C).No. 21305 of 2010(K) -------------------------- PETITIONER: --------------- MRS.MARIAMMA,W/O.LATE MOIDEEN KUNHI, CHEKKARANGOD HOUSE,P.O.CHEMNAD,KASARAGOD DISTRICT, BY ADV. MR. KRISHNA PRASAD. S RESPONDENTS: --------------- 1. THE CHIEF MANAGER, AUTHORISED OFFICER, CANARA BANK, BANK ROAD, BRANCH (P.O)KASARAGOD PIN-67121 2. THE GENERAL MANAGER, CANARA BANK CIRCLE OFFICE,CANARA BANK BUILDING,SAMOOHAM ROAD, CHALAPPURAM P.O.,KOZHIKODE -1 ADV. MR. E.K.NANDAKUMAR MR. A.K.JAYASANKAR NAMBIAR MR. K.JOHN MATHAI MR. P.BENNY THOMAS MR. P.GOPINATH MR. S.RAMU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 21305 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2010 JUDGMENT The petitioner's son had availed a sum of Rs. 8 lakhs, as 'educational loan' under the Vidya Sagar Scheme in June, 2003. But, since the loan amount was not satisfied on time, the Bank proceeded with steps under the SARFAESI Act, which is under challenge. 2. When the matter came up for consideration on 14.7.2010, the coercive proceedings were intercepted, on condition that, the petitioner satisfied a sum of Rs. 1 lakh within one week, which is stated as complied with. 3. The respondent Bank has filed a statement, pointing out the actual facts and figures and that the petitioner is a co-obligent. It is stated that the outstanding liability under the loan transaction is nearly Rs.13,64,293/- and that the 'overdue' in respect of the defaulted EMIs will constitute Rs. 3,05,488/-. After giving credit to the amount deposited by the petitioner, pursuant to the interim order dated 14.7.2010, the 'overdue' is stated as Rs. 2,05,488/- and that unless and until the 'overdue' amount is cleared, the question of regularization is not liable to be entertained. W.P. (C) No. 21305 of 2010 : 2 : 4. Considering the facts and circumstances, the 'balance overdue' amount, as mentioned above is permitted to be cleared, by way of '3' equal monthly installments; the first of which shall be paid on or before the 30th of August, 2010; to be followed by the similar installments to be effected on or before the 30th of the succeeding months; on which event, the loan account will stand regularized. This will be in addition to the liability of the borrower to remit the regular EMIs as well. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing the 'overdue' amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd