IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 19TH OCTOBER 2009 / 27TH ASWINA 1931 WP(C).No. 13034 of 2009(Y) -------------------------- CMP.1726/2008 of C.J.M., ALAPPUZHA .................... PETITIONER(S): --------------- MOHANAN.V. KANJIRATHUMMOOTTIL, CHINGOLI.P.O., KARTHIKAPPALLY,ALAPPUZHA-690532. BY ADV. SRI.SUNIL J.CHAKKALACKAL RESPONDENT(S): --------------- H.D.F.C. LTD., H.D.F.C HOUSE, P.B.NO. 1667, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI-15. ADV.SRI.K.K.CHANDRAN PILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).13034/09 APPENDIX PETITIONER'S EXHIBITS:- EXT.P1:- TRUE COPY OF THE NOTICE ISSUED TO THE PETITIONER BY THE RESPONDENT DT.13.3.09 EXT.P2:- TRUE COPY OF NOTICE DT.13.3.09 ISSUED BY THE ADV.COMMISSIONER EXT.P3:- TRUE COPY OF THE REPRESENTATION DT.25.4.09 SUBMITTED BEFORE THE RESPONDENT BANK. RESPONDENT'S EXHIBITS:- NIL OKB //TRUE COPY// P.A. TO JUDGE C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.13034 OF 2009 ------------------------------ Dated this the 19th day of October, 2009 J U D G M E N T ---------------------- 1. Petitioner had approached this court aggrieved by the proceedings initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), for realisation of loan amount defaulted. The petitioner had availed loan to the tune of Rs.3 lakhs from the respondent Bank during the year 2004. Due to heavy financial constraints regular repayment could not be effected, after 2008. Consequently the Bank initiated proceedings against the secured asset, which is the residential property and the petitioner and his family are under the threat of eviction. Direction is sought for to permit the petitioner to regularise the loan account by paying the defaulted installments. 2. This court through an interim order directed the petitioner to make payment of an amount of Rs.50,000/- on or before 15.5.09 and another sum of Rs.50,000/- before 30.5.09. After effecting payment of first installment the petitioner sought extension of time, which was granted upto 1.10.2009, and the petitioner had remitted the 2nd installment also. 3. Learned counsel appearing for the respondent Bank submitted that the loan account can be regularised and the petitioner can be permitted to continue repayment as per the W.P.(C).13034/09-Y 2 original schedule, provided he remits a further amount of Rs.50,000/-. Learned counsel for the petitioner submitted that he will pay the amount of Rs.50,000/- on before 15.11.2009 and shall continue to pay the regular installments due from November 2009 onwards without any default. 4. Having considered the submissions on both sides I am of the view that the writ petition can be disposed of permitting the petitioner to regularise the loan account. Accordingly the petitioner is granted time till 15.11.09 to make payment of the amount of Rs.50,000/-, which pertains to defaulted installments. The petitioner shall also make payment of the regular installments due from the month of November 2009. If payment as stated above is made, the Bank shall permit the petitioner to continue with payment of future installments as per the original repayment schedule. 5. It is made clear that on the event of default in paying any of the installments the respondent Bank will be free to proceed with further steps pursuant to the notices already issued under the SARFAESI Act, and on any such event the petitioner will be precluded from raising any subsequent challenge against such proceedings before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb