IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 8TH JULY 2010 / 17TH ASHADHA 1932 WP(C).No. 14935 of 2010(N) -------------------------- PETITIONER: --------------- A.VASANTHAKUMARI, AGED 52, W/O.SELVARAJ, TEACHER, RESIDING AT THOZHUKKAL VILLAGE, NEYYATTINKARA, THIRUVANANTHAPURAM. BY ADV. MR. A.B.MOHANAKUMAR RESPONDENT: --------------- THE FEDERAL BANK LTD., REGIONAL OFFICE, FEDERAL TOWERS, STATUE, THIRUVANANTHAPURAM-1, REPRESENTED BY ITS AUTHORISED OFFICER. ADV. MR. GEORGE VARGHESE (MANACHIRACKEL) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 14935 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 8th day of July, 2010 JUDGMENT The petitioner availed a housing loan Rs. 8 lakhs from the respondent Bank, creating security interest over the property in question. But, the repayments were not all prompt, which made the respondent to proceed with the steps under the SARFAESI Act, after declaring the account as 'NPA', which in turn is subjected to challenge by filing the present Writ Petition. 2. The learned standing counsel appearing for the Bank, with reference to the statement (which is yet to form part of the records), submits that, pursuant to the steps pursued, physical possession of the property was taken over by the Bank on 13.4.2010. After taking the possession as aforesaid, the petitioner has remitted a sum of Rs.74,000/-, but still, there is some 'overdue' amount towards the defaulted EMIs and it will be around Rs.25,000/-, submits the learned counsel. 3. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen circumstances and that earnest efforts are being taken to see that the entire 'overdue' amounts towards the Bank is wiped off, simultaneously seeking for one more opportunity to have the loan account regularized. W.P. (C) No. 14935 of 2010 : 2 : 4. Considering the facts and circumstance and taking note of the fact that the loan availed by the petitioner pertains to 'housing sector', this Court finds it fit an proper to give one more opportunity to have the loan account regularized. Accordingly, the petitioner is directed to deposit a sum of Rs. 25,000/- within five days and on satisfying the 'overdue' amount, the physical possession of the building, which has been taken over by the Bank, shall be returned to the petitioner forthwith. This will be in addition to the liability of the petitioner 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 respondent 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