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. 12808 of 2009(U) -------------------------- PETITIONERS: --------------- 1. PRADEE MATHEW, GENERAL NURSE, GOTTEKKARMANNER CARE CENTRE, GOTTEKKAR CLAINE, WILTSHARE.S.N 9, H.Y.U.K, REP. BY POWER OF ATTORNEY HOLDER PREETHI MATHEW, D/O. GRACY MATHEW, AGED 33 YEARS. 2. SOSAMMA VARGHESE, APPEKKOTTUMIRIYIL THURUTHIKKADU.P.O, MALLAPPALLY, PATHANAMTHITTA, REP. BY POWER OF ATTORNEY HOLDER PREETHI MATHEW, D/O. GRACY MATHEW, AGED 33 YEARS. BY ADV. SRI.BIJU ABRAHAM RESPONDENT: --------------- HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, POST BOX NO. 1667, RAVIPURAM JUNCTION, M.G. ROAD, KOCHI - 15, REPRESENTED BY ITS AUTHORISED OFFICER. BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, HDFC 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. ........................................................................ W.P.(C) No. 12808 OF 2009 ......................................................................... Dated this the 2nd June, 2009 J U D G M E N T The petitioners had availed two housing loans of Rs.40 lakhs and Rs.10 lakhs respectively from the respondent, which were liable to be repaid by way of E.M.I. to the tune of Rs. 40,571/- in respect of the first loan, spreading over a period of 180 instalments; whereas the latter was at the rate of Rs.20,759/- in 60 monthly instalments. 2. The learned counsel appearing for the respondent-HDFC, referring to the contents of the statement filed before this Court submits that as on 31.05.2009, the petitioners have committed default in respect of 17 E.M.I. with regard to the first loan of Rs. 40 lakhs and default of 28 E.M.I. in respect of second loan transaction of Rs. 10 lakhs. It is further submitted that, as on 31.05.2009, with respect to the two loans, a total sum of Rs. 60,10,203/- has to be paid to clear the liability, besides additional interest and other incidental charges and a total sum of Rs.16,74,334 /- is in arrears with regard to the default in remitting the E.M.Is. It is also pointed out that the petitioners W.P.(C) No. 12808 OF 2009 2 turned to be chronic defaulters as evident from the statement given above and that that there was no other alternative for the respondent-HDFC, but to proceed against the assets of the petitioners given as security, invoking the relevant provisions under the SURFAESI Act and that the Bank was showing maximum leniency to the petitioners despite the fact that actual possession was taken on 17.04.2009. Considering the particular facts and circumstances, the learned counsel appearing for the respondent, on instruction submits that the respondent is ready and willing to regularise the loans, instead of proceeding with further steps for realisation of the entire outstanding liability provided the petitioners clear the entire outstanding liability towards the E.M.I. as on date and continue to effect the E.M.I as originally stipulated. 3. Heard both the sides. 4. After considering the facts and figures, the petitioners are directed to remit a sum of Rs. Six lakhs towards the existing arrears under E.M.Is within a period of one month and the balance in this regard shall be paid by way of three equal W.P.(C) No. 12808 OF 2009 3 monthly instalments thereafter, commencing from 25.07.2009. On such an event, the respondent-HDFC will regularize the loan account and drop all further proceedings under the SURFAESI Act, stated as already initiated. It is also made clear that the petitioners, notwithstanding the liability to clear the arrears as above, will have to clear the regular E.M.Is. as well, in tune with the terms of the loan agreement . If any default is committed from the part of the petitioners, the respondent-Bank will be at liberty to proceed against the petitioners and their assets in accordance with law , on the basis of the steps already taken for realisation of the outstanding liability in a lump sum. It is further made clear that the payment, if any, effected already by the petitioners and kept in the suspense accounts, shall be properly given credit to, while fixing the liability of the petitioners. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk