IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 9TH OCTOBER 2009 / 17TH ASWINA 1931 WP(C).No. 25783 of 2009(P) -------------------------- PETITIONER(S): --------------- V.R.SANTHOSH KUMAR, GEOK NEST, 6/275, PERIYAR COLONY, THOTTAKKATTUKARA, ERNAKULAM. BY ADV. SMT.MUMTAZ SHUMSUDDIN RESPONDENT(S): --------------- BANK OF INDIA, REP.BY THE AUTHORISED OFFICER, ERNAKULAM BRANCH, SHANMUGHAM ROAD, ERNAKULAM. BY ADV. SRI.DEVAN RAMACHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 25783 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 9th day of October, 2009 J U D G M E N T 1. Petitioner had availed a housing loan to the tune of Rs.16,00,000/- from the respondent Bank during the year 2006 for purchase of property having an extent of 10 cents with a residential building therein. The said property was offered as security by way of mortgage to the respondent Bank. Since the petitioner had defaulted repayment of the loan in monthly installments, the Bank took possession of the said immovable property on 15.06.2009, in pursuance of proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It is submitted that the petitioner had approached the Bank through Ext.P2 request, seeking permission for regularising the loan account by paying the defaulted installments within a W.P.(C)No. 25783 of 2009 -2- reasonable time. But the respondent is not considering such request and coercive steps are now being persued for sale of the property, is the complaint. 2. Heard learned standing counsel appearing for the respondent Bank, who on the basis of the instructions submitted that, the total arrears outstanding in the loan account is about Rs.21,29,000/- . He further submitted that the defaulted installments along with interest over due will come around Rs.11,12,000/-. 3. Eventhough various contentions are raised challenging the proceedings on the basis of alleged irregularity, the learned counsel for the petitioner submitted that the petitioner is ready and willing to pay off the defaulted installments along with interest and expenses if any liable, within a short period in installments. Therefore the petitioner sought permission to continue repayment of the balance amount as per the original schedule. 4. Having considered contentions of both sides and W.P.(C)No. 25783 of 2009 -3- facts and circumstances of the case I am of the opinion that some indulgence can be shown in permitting the petitioner to regularise the loan account. 5. Accordingly the Writ Petition is disposed of directing the petitioner to make payment of the amounts due under the defaulted monthly installments, along with interest and expenses if any due, in four (4) equal monthly installments starting from 30.11.2009 onwards and on or before the last day of every succeeding month. The petitioner shall also make payment of the regular installments due from the month of November, 2009 onwards. If the defaulted installments are cleared by payments as directed above, the respondent Bank shall permit the petitioner to continue payment of the balance amount as per the original schedule. 6. It is made clear that on the event of default in payment of any of the installments as stipulated above, the respondent will be free to proceed with further steps pursuant to the notice already issued, and on such event the W.P.(C)No. 25783 of 2009 -4- petitioner will be precluded from raising any further challenge against the proceedings at any subsequent point of time, either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/