IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON SUNDAY, THE 16TH AUGUST 2009 / 25TH SRAVANA 1931 WP(C).No. 22374 of 2009(N) -------------------------- PETITIONER: --------------- V.R.SATHEESAN AGED 58 YEARS,S/O.RAMANKUTTY, VAZHAYIL HOUSE,MANNAMKANDAM PO, ADIMALI IDUKKI. BY ADV. MR. S.JIJI RESPONDENTS: --------------- 1. THE IDUKKI DISTRICT CO-OPERATIVE BANK LTD, REPRESENTED BY THE GENERAL MANAGER H.O.IDUKKI, IDUKKI COLONY PO 2. THE AUTHORIZED OFFICER UNDER SERFAESI ACT, THE IDUKKI DISTRICT CO-OPERATIVE BANK H.O.IDUKKI, IDUKKI COLONY PO BY ADV. MR. P.C. SASIDHARAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2009, THE COURT ON 16/08/2009 DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 22374 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2009 JUDGMENT The petitioner had availed a housing loan from the respondent Bank in the year 2006, creating security interest over the property in question. But allegedly because of the marriage of the daughter coupled with the serious ailments of the mother, the petitioner could not clear the liability on time effecting the periodical installments, under which circumstance, the Bank proceeded with the steps under the SARFAESI Act, which is turn is sought to be intercepted in the present Writ Petition. 2. The learned counsel for the respondent Bank on instructions submits that, the default was committed by the petitioner even within a period of 6 months from the date of availing of the loan and absolutely no payment was being effected ever since 30.6.2007. The learned counsel further submits that, as on date a sum of Rs. 6.5 lakhs is due for clearing the entire loan transaction. 3. The learned counsel for the petitioner submits that, the default occurred on the part of the petitioner is only because of some unforeseen and unavoidable circumstance as aforesaid. It is further pointed out that, the petitioner has made alternative arrangements to raise the necessary funds to clear the entire defaulted arrears and to WP (C) No. 22374 of 2009 : 2 : have the loan account regularized and that he might be permitted to clear the loan account by way of regular monthly installments. 4. Considering the facts and circumstances, particularly taking note of the fact that the defaulted EMIs will come to nearly Rs.2 lakhs with further interest and cost, the petitioner is directed to deposit the amount towards the defaulted arrears by way of two equal monthly installments; the first of which shall be effected on before the 31st of this month and the balance shall be remitted on before the 30th of the next month; on which event, the loan account will stand regularized. This will be in addition to the liability of the petitioner to remit the regular EMIs as well. Subject to the above, the coercive proceedings stated as being pursued against the petitioner, shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the defaulted arrears as above or if any two consecutive defaults are made with regard to the regular EMIs, the respondent Bank will be at liberty to proceed with further steps, for realization of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd