IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 21ST JANUARY 2010 / 1ST MAGHA 1931 WP(C).No. 37015 of 2009(V) -------------------------- PETITIONER: --------------- SASIKALA NAIR, AGED 40 YEARS, W/O.LATE RADHAKRISHNAN NAIR, KANNOTHUPARAMBIL HOUSE, GIRINAGAR ENCLAVE, KADAVANTHARA P.O., KOCHI-20. BY ADV. SRI.N.K.MOHANLAL RESPONDENT: --------------- AUTHORISED OFFICER, P N B HOUSING FINANCE LIMITED, IST FLOOR, NADUMACHALIL CHAMBERS, MULLASSERY CANAL ROAD, KOCHI-11. BY ADV. SRI.SANTHOSH G. PRABHU SRI.P.P.SUDHEER THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 37015 OF 2009 ......................................................................... Dated this the 21st January, 2010 J U D G M E N T The petitioner has approached this Court challenging the action taken by the respondent invoking the machinery under the SARFAESI Act, raising many a ground, factual as well as legal. 2. The learned Counsel for the respondent Bank, on instruction, submits that the petitioner was a defaulter right from the beginning and that the installments were overdue from October, 2008, which comes to nearly Rs.1.5 lakhs plus interest and cost. It is brought to the notice of this Court that a total sum of about Rs.15 lakhs is necessary to wipe out the entire liability under the loan transaction. It is also stated that the condition imposed by this Court while granting the interim order intercepting the coercive proceedings on 21.12.2009 is yet to be complied with. 3. The learned Counsel for the petitioner submits that the W.P.(C) No. 37015 OF 2009 2 petitioner has already filed an I.A. seeking for extension of time to remit the balance amount in compliance with the condition imposed as per the interim order dated 21.12.2009 . It is also submitted that the petitioner has made alternate arrangements to clear the entire overdue amount within no time and that the loan account of the petitioner, particularly being a Housing Loan may be permitted to be regularised. 4. After hearing both the sides, the petitioner is directed to clear the entire overdue amount by way of three equal monthly installments , the first of which shall be effected on or before 31st of this month, to be followed by similar installments to be effected on or before the 28th of the succeeding months. This will be over and above the liability of the petitioner to clear the regular monthly installments as well. Subject to the above, all further proceedings pursuant to Ext. P3 shall be kept in abeyance. It is made clear that if any default is committed in clearing the overdues as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondents will be at liberty to proceed against the W.P.(C) No. 37015 OF 2009 3 petitioner for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk