IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 1ST FEBRUARY 2010 / 12TH MAGHA 1931 WP(C).No. 1920 of 2010(L) ------------------------- PETITIONER(S): --------------- JAMES ABRAHAM, AGED 40 YEARS, S/O. ABRAHAM, KOCHUMANGATTI MANNIL HOUSE, VAKAYAR P.O., KONNI, PATHANAMTHITTA. BY ADV. SRI.S.SHANAVAS KHAN RESPONDENT(S): --------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., PATHANAMTHITTA BRANCH, VILAVINAL RAJ TOWERS, COLLEGE ROAD, PATHANAMTHITTA. 2. THE AUTHORISED OFFICER, (REGIONAL MANAGER -IN-CHARGE), KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, STATE CO-OPERATIVE BANK BUILDING, THIRUVANANTHAPURAM. ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R2,3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 1920 of 2010 ------------------------------------- Dated, this the 1st day of February, 2010 J U D G M E N T The petitioner had availed a loan of Rs.10,00,000/- from the 1st respondent Bank creating security interest over the property in question. But the petitioner could not effect the repayment on time; under which circumstance, the Bank was constrained to proceed with further steps invoking the remedy under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the Bank submits on instructions that the course pursued by the Bank is perfectly in conformity with the statutory requirements and that the petitioner is a chronic defaulter in so far as a sum of Rs.5.65 lakhs is to be cleared towards the 'overdue' amount, because of the defaulted instalments. It is stated, if the petitioner clears the said liability forthwith, the Bank is very much ready to have the loan account regularized. The learned counsel for the petitioner submits that the petitioner is ready to clear the 'overdue' amount, and that some breathing time might be provided in this regard. 3. Considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs.1,00,000/- within two weeks and another WP(C) No.1920/2010 2 sum of Rs.2,00,000/- within two weeks thereafter. The balance 2.65 lakhs shall be within one month thereafter. On satisfying the 'overdue' amount as above, the loan account of the petitioner will stand regularized and the petitioner will bound to effect the regular EMIs without fail. Subject to the stipulation as above, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is also made clear that, if any default is committed by the petitioner in clearing the 'overdue' amount as above or if any two consecutive defaults are made in satisfying the regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, by pursuing such course from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc