IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 12TH AUGUST 2009 / 21ST SRAVANA 1931 WP(C).No. 19885 of 2009(E) ------------------------------------ CMP.6022/2008 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ------------------------ K. SUDHAKARAN, NETTARATHALA PUTHEN VEEDU, ATHIYANNUR, ARALUMMOODU P.O., THIRUVANANTHAPURAM DIST. BY ADVS. MR.G.SUDHEER SMT. M.JAYASREE RESPONDENT(S): ------------------------ STATE BANK OF TRAVANCORE, REPRESENTED BY ITS AUTHORIZED OFFICER, CHIEF MANAGER (ADVANCES) ZONAL OFFICE, SANTHI NAGAR, THIRUVANANTHAPURAM. BY MR.R.S.KALKURA , SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 12/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.19885/2009 APPENDIX PETITIONER'S EXHIBITS P1;- COPY OF THE ORDER NO.EBVS9/21/07 DTD. 5.7.07 ISSUED BY THE CHIEF ENGINEER KSEB. P2:- COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) DTD. 2.9.08 OF SARFASEI ACT ISSUED BY RESPONDENT. P3:- COPY OF THE JUDGMENT IN WPC. NO.124/09 DTD. 30.2.09 PASSED BY THIS HONOURABLE COURT. P4:- COPY OF THE PROCEEDINGS NO.EBVS 9/18/C/2008 DTD. 20.3.09 ISSEUD BY THE CHIEF ENGINEER, KSEB. P5:- COPY OF THE STATEMENT OF RECOVERY MADE OFR THE MONTH OF APRIL 2009 ISSUED BY KSEB. P6:- COPY OF THE CMP. 6022/08 FILED BY THE RESPONDENT AGAINST THE PETITIONER BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM DTD. 23.12.08. P7:- COPY OF THE ORDER DTD. 22.5.09 IN CMP. 6022/08 PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. P8:- COPY OF THE RECEIPTS DTD. 21.5.09 ISSUED BY THE RESPONDENT TO THE PETITIONER. TRUE COPY P.S. TO JUDGE tss P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 19885 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2009 JUDGMENT The petitioner had availed a housing loan from the respondent Bank, but the repayment could not be effected on time as scheduled, since the petitioner was temporarily out of service for a short while. Pursuant to the coercive steps taken by the respondent Bank, the petitioner approached this Court, when such steps were intercepted on condition that the petitioner deposited a sum of Rs. 3 lakhs within three weeks. 2. The learned counsel for the petitioner submits that, the petitioner deposited a sum of Rs. 4,20,000/- on 3.8.2009 and would clear the balance, if any, of the entire defaulted EMIs, so as to have the loan account regularized. 3. The learned counsel appearing for the respondent Bank submits on instructions that, a further sum of Rs. 75,000/- is required to be paid so as to declassify the account from the status of 'NPA' and to have the loan account regularized. In the said circumstances, there will be a direction to the petitioner to pay the said amount of Rs.75,000/- within one month, on which event the loan account shall 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 WP (C) No. 19885 of 2009 : 2 : 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 effecting the payment as above or if any two consecutive defaults are made with regard to the payment of regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in a lump sum by, pursuing the coercive steps from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd