IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 17TH JUNE 2009 / 27TH JYAISHTA 1931 WP(C).No. 16539 of 2009(J) -------------------------- PETITIONER: --------------- RAMACHANDRAN, A.N. S/O. NARAYANAN NAIR, ATHIPILLIL HOUSE, KOTHAMANGALAM, PIN 689 961. BY ADV. SRI.AYPE JOSEPH RESPONDENT: --------------- THE AUTHORISED OFFICER & DY. REGL. MANAGER, THE BANK OF BARODA, HIGH RANGE JN. KOTHAMANGALAM -91. BY ADV. MR. DEVAN RAMACHANDRAN, SC, BANK OF BARODA. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 16539 OF 2009 ......................................................................... Dated this the 17th June, 2009 J U D G M E N T The petitioner had availed a housing loan from the respondent-Bank which however could not be repaid by him in tune with the specified installments as agreed. The default from the part of the petitioner made the respondent to pursue further steps invoking the relevant provisions under the SARFAESI Act , which in turn has been sought to be intercepted by this Court in the present Writ Petition. 2. The learned counsel appearing on behalf of the respondent Bank, on instruction, submits that quite a number of installments have been defaulted by the petitioner and that unless and until the entire defaulted E.M.Is are cleared out, with interest as on date, there cannot be any question of regularization of the housing loan. 3. The learned counsel appearing for the petitioner submits W.P.(C) No. 16539 OF 2009 2 that the entire defaulted arrears will be cleared by the petitioner immediately and that the benefit of regularisation of the loan account may be granted, dispensing with the coercive steps under the SARFAESI Act. 4. After hearing both the sides, this Court finds it fit and proper to have the matter disposed of, permitting the petitioner to have the benefit of regularization on condition that the entire arrears towards the defaulted E.M.Is is remitted within a period of two months from today, by way of two equal installments, the first of which shall be remitted on or before the 15th of July, 2009 and the second one shall be remitted on or before the 15th of August, 2009. It is also made clear that the petitioner shall continue to effect the regular E.M.Is as originally stipulated, besides clearing the arrears as above. The loan will stand regularised accordingly and all coercive proceedings shall be kept in abeyance. It is further made clear that if the petitioner commits any default in remitting the arrears or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed W.P.(C) No. 16539 OF 2009 3 against the petitioner and his assets for realisation of the entire outstanding liability in a lump sum, pursuing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk