IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 19TH MAY 2010 / 29TH VAISAKHA 1932 WP(C).No. 14217 of 2010(B) -------------------------- CMP.17132/2009 of C.J.M.,KOLLAM .................... PETITIONER: --------------- VIJAYAKUMARAN PILLAI,.V.J., SURABHI, VETTIKAVALA P.O.,KOTTARAKARA,KOLLAM. BY ADV. MR. PREMCHAND R.NAIR MR. TOJAN J. VATHIKULAM MR. V.P.PRASANTH RESPONDENT: --------------- AUTHORISED OFFICER,HDFC LTD, HDFC HOUSE,VAZHUTHACADU,THIRUVNANTHAPURAM-10. BY ADV. MR. K.K. CHANDRAN PILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 14217 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 19th day of May, 2010 JUDGMENT Petitioner had availed two different loans creating security interest over the property in question. However the amount could not be repaid in time, which made the Bank to proceed with further steps invoking the machinery under the SARFAESI Act and in turn petitioner had approached this Court challenging the same. 2. The learned counsel for the petitioner submits that the default was never wilful and that the arrangements to have the due amount deducted from the salary could not be effected properly because of decrease in the net pay due to many a reason. 3. The learned counsel appearing for the Bank submits on instructions that under the two loans a total sum of about Rs. 13 lakhs is due (in respect of 14 installments of first loan transaction and 34 installments under the second loan transaction). 4. Considering the facts and circumstances, this Court finds that one more opportunity can be given to the petitioner to prove his bonafides. Accordingly, the petitioner is directed to clear the entire 'over due' amount by way of 'two' equal monthly installments; the first of which shall be effected on or before the 20th of June, 2010 and the second one shall be effected on or before the 20th of July, 2010. W.P. (C) No. 14217 of 2010 : 2 : Subject to this, the loan accounts of the petitioner shall stand regularized. It is made clear that petitioner shall continue to effect the regular EMIs either in the form of salary deduction or otherwise, without fail. It is also made clear that, if any default is committed by the petitioner in effecting any of the installments towards the 'overdue' amounts or if any two consecutive default in respect of the regular EMIs is made, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd