IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 16TH DECEMBER 2008 / 25TH AGRAHAYANA 1930 WP(C).No. 36942 of 2008(W) -------------------------- PETITIONER(S): --------------- BIJU, BIJU BHAVANAM, PATTOOR.P.O, PADANILAM. BY ADV. SRI.P.SREEKUMAR SRI.K.S.MANU (PUNUKKONNOOR) RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER AND CHIEF MANAGER STATE BANK OF TRAVANCORE, PANDALAM BRANCH, PATHANAMTHITTA DISTRICT. 2. STATE BANK OF TRAVANCORE REPRESENTED BY ITS CHIEF MANAGER,PANDALAM BRANCH. BY ADV.SRI.SATHISH NINAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.36942 OF 2008 ------------------------------------------- Dated this the 16th day of December, 2008 JUDGMENT Heard. Petitioner availed a housing loan and defaulted repayment. The transaction was classified as an NPA. This has led to further proceedings under the SARFAESI Act. The only submission made is a request that the petitioner may be permitted to have an opportunity for regularising the transaction by repaying the accrued outstandings, outstanding EMIs and add ons in a phased manner. Taking that into consideration and repelling all other contentions, it is directed that if the entire outstandings, including the SARFAESI proceedings charges and other incidentals, is paid by the petitioner in four equal monthly instalments, the first of which is payable on or before 10th of January, 2009 and the remaining instalments payable on or before the last working day of every month commencing from January, 2009 and continues to pay the EMIs due from January, 2009, the bank will keep further proceedings under suspension WPC.36942/08 Page numbers and regularise the transaction, so that the petitioner can enjoy the benefit of the housing loan. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and distress action will follow. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.