IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 24159 of 2010(T)
1. M.M.MUJEEB RAHMAN, S/O.MOOSA,
... Petitioner
2. MRS.MUNEERA K.M., W/O.MUJEEB RAHMAN,
Vs
1. THE STANDARD CHARTERED BANK,
... Respondent
2. THE AUTHORIZED OFFICER,
For Petitioner :SRI.K.I.ABDUL RASHEED
For Respondent :SRI.PRADEESH CHACKO
The Hon'ble MR. Justice C.T.RAVIKUMAR
Dated :31/08/2010
O R D E R
C.T. RAVIKUMAR, J.
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W.P. (C) No. 24159 OF 2010
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Dated this the 31st day of August, 2010
J U D G M E N T
The petitioners who are man and wife, had availed
a loan for an amount of Rs.1,40,27,953/- offering their
property as a collateral security. The first E.M.I was payable
on 5.5.2009. Later, alleging continued delay in payment of
installments towards the said loan account the respondents
have issued Exts.P4 and P5 notices to the petitioners. It is
challenging Exts. P4 and P5 that this writ petition has been
filed.
2. On 3.8.2010 when this matter came up for admission,
this court passed an interim order as follows:
“Urgent notice on admission to the respondents by speed
post returnable within 10 days.
‘Status quo’ shall be maintained for a period of one
month on condition that, the petitioner deposits a sum of
Rs. 3 lakhs (Rupees three lakhs only) on or before
20.8.2010, besides effecting the regular EMI in respect of
August 2010, on 5.8.2010. It is made clear that no
petition for enlargement of time will be entertained under
any circumstances.”
The learned counsel for the respondents submitted that at
present amount in arrear towards the said loan account is
WPC.24159/2010
: 2 :
Rs.5,22,721.99/-. If the petitioners pay off the entire arrears
and undertake to effect the E.M.I in terms of the agreement,
the loan can be regularized, it is further submitted. Learned
counsel for the petitioners submits that the petitioners are
prepared to pay an amount of Rs.2,00,000/-(two lakhs only) on
or before 6.9.2010 and they would pay off the entire arrears
towards the loan account on or before 23.9.2010. It is also
submitted that the petitioner would remit E.M.I as originally
scheduled. The learned counsel for the respondents submits
that in case, the petitioners comply with the said undertaking,
the loan account would be regularized.
3. In this circumstances, this writ petition is disposed of
with the following terms:-
Exts.P4 and P5 are set aside on condition that the
petitioners deposit an amount of Rs.2,00,000/- towards the
arrears outstanding in the loan account on or before 6.9.2010
and the balance amount of arrears on or before 23.9.2010.
The petitioners shall also effect payment of the regular E.M.I
as originally scheduled under the agreement. In case the
petitioners effects the payment as directed above the
WPC.24159/2010
: 3 :
respondents shall regularize their loan account. In case of
failure on the part of the petitioners in remitting the
installments as agreed and directed above it will be open to
the respondents to take further action in accordance with law.
Sd/-
(C.T. RAVIKUMAR, JUDGE)
jma
//true copy//
P.A to Judge