IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 3741 of 2009(U)
1. C.A.NASSAR, AGED 42 YEARS,
... Petitioner
Vs
1. THE STATE BANK OF TRAVANCORE,
... Respondent
2. THE CHIEF MANAGER (ADVANCES),
For Petitioner :SRI.S.SHANAVAS KHAN
For Respondent :SRI.K.S.DILIP
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :12/02/2009
O R D E R
THOTTATHIL B RADHAKRISHNAN, J
...........................................
WP(C).NO. 3741 OF 2009
............................................
DATED THIS THE 12 TH DAY OF FEBRUARY, 2009
JUDGMENT
The petitioner availed a housing loan. On default in repayment,
SARFAESI Act proceedings were initiated. Going by the term of the
loan and its purpose, the loan could be considered for regularisation,
provided the outstanding defaulted EMIs and accruals thereon and
add ons in the nature of securitization charges etc, are paid off to the
satisfaction of the bank.
2. Learned counsel for the bank states that as if now the
remaining outstandings, after giving credit to all remittances
including the payment on the basis of interim order, would be around
Rs.2,46,000/-. Now it is for the petitioner to appear before the first
respondent and make payments of such amount as may be decided
upon by the first respondent, so that the account could be regularised
in the current financial year itself, if the petitioner desires to enjoy the
facility. The impugned distress action will stand suspended for a
period of two weeks to enable the petitioner to discuss with the first
respondent and fix the amounts payable and thereafter the distress
action will stand deferred to facilitate payment of the remaining
amounts within the time frame as may be fixed by first respondent.
WP(C) 3741/2009 2
Petitioner will appear before the first respondent on 25th February,
2009.
THOTTATHIL B RADHAKRISHNAN,
JUDGE
lgk/16/2