IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 5371 of 2009(N)
1. VIJAYARAJ V.M., A.P.XII/19,
... Petitioner
Vs
1. HOUSING DEVELOPMENT FINANCE
... Respondent
For Petitioner :SRI.R.V.SREEJITH
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :04/03/2009
O R D E R
THOTTATHIL B RADHAKRISHNAN, J
...........................................
WP(C).NO. 5371 OF 2009
............................................
DATED THIS THE 4TH DAY OF MARCH, 2009
JUDGMENT
The petitioner availed a housing loan from the respondent.
On default in repayment, SARFAESI Act proceedings were
initiated. The petitioner has since been dispossessed also,
following the orders of the Chief Judicial Magistrate. On
24.2.2009, the creditor respondent was required to state whether
the transaction could be regularised. Today, it is pointed out that
after availing the loan in August 2006, no payments were made
after November, 2006 and repeatedly even instalment cheques
were dishonoured. Later, offering to regularise the transaction,
the petitioner issued a cheque for Rs.70,000/-. That was also
dishonoured. The respondent is, therefore, not inclined to
regularise the transaction. I am sure that respondent cannot be
compelled by this court to regularise the transaction. Under such
circumstances, it is ordered that if the entire amounts are paid off
in five equal monthly instalments payable on or before 28th of
every month, commencing from April 2009, after making an
WP(C) 5371/2009 2
initial deposit of Rs.1,50,000/- on or before 28.3.2009, further
distress action including sale will be deferred and dropped. If
there is default in remitting any of the instalments as aforesaid,
the benefit of this judgment will stand recalled automatically and
respondents will be at liberty to proceed with further action.
THOTTATHIL B RADHAKRISHNAN,
JUDGE
lgk/5/3