V.Bhaskaran vs The Chief Manager on 2 February, 2009

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 38140 of 2008(M)


1. V.BHASKARAN , AGED 59 YEARS
                      ...  Petitioner

                        Vs



1. THE CHIEF MANAGER,
                       ...       Respondent

2. THE MANAGER,

                For Petitioner  :SRI.BIMAL K.NATH

                For Respondent  :SRI.M.PATHROSE MATTHAI (SR.)

The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN

 Dated :02/02/2009

 O R D E R
           THOTTATHIL B.RADHAKRISHNAN, J.
                  -------------------------------------------
                   W.P(C).No.38140 OF 2008
                  -------------------------------------------
            Dated this the 2nd day of February, 2009


                              JUDGMENT

1. The petitioner availed a housing loan with a repayment

period of 10 years and with E.M.I. fixed at Rs.3,000/-.

Repayment was to start in February, 2004. That means, by

now, five years have gone through. If the petitioner was

regular in repayment, he would have remitted an amount of

Rs.1,80,000/- by now. However, he has remitted only an

amount of Rs.50,000/-, leaving thus a balance of Rs.1,30,000/-

even without adding on any interest, penalty etc. on the

defaulted EMIs. The petitioner states that the third

respondent, his wife, was sick due to Rheumatoid Arthritis and

marriage of their daughter was also solemnised. The

petitioner gives up his rights to challenge the proceedings

before the Debts Recovery Tribunal and confines the

submission to a request that he may be given an opportunity to

regularise the transaction.

W.P(C).38140/08

Page numbers

2. Having considered the total amount that may be due by now

and the fact that securitisation proceedings have been initiated

up to the stage of Section 14 of the SARFAESI Act, it is

directed that if the petitioner deposits an amount of

Rs.75,000/- on or before the last working day of February,

2009 and an amount of Rs.70,000/- on or before the last

working day of March, 2009 and continues to remit the

equated monthly instalments from March, 2009, the bank will

consider regularising the transaction. It is clarified that on

deposits as aforesaid, the impugned proceedings will remain

suspended and will not be dropped so that the bank can

proceed if the petitioner defaults payment of any of the

instalments as aforesaid or repayment of EMIs on

regularisation. The writ petition is ordered accordingly.

Sd/-

THOTTATHIL B.RADHAKRISHNAN,
Judge.

kkb.