IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 28308 of 2009(G)
1. N. NANDAKUMARAN NAIR,
... Petitioner
Vs
1. THE FEDERAL BANK LTD., REGIONAL OFFICE,
... Respondent
2. S. SREEKUMARI, AGED 40,
For Petitioner :SRI.R.T.PRADEEP
For Respondent :SRI.GEORGE VARGHESE (MANACHIRACKEL)
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :27/01/2010
O R D E R
P.R. RAMACHANDRA MENON, J.
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WP(C) No. 28308 of 2009
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Dated, this the 27th day of January, 2010
J U D G M E N T
The petitioner is before this Court challenging the action pursued
by the Bank invoking the machinery under the SARFAESI Act, for
realisation of the amounts stated as due under a housing loan.
2. The coercive proceedings were intercepted by this Court,
subject to the condition that the petitioner satisfied a portion of the ‘over
due’ amount. The learned counsel for the petitioner submits that the
condition imposed by this Court while granting the interim order has
already been complied.
3. The learned counsel appearing for the respondent Bank
submits on instructions that a further sum of Rs.65,000/- is still due
towards the ‘overdue’ amount in respect of the defaulted account and if
it is also cleared, the loan account of the petitioner can be regularized,
being a ‘housing loan’.
4. In the above facts and circumstances, the petitioner is
directed to pay a sum of Rs.65,000/- by ‘two’ equal monthly instalments,
the first of which shall be effected on or before the 20th of February,
2010 and the next one on or before the 20th of March, 2010; subject to
WP(C) No.28308/2009
2
which, the loan account will stand regualrised. This will be in addition to
the liability of the petitioner to clear the regular EMIs as well. It is made
clear that, if any default is made by the petitioner in clearing the overdue
amount as above or commits two consecutive defaults in remitting the
regular EMIs, the respondent Bank will be at liberty to proceed with further
steps for realisation of the entire amount in a lump sum, by pursuing such
steps, from the stage where it stands now.
The Writ Petition is disposed of accordingly.
P. R. RAMACHANDRA MENON
JUDGE
dnc