IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 15002 of 2010(A)
1. JAYASREE W/O. LATE SASIDHARAN,
... Petitioner
Vs
1. THE GENERAL MANAGER, THE FEDERAL
... Respondent
2. THE BRANCH MANAGER, THE FEDERAL
3. THE FEDERAL BANK LTD.,
For Petitioner :SRI.R.SUNIL KUMAR
For Respondent :SRI.MOHAN JACOB GEORGE
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :06/07/2010
O R D E R
P.R.RAMACHANDRA MENON, J
--------------------------------------------
WP(C) NO. 15002 OF 2010
--------------------------------------------
Dated this the 6th day of July, 2010
JUDGMENT
The petitioner availed a housing loan from the respondent Bank
creating security interest over the property in question. But the repayment
could not be effected on time, under which circumstance, the Bank
declared the account as ‘NPA’ and proceeded with steps under the
SARFAESI Act; which is under challenge in this Writ Petition.
2. The learned counsel for the Bank submits on instructions that,
the loan was availed in the year 1997 was for a total period of 10 years,
the tenure of which is already over. It is also stated that, if the entire
outstanding liability, limiting the same to Rs.2,15,923/- as shown in Ext.P1
notice dated 10.04.2010 is paid by the petitioner without delay, full
satisfaction of the loan will be recorded and the matter could be closed
accordingly.
3. The learned counsel for the petitioner submits that, the
petitioner is ready and willing to avail the said benefit by effecting the
payment, for which some breathing time is sought, by way of ‘two’ equal
monthly instalments.
4. Considering the facts and circumstances, the petitioner is
directed to remit the sum of Rs.2,15,923/- by way of ‘two’ equal monthly
2
WP(C) No. 15002/2010
instalments; the first of which shall be effected on or before the 30th of this
month and the next one to be effected on or before the 30th of the next
month. Subject to this, the recovery proceedings shall be kept in
abeyance for the time being. It is made clear that, if any default is
committed by the petitioner in satisfying the liability as above, the
respondents will be at liberty to proceed with further steps for realisation of
the entire amount in a lump sum.
The Writ Petition is disposed of accordingly.
P.R.RAMACHANDRA MENON
JUDGE
dnc