Jayasree P.S. vs The State Bank Of Travancore on 25 August, 2009

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 24089 of 2009(E)


1. JAYASREE P.S., AGED 38 YEARS,
                      ...  Petitioner

                        Vs



1. THE STATE BANK OF TRAVANCORE,
                       ...       Respondent

                For Petitioner  :SRI.L.RAJ MOHAN

                For Respondent  : No Appearance

The Hon'ble MR. Justice P.R.RAMACHANDRA MENON

 Dated :25/08/2009

 O R D E R
                 P.R. RAMACHANDRA MENON 9J.
                     ~~~~~~~~~~~~~~~~~~~~~~~
                     W.P. (C) No. 24089 of 2009
                     ~~~~~~~~~~~~~~~~~~~~~~~
                Dated, this the 25th day of August, 2009

                              JUDGMENT

The petitioner along with her husband had availed a housing loan

of Rs. 2 lakhs from the respondent Bank creating security interest over

the property in question. But the petitioner turned to be a defaulter in

repaying the due amount, under which circumstance, there was no

other alternative for the Bank but to declare the account as ‘NPA’ and

to proceed with appropriate steps under the SARFAESI Act, which in

turn is sought to be intercepted in the present Writ Petition.

2. The learned counsel appearing for the Bank submits on

instructions that, when the recovery steps were taken by the Bank, the

petitioner had appeared before the Bank and had undertaken to remit a

sum of Rs. 1 lakh within two days, agreeing to clear the balance

amount by way of ‘three’ equal monthly installments, but it turned to be

a hollowpromise. Thereafter, the petitioner rushed to this Court by filing

the present Writ Petition. The learned counsel further submits that, a

sum of Rs. 53,511/- is due towards the defaulted EMIs, plus further

interest and cost.

3. After hearing both the sides, the petitioner is directed to pay a

sum of Rs. 60,000/- within one month, on which event, the loan account

of the petitioner shall stand regularized. This will be in addition to the

WP (C) No. 24089 of 2009
: 2 :

liability of the petitioner to effect the regular EMIs as well. It is made

clear that, if any default is committed by petitioner in remitting the

payment as above, or if any two consecutive defaults are made in

remitting the regular EMIs, the respondent Bank will be free to proceed

with further steps for realization of the entire amount in a lump sum,

from the stage where it stands now.

The Writ Petition is disposed of accordingly.

P. R. RAMACHANDRA MENON, JUDGE

kmd