K.M.Balakrishnan vs The South Indian Bank Ltd on 26 August, 2009

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 24540 of 2009(J)


1. K.M.BALAKRISHNAN, S/O.MADHAVAN,
                      ...  Petitioner

                        Vs



1. THE SOUTH INDIAN BANK LTD.,
                       ...       Respondent

2. SANIL KUMAR, ADVOCATE COMMISSIONER,

                For Petitioner  :SRI.P.V.BABY

                For Respondent  : No Appearance

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

 Dated :26/08/2009

 O R D E R
                 P.R. RAMACHANDRA MENON, J.
              ........................................................................
                  W.P.(C) No. 24540 OF 2009
             .........................................................................
                    Dated this the 26th August, 2009


                                 J U D G M E N T

The petitioner had availed a housing loan from the

respondent Bank in December, 2006, creating security interest

over the property in question. But repayment could not be

effected, as scheduled, under which circumstances, there was no

other alternative remedy for the respondent Bank, but to resort

to coercive steps, invoking the provisions under the SARFAESI

Act, leading to issuance of Exts.P2 and P3 notices, whereby the

petitioner has been let known that physical possession of the

property will be taken over by the Advocate Commissioner

appointed by the Chief Judicial Magistrate’s Court, Ernakulam on

29.08.2009.

2. Heard the learned Standing Counsel for the respondent

Bank as well, who submits, on instruction, that the petitioner was

never prompt in effecting repayments on time and that as on

date a sum of Rs.1,42,898/- is due towards the defaulted E.M.Is

itself.

W.P.(C) No. 24540 OF 2009

2

3. Considering the facts and circumstances, the petitioner

is directed to clear the entire defaulted E.M.Is by way of two

equal monthly installments, the first of which shall be paid on or

before the 15th of September, 2009 and the next one, on or

before the 15th of October, 2009. On satisfying the said

requirements, as above, the loan account of the petitioner shall

stand regularised. This will be in addition to the liability of the

petitioner to effect regular E.M.Is as well. It is also made clear

that if any default is committed by the petitioner in effecting the

repayments of the defaulted E.M.Is, as above or if two

consecutive defaults are committed in respect of the regular

E.M.Is, the respondent Bank will be at liberty to proceed against

the petitioner with further steps from the stage where it stands

now, for realisation of the entire amount in a lump sum.

The Writ Petition is disposed of as above.

P.R. RAMACHANDRA MENON,
JUDGE.

lk