IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 35744 of 2009(K)
1. PURUSHAN M.S, AGED 49 ,S/O.SANKARAN
... Petitioner
Vs
1. STATE BANK OF TRAVANCORE
... Respondent
For Petitioner :SRI.K.K.MOIDEEN
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :15/12/2009
O R D E R
C.K. ABDUL REHIM, J.
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W.P.(C)No. 35744 of 2009
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Dated this the 15th day of December, 2009
J U D G M E N T
1. Challenge in this writ petition is against
proceedings initiated under the provisions of the
Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (SARFAESI Act),
consequent to default committed by the petitioner in
repayment of a housing loan availed form the respondent
Bank. The loan in question was availed in the year 2003, to
the tune of Rs.1,50,000/-. The petitioner committed default
in payment of the monthly installments and recovery from
the petitioner’s salary is being continued as evidenced from
Ext.P2. Now coercive steps for taking over possession of
the secured asset is being persued on issuing Ext.P1 notice.
2. Eventhough various grounds are raised against
the proceedings, the petitioner confines his prayer to the
extent of permitting regularization of the loan account, by
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paying the defaulted amounts along with interest and
expenses if any liable. Learned standing counsel appearing
for respondent submitted that an amount of about
Rs.90,000/- is due towards defaulted arrears. Since the
loan account is in chronic default the respondent is not
favoring in permitting any extended period for wiping off
the liability.
3. Having considered facts and circumstances of the
case, I am of the opinion that the petitioner can be
permitted to regularize the account within a reasonable
time on payment of the defaulted amounts in installments.
4. Accordingly the petitioner is directed to make
payment of the entire amounts due pertaining to the
defaulted installments along with interest/penal interest and
expenses if any liable, in four (4) equal monthly installments
starting from 15.01.2010 and on or before the 15th day of
the succeeding months. If arrears in the loan account is
cleared payment as directed above, the respondent shall
permit the petitioner to continue payment of future
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installments in accordance with the original schedule of
repayment.
5. It is made clear that on the event of failure to pay
any of the installments as stipulated as above, the Bank will
be free to proceed with further steps pursuant to the
notices already issued, and on any such event the petitioner
will be precluded from raising any subsequent challenge
against such proceedings either before this court or before
any other forum.
C.K. ABDUL REHIM
JUDGE
shg/