IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 5324 of 2010(M)
1. REMA.E,W/O.GOPINATHA KURUP.V,
... Petitioner
2. GOPINATHA KURUP.V,S/O.GOPALANKUTTY NAIR,
Vs
1. BANK OF INDIA,ZONAL OFFICE,KERALA ZONE,
... Respondent
2. BANK OF INDIA, 8/103,SILK STREET,
3. THE CHIEF MANAGER & AUTHORISED OFFICER,
For Petitioner :SRI.SAJAN VARGHEESE K.
For Respondent :SRI.DEVAN RAMACHANDRAN
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :10/03/2010
O R D E R
P.R. RAMACHANDRA MENON, J.
..............................................................................
W.P.(C) No. 5324 OF 2010
.........................................................................
Dated this the 10th March, 2010
J U D G M E N T
The petitioners are wife and husband respectively, who
had availed a housing loan from the respondent Bank, creating
security interest over the property in question. It is the
admitted case of the petitioners that because of some
unforeseen circumstances, the petitioners could not satisfy the
due amount, under which circumstance, the respondent Bank
proceeded with coercive steps against the petitioners invoking
the machinery under the SARFAESI Act, declaring the account of
the petitioners as ‘NPA’ followed by consequential steps , which in
turn forms the subject matter of challenge.
2. The learned Counsel for the respondent Bank on
instruction submits that as on 28.02.2010, a total sum of Rs.
13 lakhs is due so as to clear the entire amount towards loan
transaction by the petitioners.
3. However taking note of the specific circumstances that it
W.P.(C) No. 5324 OF 2010
2
was a housing loan which stands unrebutted and also the
persuasive submission made by the learned Counsel for the
petitioners, assuring that one more opportunity might be given to
the petitioners to clear the overdue amount to have the loan
account regularised, also assuring that the petitioners would
ensure that future E.M.Is would be satisfied without fail, this
Court finds it fit and proper that one more opportunity can be
granted to the petitioners. Accordingly, the housing loan
availed by the petitioners shall stand regularised and all
coercive proceedings shall stand stayed on condition that the
petitioners clear the entire overdue amount by way of two equal
monthly installments, the first of which shall be paid on or before
30.03.2010 and the next one on or before 30.04.2010. This
will be in addition to the liability of the petitioners to effect the
regular E.M.Is as originally stipulated, besides clearing the
arrears as above. It is further made clear that if the petitioners
commit any default in remitting the arrears or in the event of
committing two consecutive defaults in respect of the regular
E.M.Is payable, the respondent Bank will be at liberty to proceed
W.P.(C) No. 5324 OF 2010
3
against the petitioners and their assets for realisation of the
entire outstanding liability in a lump sum, pursuing the coercive
steps, from the stage where it stands now.
The Writ Petition is disposed of as above.
P.R. RAMACHANDRA MENON,
JUDGE.
lk