IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 2163 of 2010(U)
1. S.JAYA , W/O.ASOKAN,
... Petitioner
Vs
1. FEDERAL BANK LTD
... Respondent
2. BRANCH MANAGER
For Petitioner :SRI.S.MOHAMMED AL RAFI
For Respondent :SRI.GEORGE VARGHESE (MANACHIRACKEL)
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :22/02/2010
O R D E R
P.R. RAMACHANDRA MENON, J.
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WP(C) No. 2163 of 2010
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Dated, this the 22nd day of January, 2010
J U D G M E N T
The petitioner is before this Court challenging the recovery
proceedings pursued by the respondents under the SARFAESI Act.
2. The learned counsel appearing for the respondent Bank
submits that two loans were availed by the petitioner, one, a ‘housing loan’
and the other ‘IPS loan’ (Instalment Payment Scheme). It is brought to the
notice of this Court that a total sum of Rs.2.1 lakhs is due in respect of the
defaulted instalments under the ‘Housing Loan’ and unless the petitioner
satisfies the entire ‘overdue’ amount, the question of regularization of the
‘Housing Loan’ is not liable to be entertained. The learned counsel also
submits that no such course is open in respect of the other loan, by virtue
of the very nature of the loan transaction and that a sum of nearly Rs.3.3
lakhs is due to wipe off the entire liability under the said loan.
2. The learned counsel for the petitioner submits that the
petitioner is ready and willing to clear the entire ‘overdue’ amount in
respect of the ‘housing loan’ and that the loan account might be ordered to
be regularized. With regard to the second loan, the learned counsel seeks
for some breathing time by way of reasonable instalments.
WP(C) No.2163/2010
2
3. After hearing both the sides, the petitioner is directed to clear the
entire ‘overdue’ amount under ‘housing loan’ by way of `two’ equal monthly
instalments, the first of which shall be effected on or before the 10th of March,
2010 and the other one on or before the 10th of April, 2010; on which event,
the ‘housing loan’ account shall stand regularized. This will be in addition to
the liability to the petitioner to clear the regular EMIs as well.
4. With regard to the IPS loan, the petitioner is permitted to wipe off
the entire liability by way of `six’ equal monthly instalments, the first of which
shall be effected on or before the 30th of March, 2010, to be followed by
similar instalments to be effected on or before the 30th of the succeeding
months.
5. It is made clear that if any default is committed by the petitioner
in satisfying the liability as above, the benefit of this judgment will stand
automatically withdrawn and the respondents will be at liberty to proceed with
further steps, in accordance with law. It is also recorded that the petitioner
does not intend to raise any challenge against the cause of action impugned
in this Writ Petition by availing the alternate remedy, in view of the nature of
relief sought for and obtained from this Court.
The Writ Petition is disposed of accordingly.
P. R. RAMACHANDRA MENON
JUDGE
dnc