IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 4661 of 2009(E)
1. SANTHOSH KUMAR M.R., AGED 33 YEARS,
... Petitioner
2. SARITHA C.S., AGED 24 YEARS,
Vs
1. THE MANAGER,
... Respondent
2. THE AUTHORISED OFFICER,
For Petitioner :SRI.THIRUMALA P.K.MANI
For Respondent :SRI.K.S.DILIP, SC, SBT
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :12/02/2009
O R D E R
THOTTATHIL B.RADHAKRISHNAN, J.
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W.P(C).No.4661 OF 2009
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Dated this the 12th day of February, 2009
JUDGMENT
The petitioners availed a housing loan on 6.5.2005 with a
repayment period of 20 years. The EMI was Rs.4,342/-.
Repayment was not properly made. This led to the transaction
turning out to be sticky and it was accordingly classified as NPA.
Proceedings were initiated under the SARFAESI Act. Section 13
(2) notice was issued in July 2008. Petitioners state that they
live in the building constructed utilising the loan and that they
take care of their child and aged parents. These are normal
situations in any home. The petitioners also state that they had
to avail amounts on private loans to complete the building and
the second petitioner was unemployed while the first petitioner
works as a Make-up man. Whatever be the present situation of
the petitioners as stated above, all that they can aspire is to
request the bank to regularise the transaction which has already
been classified as NPA and seek for instalment facility to pay off
the defaulted amounts.
WPC.4661/09
Page numbers
The bank states that the total defaulted amounts plus
accruals thereon would be around Rs.2,50,000/-. It is
accordingly directed that distress action will stand suspended if
the petitioners pay an amount of Rs.1,00,000/- on or before
5.3.2009 and the remaining Rs.1,50,000/- by the end of the
current financial year itself. If such amounts are remitted,
distress action will be dropped and the bank will permit the
petitioners to continue to enjoy the facility. No other questions
raised. The writ petition is ordered accordingly.
Sd/-
THOTTATHIL B.RADHAKRISHNAN,
Judge.
kkb.13/2.