Posted On by &filed under High Court, Kerala High Court.


Kerala High Court
Sri.N.Chandran vs The Secretary on 2 July, 2010
       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 16871 of 2010(H)


1. SRI.N.CHANDRAN, TC.20/1624,
                      ...  Petitioner
2. SMT.USHAKUMARI, TC.20/1624,

                        Vs



1. THE SECRETARY, THE ANANTHASAYANAM
                       ...       Respondent

2. SMT.L.SUBBALEKSHMI,

                For Petitioner  :SRI.P.RAVEENDRAN PILLAI

                For Respondent  :SRI.R.S.MOHANAN NAIR

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

 Dated :02/07/2010

 O R D E R
                   P.R. RAMACHANDRA MENON J.
                      ~~~~~~~~~~~~~~~~~~~~~~~
                      W.P. (C) No. 16871 of 2010
                      ~~~~~~~~~~~~~~~~~~~~~~~
                  Dated, this the 2nd day of July, 2010

                               JUDGMENT

The petitioner is challenging the steps taken by the respondent

Bank, invoking the remedy under the SARFAESI Act, for realization the

amount stated as due under a loan transaction.

2. When the matter came up for consideration before this Court

on 1.6.2010, the petitioner was directed to satisfy a sum of Rs.50,000/-,

which is stated as complied with.

3. The learned counsel for the Bank submits, on instructions, that

unless and until the entire ‘overdue’ amount is cleared in respect of the

defaulted EMIs, the prayer of the petitioner to have the loan account

regularized is not liable to be entertained.

4. In the above circumstances, particularly taking note of the fact

that the loan facility extended by the Bank is under ‘housing sector’, this

Court finds it fit and proper to permit the petitioner to have the loan

account regularized, once the entire ‘overdue’ amount is satisfied.

Accordingly, the petitioner is directed to clear the balance ‘overdue’

amount by way ‘two’ equal monthly installments; the first of which shall

be effected on or before the 30th of this month; to be followed by the

second installment to be effected on or before the 30th of August, 2010;

W.P. (C) No. 16871 of 2010
: 2 :

on which event, the loan account will stand regularized. This will be in

addition to the liability of the petitioner to remit the regular EMIs as well.

Subject to this, the coercive proceedings stated as being pursued

against the petitioner shall be kept in abeyance, for the time being. It is

made clear that, if the petitioner commits any default in clearing the

‘overdue’ amount as above, or if any two consecutive defaults are

made with regard to the regular EMIs, the respondents will be at liberty

to proceed with further steps for realization of the entire amount in lump

sum.

The Writ Petition is disposed of.

P. R. RAMACHANDRA MENON, JUDGE

kmd


Leave a Reply

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

8 queries in 0.144 seconds.