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