IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE24H DAY OF FEBRUARY20145TH PHALGUNA, 1935 WP(C).No. 3396 of 2014 (Y) --------------------------- PETITIONER(S): -------------------------- FRANCIS. A.P., S/O. PETER, AGED50YEARS, ATHIPOZHIYIL HOUSE, AMC XII/174, KALAPURA, ARAKKUVAZHY P.O, ALAPPUZHA. BY ADV. SRI.MATHEW JAMES. RESPONDENT(S): ---------------------------- 1. REGIONAL MANAGER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BEACH ROAD, ALAPPUZHA.
2. BRANCH MANAGER, STATE BANK OF INDIA, ARTHINKAL BRANCH, CHERTHALA, ALAPPUZHA. BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE. ADV. SRI.THOMAS JAMES MUNDACKAL, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON2402-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. WP(C).No. 3396 of 2014 (Y) APPENDIX PETITIONER'S EXHIBITS:- EXHIBIT P1 TRUE COPY OF THE ACCOUNT STATEMENT FOR THE PERIOD FROM0101-2013 TO2701-2014 ISSUED BY THE2D RESPONDENT. EXHIBIT P2 TRUE COPY OF THE NEWS PAPER ADVERTISEMENT DATED3008-2013. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE rs. P.R. RAMACHANDRA MENON, J.
- - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.3396 of 2014 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 24th day of February, 2014
JUDGMENT
The petitioner availed a housing loan from the respondent Bank on the strength of security interest created over the property in question. Since, the timely repayment could not be effected, the Bank proceeded with steps under the SARFAESI Act, which in turn are under challenge in this writ petition.
2. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstance and that the petitioner is ready to clear the liability in respect of the loan availed, by way of reasonable installments.
3. The respondent Bank has filed a statement pointing out the facts and figures and also asserts that the steps pursued by the Bank are in tune with the relevant provisions of law and is not assailable under any circumstances. It is also stated that the total outstanding arrears in respect of defaulted instalments as on 21.02.2014 is Rs.1,03,972/- and unless the said amount is cleared the petitioner's claim for having the regularisation of the loan account is not liable to be granted.
4. The learned counsel for the petitioner submits that the W.P.(C)No.3396 of 2014 -2- petitioner does not intend to challenge the facts and figures as to the liability of the petitioner to satisfy the due amount. The prayer is only to enable the petitioner to satisfy the outstanding liability by way of reasonable installments.
5. In the above circumstances, the petitioner is permitted to clear the entire outstanding liability under the loan account so as to have the loan account regularised, by way of 'four' equal monthly installments, the first of it shall be effected on or before the 15th of March, 2014, to be followed by similar installments, to be effected on or before the 15th day of every succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being and the loan account will stand regularised. It is made clear that, if the petitioner commits any default in satisfying the instalments as above, it will be open for the Bank to proceed with further steps from the stage where it stands now. The writ petition is disposed of. Sd/- P.R. RAMACHANDRA MENON, JUDGE shg/