KRISHNAMOORTHY Vs. KERALA STATE CO-OPERATIVE BANK, KOCHI

JUDGEMENT

(1.) Heard the learned counsel for the petitioner and the learned standing counsel for the respondent.

(2.) Petitioner availed of a housing loan of Rs.10 lakhs from the respondent bank. Default was committed and now, SARFAESI proceedings are initiated by the bank. It is at that stage, this writ petition is filed and the prayer made is for regularisation of the loan account.

(3.) From the submissions made by the counsel for the bank, as at present, Rs.1,23,100/- is due towards defaulted dues itself. Regularisation can be ordered only if the defaulted dues are cleared. Therefore, I direct the petitioner to pay off the defaulted dues mentioned above in two equal instalments, payable on 27.3.2013 and 27.4.2013. Along with these instalments, current EMI shall also be paid.