IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 14TH DECEMBER 2009 / 23RD AGRAHAYANA 1931 WP(C).No. 35538 of 2009(J) -------------------------- PETITIONER(S): --------------- MINI ZACHARIAH,AGED 40 YEARS, W/O. SAJI KUMAR, VALIYAVEETTIL HOUSE, THIRUMOOLAPURAM, THIRUVALLA. BY ADV. SRI.R.SANTHOSH BABU RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE REP BY ITS MANAGING DIRECTOR HEAD OFFICE, THIRUVANANTHAPRUAM. 2. MANAGER, STATE BANK OF TRAVANCORE, MANIPUZHA BRANCH, PODIYADI, THIRUVALLA. 3. AUTHORISED OFFICER, CHIEF MANAGER, REGION IV ZONAL OFFICE, STATE BANK OF TRAVANCORE, KOTTAYAM. BY ADV. SRI. SATHISH NINAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 35538 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 14th day of December, 2009 J U D G M E N T 1. Aggrieved by the coercive steps initiated under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) the petitioner is approaching this court. Loan in question was availed for purchase of a vehicle, and consequent to default committed the respondents have taken over possession of the vehicle, invoking provisions of SARFAESI Act. According to the petitioner her request for permitting installment facility was not acceded to by the respondents. Further it is contended that even after seizure of the vehicle the petitioner expressed her willingness to pay substantial amount, and requested for release of the vehicle, which was not considered. Hence the petitioner seeks indulgence of this court. W.P.(C)No. 35538 of 2009 -2- 2. Learned standing counsel for the respondents submitted that apart from the vehicle there is no other security of any immovable property or other assets. The net balance outstanding as on today will be around Rs.3 lakhs. However, it is submitted that if the petitioner approaches the Bank after making substantial payment, release of the vehicle can be considered. 3. Having considered facts and circumstances of the case and rival submissions made on the bar, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioner to pay off the arrears within a reasonable time, and also with respect to directing releasing of the vehicle on payment of substantial portion of the arrears. 4. In the result, the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.1,00,000/- (Rupees One lakh only) on or before 31.12.2009. The respondents shall release interim custody of the vehicle on payment of the above said amount keeping W.P.(C)No. 35538 of 2009 -3- sufficient security like entrustment of the original records of the vehicle in custody of the Bank. Regarding balance payment, the standing counsel insisted that the entire arrears should be cleared payment before 31st March, 2010. But the learned counsel for the petitioner expressed difficulties of the petitioner, who is a lady, in raising funds within a short period. Considering the situation, I am inclined to grant a further period of five (5) months for payment of the balance amount. Accordingly the petitioner shall make payment of the entire balance, after effecting payment of the above said sum of Rs.1,00,000/- in five (5) equal monthly installments to be paid on or before 31.01.2010 and on or before the last day of the succeeding months. 5. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the Bank will be free to proceed with further steps pursuant to the notices already issued, and on any such event the petitioner will be precluded from raising any subsequent challenge W.P.(C)No. 35538 of 2009 -4- against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/