IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 15TH JULY 2009 / 24TH ASHADHA 1931 WP(C).No. 14887 of 2009(E) -------------------------- PETITIONER: --------------- S.VASUDEVAN PILLAI, AGED 50 YEARS, S/O.SIVARAMAN PILLAI,SHANTHI BHAVAN, CHEPPOD,VELLANADU VILLAGE, KUTHIRAKULAM P.O.,NEDUMANGADU,TRIVANDRUM. BY ADV. SRI.S.B.JAYACHANDRAN SRI.P.M.JOSEPH RESPONDENTS: --------------- 1. GENERAL MANAGER, TRIVANDRUM DISTRICT CO-OPERATIVE BANK HEAD OFFICE,DISTRICT CO-OPERATIVE BANK BUILDING, EAST FORT,TRIVANDRUM. 2. AUTHORISED OFFICER, TRIVANDRUM DISTRICT CO-OPERATIVE BANK HEAD OFFICE, DISTRICT CO-OPERATIVE BANK BUILDING, EAST FORT,TRIVANDRUM. 3. MANAGER,TRIVANDRUM DISTRICT CO-OPERATIVE BANK,DISTRICT CO-OPERATIVE BANK, VELLANADU BRANCH,TRIVANDRUM. BY ADV. MR. K.G. RADHAKRISHNAN, SC. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 14887 of 2009(E) APPENDIX PETITIIONER'S EXHIBITS: EXT.P1 : PHOTOCOPY OF NOTICE UNDER RULE 2A OF THE AUTHORISED OFFICER UNDER SECURITISATION OF RECONSTRUCTION OF FINANCIAL ASSETS AND ENFOREMENT OF SECURITY INREREST ACT 2002 FOR TDCB. EXT.P2 : PHOTOCOPY OF MAHASAR PREPARED BY AUTHORISED OFOFICER SRI KARUNAKARAN NAIR UNDER SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 FOR TDCB. EXT.P3 : AUCTION NOTICE BY TRIVANDRUM DISTRICT CO-OPERATIVE BANK UNDER SECURITISATION ACT IN HINDU DAILY DATED 05.05.2009. EXT.P4 : AGREEMENT FOR PRIVATE SALE EXECUTED BY THE PETITIONER AND RICHARDSON PRADEEPAM DATED 02.04.2009. /TRUE COPY/ P.S. TO JUDGE. P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 14887 OF 2009 ......................................................................... Dated this the 15th July, 2009 J U D G M E N T The petitioner has approached this Court challenging the steps taken by the respondent Bank invoking the provisions under the SARFAESI Act by proceeding against the property in question, which was offered as security creating equitable mortgage over the same in connection with the loan transaction. 2. The learned Counsel for the petitioner submits that the default occurred on the part of the petitioner was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances. The learned Counsel further submits that the petitioner is ready and willing to clear the entire liability provided some breathing time is given in this regard. It is also brought to the notice of this Court that the petitioner has already complied with the direction given by this Court on 02.06.2009, while granting the interim order. W.P.(C) No. 14887 OF 2009 2 3. Heard the learned Counsel for the respondent Bank as well. 4. Considering the facts and circumstances, the petitioner is permitted to clear the balance amount under the loan transaction, which is stated as about 2.4 lakhs with further interest and cost from June, 2009 onwards, by way of six equal monthly installments, the first of which shall be paid on or before the 30th August, 2009, to be followed by similar installments commencing from the 30th of the succeeding months. It is made clear that if any default is committed by the petitioner in clearing the liability as above, the respondent will be at liberty to proceed with further steps from the stage where it stands now, for realisation of the amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk