IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 23RD NOVEMBER 2009 / 2ND AGRAHAYANA 1931 WP(C).No. 30821 of 2009(W) --------------------------------------- PETITIONER(S): ----------------------- KUMAR RATHEESH, S/O.RAVEENDRAN, CHIRAKKALPADI, VARODE POST, OTTAPALAM TALUK, PALAKKAD DISTRICT. BY ADV. SMT.T.D.RAJALAKSHMI MR.R.SREEHARI RESPONDENT(S): ------------------------ 1. STATE BANK OF TRAVANCORE, OTTAPALAM BRANCH, REPRESENTED BY ITS BRANCH MANAGER. 2. AUTHORISED OFFICER & CHIEF MANAGER (ADV. STATE BANK OF TRAVANCORE, REGIONAL OFFICE, 24, HOTEL GREEN PARK BUILDING, MANJAKULAM ROAD, PALAKKAD- 678 014. R1 & R2 BY ADV. MR.R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/11/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 30821 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 23rd day of November, 2009 J U D G M E N T 1. Writ petition is filed challenging the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed in repayment of loan availed by the petitioner, respondents have proceeded against the immovable property, which is the secured asset. The respondents had issued notice under Section 13 (4) of the Act for taking over possession of the property. According to the petitioner, inspite of attempts made by him before the respondents to consider the matter under the 'One Time Settlement Scheme', the Bank has not acceded such request. Hence this writ petition is filed apprehending coercive steps. W.P.(C)No. 30821 of 2009 -2- 2. Learned standing counsel for respondents on instructions submitted that for considering settlement under the Scheme, the petitioner had to make payment of 25% of the arrears and to submit proper application. The learned counsel for the petitioner expressed his willingness to comply with such conditions. 3. Under the above circumstance the writ petition is disposed of directing the petitioner to make payment of the pre-requisite sum as stated above, for considering the matter under the 'One Time Settlement Scheme' of the Bank, within a period of two months from today. The respondents are directed to keep in abeyance further steps of recovery till such time. 4. If the petitioner makes payment as above and submit proper application, the same shall considered and the result thereof shall be intimated to the petitioner without any further delay. It is made clear that further coercive steps shall be taken only after intimating result of W.P.(C)No. 30821 of 2009 -3- consideration under the One Time Settlement Scheme, and after affording him an opportunity to clear the arrears as per the settlement. C.K. ABDUL REHIM JUDGE shg/