IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 6TH SEPTEMBER 2010 / 15TH BHADRA 1932 WP(C).No. 27516 of 2010(L) -------------------------- PETITIONER(S): --------------- FAKRUDHEEN A.P., AGED 27 YEARS, S/O.KAMMU, AKKAPPARAMBIL HOUSE, KODALIPOYIL, BHOODANAM, MALAPPURAM DISTRICT. BY ADV. SRI.P.SAMSUDIN RESPONDENT(S): --------------- 1. M/S.MALAPPURAM DISTRICT CO-OPERATIVE BANK LIMITED, MALAPPURAM REPRESENTED BY ITS GENERAL MANAGER, MALAPPURAM-676505. 2. THE GENERAL MANAGER MALAPPURAM, MALAPPURAM DISTRICT CO-OPERATIVE BANK LIMITED, MALAPPURAM-676505. S.C.SRI.V.KRISHNA MENON THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C. K. ABDUL REHIM, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No. 27516 of 2010 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 6th day of September, 2010 JUDGMENT Challenge in this writ petition is against proceedings under the SARFAESI Act. Consequent to default committed by petitioner in repaying loan availed, the respondent bank invoked jurisdiction of the Chief Judicial Magistrate Court, Manjeri under section 14 of the SARFAESI Act. It is stated that the court had already issued an order to take over possession of immovable property, which is the secured asset with respect to the loan transaction. According to petitioner, the balance amount outstanding payment is Rs.4,00,000/- only, whereas the property, which is now being proceeded, is worth about Rs.21,00,000/-. 2. Even though various grounds are raised challenging the proceedings, learned counsel for petitioner submitted that petitioner is ready and willing to pay off the entire liability, provided reasonable time is granted for W.P.(C) No. 27516/2010 2 making the payment in instalment. It is also submitted that petitioner is seeking one time settlement for getting benefits in waiver of interest. 3. Learned counsel appearing for respondents submitted that the loan account is in chronic default and the amount outstanding as on 15-7-2010 is Rs.4,02,858/- along with future interest. It is submitted that there is no scheme with respect to one time settlement at present in operation. However, the prayer for granting instalments is vehemently opposed. 4. Having considered facts and circumstances and the rival submissions, I am inclined tho show some indulgence in permitting the petitioner to pay off the entire liability in instalments. 5. In the result, the writ petition is disposed of directing the respondents to keep in abeyance further proceedings pending before the Chief Judicial Magistrate Court, Manjeri, provided petitioner remits the entire balance due in six equal monthly instalments, falling due on W.P.(C) No. 27516/2010 3 or before 30-9-2010 and on or before the last day of the succeeding months. 6. It is made clear that on the event of default in payment of any of the instalments, the respondents will be free to proceed with further steps in the proceedings now pending before the Chief Judicial Magistrate Court, Manjeri. It is also made clear that the above relief granted is subject to the condition that petitioner is precluded from raising any further challenge against such proceedings either before this Court or any other forum. C. K. ABDUL REHIM, JUDGE. mn.