IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 16TH NOVEMBER 2009 / 25TH KARTHIKA 1931 WP(C).No. 26307 of 2009(G) ---------------------------------- CMP.4517/2008 of C.J.M.,MANJERI .................... PETITIONER(S): ------------------------ 1. MURALEEDHARAN.N.T., AGED 42 YEARS, S/O. NARAYANAN, SUCHIKKATTU PARAMBU MULLAMPARA, MANJERI, MALAPPURAM DIST. 2. KRISHNAN.T.P., S/O. RAMAN, THADATHILPARAMBIL HOUSE, MURUKARA.P.O. MANJERI, MALAPPURAM DIST. BY ADV. MR.P.SAMSUDIN RESPONDENT(S): ----------------------- 1. M/S. VIJAYA BANK, MANJERI BRANCH REP. BY ITS PRINCIPAL OFFICER AND MANAGER, MANJERI 2. THE BRANCH MANAGER, VIJAYA BANK MANJERI. BY ADVS.MR.K.ANAND (A.201) SMT.LATHA KRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 26307 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 16th day of November, 2009 J U D G M E N T 1. Challenge in this writ petition is against Ext.P3 order issued by the Chief Judicial Magistrate under Section 14 (1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Having committed default in repayment of loan availed by the petitioner from the 1st respondent Bank, proceedings were initiated at the instance of the respondents to take over possession of the immovable property which is offered as security for the loan transaction. 2. Eventhough various legal contentions are raised against the proceedings initiated under the SARFAESI Act, learned counsel for the petitioners conceded that the petitioners are limiting their prayer only to the extent of permitting to pay off the entire liability in installments, within a reasonable time. W.P.(C)No. 26307 of 2009 -2- 3. Heard, standing counsel appearing for the respondents, who on the basis of instructions submitted that, after availing loan in the year 2007, the petitioners have committed serious defaults and the loan account as it stands now is having an arrear of more than Rs.1,30,000/-. Therefore the Bank is not favoring in permitting any considerable extension of period for payment of the liability. 4. Considering rival contentions and facts and circumstances of the case, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioner to make payment of the entire liability within a reasonable time. 5. Therefore the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.40,000/- on or before 15.12.2009. The respondents are directed to keep in abeyance further steps till such date. On payment of the said amount the respondents shall issue a balance statement to the petitioners intimating the net amount outstanding after crediting all payments and after W.P.(C)No. 26307 of 2009 -3- considering waiver of interest/penal interest to the possible extent. The petitioner shall continue payment of the balance so intimated in five (5) equal monthly installments starting from 15.01.2010 and on or before the 15th day of succeeding four (4) months. 6. 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 notices already issued, and on any such event the petitioners are precluded from raising any subsequent challenge against such proceedings before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/