IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 13TH JULY 2009 / 22ND ASHADHA 1931 WP(C).No. 19476 of 2009(D) -------------------------- PETITIONERS: --------------- 1. ALI AKBAR, S/O.MOOSA, ATHANIKKAL HOUSE, MAMPAD P.O., MALAPPURAM DISTRICT. 2. CHATHOLI KUNJI MOHAMMED, S/O.MOHAMMED, CHATHOLI HOUSE, THRIKKALANGODE P.O., MALAPPURAM DISTRICT. 3. ARAKKAL KADEEJA, W/O.KUNJI MOHAMMED CHATHOLI HOUSE, THRIKKALANGODE P.O., MALAPPURAM DISTRICT. BY ADV. MR. P.SAMSUDIN RESPONDENTS: --------------- 1. THE NILAMBUR CO-OPERATIVE URBAN BANK LTD., REPRESENTED BY ITS DEPUTY GENERAL MANAGER, NILAMBUR. 2. THE DEPUTY GENERAL MANAGER, NILAMBUR CO-OPERATIVE URBAN BANK LTD., NILAMBUR. 3. THE REGISTRAR OF CO-OPERATIVE SOCIETIES, THIRUVANANTHAPURAM. R1 AND R2 BY MR. DEVAPRASANTH P.J., STANDING COUNSEL R3 BY GOVERNMENT PLEADER MR. P.K. BABAU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 19476of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 13th day of July, 2009 JUDGMENT The petitioners have approached this Court challenging the coercive steps taken by the respondent Bank invoking the steps under the SARFAESI Act. 2. The case of the petitioners is that, though they happened to be defaulters, it was never because of any wilful latches or deliberate negligence, but due to some unforeseen circumstances whereby the business happened to be collapsed, leading to such other adverse circumstances. 3. The learned counsel for the petitioners submits that, the petitioners are ready and willing to clear the defaulted arrears and that the loan may be regularized dropping all further coercive proceedings to have the property to be sold. 4. The learned counsel appearing for the Bank on instructions submits that, the petitioners had never been prompt in effecting the repayments and that as on date a sum of Rs. 2.3 lakhs is due towards the defaulted EMIs. It is also pointed out that, the question for regularization of the loan account can be considered only if the petitioners clear the said liability within one month. The learned counsel for the petitioners submits that, the petitioners are very much ready and WP (C) No. 19476 of 2009 : 2 : willing to clear the entire liability under the loan transaction if some breathing time is provided. 5. After considering the facts and figures, the petitioners are directed to wipe off the entire liability under the loan, by way of 8 equal monthly installments. The first installment shall be effected on or before the 10th of August, 2009, to be followed by similar installments shall be effected on before the 10th of the succeeding months. Subject to the above, the coercive proceedings, stated as being pursued against the petitioners shall be kept in abeyance, for the time being. It is made clear that, if any default is committed by the petitioners in effecting the payments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd