IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 30TH MARCH 2011 / 9TH CHAITHRA 1933 WP(C).No. 8142 of 2011(P) ----------------------- PETITIONER : -------------------- PUSHPA.P.V., AGED 42 YEARS, D/O.LATE KARUVAN, RESIDING AT `THEKKEKKARA HOUSE' P.O.UDHUMA, KASARGOD DISTRICT. BY ADVS. SRI.A.RANJITH NARAYANAN SRI.S.K.SAJU RESPONDENT : ---------------------- KASARGOD DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, P.B.NO.48, NAYAK'S ROAD, KASARGOD-671 121, REP.BY ITS AUTHORIZED OFFICER. BY ADV. SRI. M. SASINDRAN, SC, KASARGOD DIST.CO. BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.8142 of 2011 ------------------------------------------- Dated this the 30th day of March, 2011 J U D G M E N T ---------------------- Proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the notice issued under Ext.P6 are challenged in this writ petition. It is evident that the proceedings is at the stage of taking over possession under Section 13(4). Eventhough various contentions are raised in this writ petition, learned counsel for petitioner conceded that the petitioner is relinquishing all challenges and seeks indulgence only to the limited extent of permitting payment of the entire balance within a reasonable time, in a phased manner. 2. Heard, counsel for the respondents. It is noticed that pursuant to an interim order passed by this court, the petitioner had already remitted a sum of Rs.1 lakh. Considering the limited relief sought for, I am of the view that the balance can be permitted to be paid within a reasonable time. W.P.(C).8142/11 -2- 3. The writ petition is accordingly disposed of directing the respondents to keep in abeyance all further steps of recovery, provided the petitioner remits the entire balance due including interest and expenses if any, in 2 (two) equal monthly instalments falling due on or before 30.4.2011 and on or before 31.5.2011. 4. It is made clear that on the event of default in payment of any one of the instalments the respondents will be at liberty to proceed with further steps and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM, JUDGE. okb