IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 25TH NOVEMBER 2009 / 4TH AGRAHAYANA 1931 WP(C).No. 33296 of 2009(F) -------------------------- PETITIONER(S): --------------- 1. POTHEN DEVASIA, KANNIYA KOVIL HOUSE, PONGA P.O., ALLEPPEY, ANASWARA COLOUR LAB, POYANIL PLAZA, KOZHENCHERRY, PATHANAMTHITTA. 2. N.T.JOSEPH, JES COTTAGE, PONGA P.O., ALLEPPEY, ANASWARA COLOUR LAB, POYANIL PLAZA, KOZHENCHERRY, PATHANAMTHITTA. BY ADV. SRI.JOSY ANTONY RESPONDENT(S): --------------- THE CHIEF MANAGER, BANK OF INDIA, P.B.NO.4201, C.C.S.B.ROAD, EAST OF IRON BRIDGE, ALAPPUZHA-688 011. BY ADV. SRI.KODOTH SREEDHARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 33296 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 25th day of November, 2009 J U D G M E N T 1. Apprehending coercive action against dis- possession from the dwelling house, under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the writ petition is filed. The loan in question was availed by the petitioners during the year 2005, to the tune of Rs.30 lakhs. It was availed for starting a Colour Photo Lab. According to the petitioners the imported machinery failed functioning and could not be repaired, and therefore the business as such collapsed. However it is submitted that substantial repayments were already effected. But Ext.P4 notice under Section 13 (2) was issued demanding a total arrears of Rs.33,65,087/- with future interest. The petitioners are apprehending further coercive steps for eviction. Limited prayer of the petitioners is that, they are ready and willing to pay off the entire arrears and that they W.P.(C)No. 33296 of 2009 -2- may be permitted reasonable installment facility to pay off the balance. 2. Learned standing counsel appearing for the respondent Bank, on the basis of instructions, submitted that considerable amount is outstanding in the loan account and since the business activities is not being continued coercive steps are resorted to for realisation of the amounts. Since the loan account is in chronic default the respondent Bank is not favoring in permitting the petitioners with any extended period for payment of the liability. 3. Having considered 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 petitioners to pay off the liability within a reasonable time. 4. Accordingly the writ petition is disposed of directing the petitioners to make payment of an amount of Rs.8,00,000/- (Rupees Eight lakhs only) on or before 31.12.2009. The respondents are directed to keep in W.P.(C)No. 33296 of 2009 -3- abeyance further coercive steps till such date. If the said amount is paid, the respondent shall intimate the petitioners about the net balance outstanding, after crediting all payments and after considering waiver of interest/penal interest and expenses to the possible extent. The petitioners shall make payment of the balance amount so intimated, in six (6) equal monthly installments thereafter, starting from 31.01.2010 and on or before the last day of the succeeding months. 5. 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 the notices already issued, and on any such event the petitioners are precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/