IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 2ND DECEMBER 2009 / 11TH AGRAHAYANA 1931 WP(C).No. 32995 of 2009(T) -------------------------- PETITIONER(S): --------------- C.S.LAWRANCE, S/O.CHRISUTDAS, AGED 38 YEARS, MOHANA BHAVAN, KATTAKKODU P.O. KATTAKKADA, THIRUVANANTHAPURAM. BY ADV. SRI.G.P.SHINOD SRI.RAM MOHAN.G. RESPONDENT(S): --------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD REPRESENTED BY ITS MANAGING DIRECTOR, COBANK TOWER PALAYAM, VIKAS BHAVAN PO, THIRUVANANTHAPURAM 695 033. 2. THE AUTHORISED OFFICER AND REGIONAL MANAGER, KERALA STATE CO-OPERATIVE BANK LTD THIRUVANANTHAPURAM REGIONAL OFFICE, STATE CO-OP BANK BUILDING, OVER BRIDGE JUNCTION, THIRUVANANTHAPURAM-1 ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1-R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 32995 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd day of December, 2009 J U D G M E N T 1. Challenge in this writ petition is against coercive steps initiated under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), consequent to default committed by the petitioner in repayment of loan availed from the 1st respondent Bank. Petitioner is approaching this court at a stage when the immovable properties, which are the secured assets, stands proclaimed for sale under Ext.P2 notice. 2. Pursuant to an interim order dated 18.11.2009 the petitioner had effected payment of an amount of Rs.1 lakh. Limited prayer of the petitioner is for a direction to the respondents to permit payment of the entire balance within a reasonable time, in installments. Learned standing counsel appearing for respondents submitted that, the W.P.(C)No. 32995 of 2009 -2- balance outstanding after crediting payments made so far will be around Rs.3,05,000/-. Since the loan account is in chronic default the respondents are not favouring in permitting any extended period for wiping off the liability. 3. Having considered rival submission 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 pay off the entire liability within a period in installments, eventhough interference on merits is not desirable at all. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.75,000/- (Rupees Seventy Five Thousand only) on or before 31.12.2009. The respondents are directed to keep in abeyance further coercive steps till such date. On payment of the said amount, the respondents shall inform the petitioner about the net balance payable, after crediting all payments made and after considering waiver of interest/penal interest and expenses, if any possible. The W.P.(C)No. 32995 of 2009 -3- petitioner shall continue payment of the balance amount thereafter in four (4) equal monthly installments falling due on or before 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 respondents will be free to proceed with further steps pursuant to the notices already issued and on such event the petitioner will be precluded from raising any further challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/