IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 17TH NOVEMBER 2009 / 26TH KARTHIKA 1931 WP(C).No. 32788 of 2008(C) -------------------------- PETITIONER(S): --------------- 1. HARI.B.KURUP, 7B, SKYLINE MELODY, VAZHUTHACAUD, THIRUVANANTHAPURAM. 2. SREELATHA KURUP, 7B, SKYLINE MELODY, VAZHUTHACAUD, THIRUVANANTHAPURAM. BY ADVS. SRI.K.T.SHYAM KUMAR SMT.ABHA SHYAMKUMAR RESPONDENT(S): --------------- 1. ORIENTAL BANK OF COMMERCE, M.G.ROAD BRANCH, OPP. AYURVEDA COLLEGE, THIRUVANANTHAPURAM REPRESENTED BY ITS MANAGER. 2. AUTHORISED OFFICER, ORIENTAL BANK OF COMMERCE, M.G.ROAD BRANCH, OPP. AYURVEDA COLLEGE, THIRUVANANTHAPURAM. BY ADV. SRI.PHILIP T.VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 32788 of 2008 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 17th day of November, 2009 J U D G M E N T 1. Consequent to default committed in repayment of loan availed by the petitioners from the 1st respondent Bank, the respondents have initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Eventhough the petitioners had approached the respondents seeking enlargement of time to pay off the arrears in installments, such request was not acceded to and coercive steps under Section 13 (4) to take over possession of the immovable property, which is the secured asset, is being threatened with. Limited prayer of the petitioners is to permit them to pay off the arrears within a reasonable time in installments. 2. Pursuant to an interim order of this court dated 06.11.2008, the petitioners have remitted a sum of W.P.(C)No. 32788 of 2008 -2- Rs.4 lakhs. Learned standing counsel appearing for the respondents submitted that after crediting such payment, the balance outstanding will be around Rs.34 lakhs. Learned counsel for the petitioners expressed his willingness to pay off the said liability in monthly installments. 3. Having considered the facts and circumstances of the case and the rival submissions, I am of the opinion that some indulgence can be shown in permitting the petitioners to pay off the entire liability within a reasonable time. 4. The writ petition is accordingly disposed of directing the petitioners to make payment of an amount of Rs.7,00,000/- (Rupees Seven lakhs only) on or before 31/12/2009 either in lumpsum or in installments. The respondents are directed to keep in abeyance all further steps till such date. On payment of the said amount the respondents shall furnish a statement to the petitioners intimating the net balance payable, after crediting all payments and after considering waiver of interest/penal W.P.(C)No. 32788 of 2008 -3- interest and expenses to the possible extent. The petitioners shall continue payment of the balance amount so intimated, in five (5) equal monthly installments thereafter, falling due on or before 31.01.2010 and on or before the last day of succeeding four (4) 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 any such event the petitioners will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/