IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 11TH OCTOBER 2010 / 19TH ASWINA 1932 WP(C).No. 22994 of 2010(Y) -------------------------- (CMP.5958/2009 of C.J.M.,TRIVANDRUM) .................... PETITIONER(S): --------------- D.PRASANNAKUMARI,W/O.LATE K.PRABHAKARA NAIR, AGED 61 YEARS, 'JYOTHIS' S-17, SHASTHRI NAGAR,KARAMANA,THIRUVANANTHAPURAM-695002. BY ADVS. SRI.K.S.HARIHARAPUTHRAN SRI.M.D.SASIKUMARAN SRI.GEORGE MATHEW SRI.DIPU JAMES RESPONDENTS: --------------------- 1. BANK OF INDIA, REPRESNTED BY ITS CHAIRMAN & MANAGING DIRECTOR, HEAD OFFICE, ANNA SALAI, CHENNAI 606 001. 2. THE AUTHORISED OFFICER & CHIEF MANAGER, BANK OF INDIA, THIRUVANANTHAPURAM BRANCH, THIRUVANANTHAPURAM 3. BANK OF INDIA, THIRUVANANTHAPURAM BRANCH THIRUVANANTHAPURAM, REPRESENTED BY ITS CHIEF MANAGER, J.MURALIDHARAN NAIR, S/O. JANARDHANAN NAIR, PIN 695 001. 4. M/S. SPECIALITY HOSPITAL GROUP PVT.LTD. PONMUDI ROAD, NEDUMANGAD, THIRUVANANTHAPURAM, REPRESNTED BY ITS MANAGING DIRECTOR, PIN 695 541. R1 TO 3 BY ADV. SRI.P.P.JOYI , SC. R4 BY ADV. SRI.ABRAHAM P.GEORGE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/10/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK C.K. ABDUL REHIM, J ------------------------------ WP(C) NO. 22994 OF 2010 --------------------------------------- Dated this the 11th day of October, 2010 JUDGMENT Petitioner is the widow of one of the Directors of the 4th respondent Company, which had defaulted repayment of loan availed from the respondents 1 to 3. The writ petition is filed aggrieved by proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) against properties belonging to the petitioner, allegedly on the basis of a mistake in identity of the property. It is contended that the property owned by the petitioner's deceased husband, which was offered for security for the loan transaction, is entirely different. 2. However, it was brought to notice of this Court that during pendency of the Writ Petition there was a negotiation for settlement of the account, under the “One Time Settlement Scheme” between the 4th respondent 2 WP(C) No. 22994/2010 and the Bank. Learned counsel appearing for respondents 1 to 3 submitted that a settlement has already been arrived, fixing the total liability at Rs.390 lakhs and the 4th respondent was allowed to pay the said amount in various instalments. It is further submitted that 4th respondent had already paid a sum of Rs.10 lakhs on 17.09.2010. It is submitted by learned counsel for the respondent Bank that in view of the settlement arrived, they are not proposing to pursue proceedings initiated under the SARFAESI Act for the time being. 3. Recording the above submission, the Writ Petition is closed, without prejudice to rights of respondents 1 to 3 to initiate fresh proceedings under SARFAESI Act against the secured assets in case there is default in payments of the amount by the 4th respondent, and also reserving right of the petitioner to challenge such proceedings if it is proceeded against her personal properties. C.K. ABDUL REHIM JUDGE dnc