IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN FRIDAY, THE 6TH AUGUST 2010 / 15TH SRAVANA 1932 WP(C).No. 12050 of 2010(E) -------------------------- PETITIONER : --------------- P.M.KUTTIMALU, AGED 57 YEARS, W/O.KALIDASAN, PALLAMITHAL HOUSE, KUTTIKATOOR POST KOZHIKODE TALUK,KOZHIKODE DISTRICT. BY ADV. SRI.P.K.JOSE SMT.TESSY JOSE RESPONDENTS : --------------- 1. THE KOZHIKODE DISTRICT COOPERATIVE BANK LTD., BRANCH MEDICAL COLLEGE, KOZHIKODE.673008 REP.ITS MANAGER, 2. REGISTRAR, COOPERATIVE SOCIETIES, THIRUVANANTHAPURAM P.O.,THIRUVANANTHAPURAM. 3. STATE OF KERALA REP,BY THE CHIEF SECRETARY TO THE GOVERNMENT, THIRUVANANTHAPURAM P.O.,THIRUVANANTAPURAM. R1 BY ADV. SRI.P.V.KUNHIKRISHNAN BY SR. GOVERNMENT PLEADER SRI.K.S.MUHAMMED HASHIM THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 06/08/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 12050 of 2010(E) APPENDIX PETITIONER'S EXHIBITS. EXHIBIT.P1. TRUE COPY OF THE DEMAND NOTICE DATED 06.01.2010 ISSUED TO THE PETITIONER BY THE 1ST RESPONDENT. EXT.P2. TRUE COPY OF THE REPLY DATED 21.01.2010 MADE BY THE PETITIONER TO THE 1ST RESPONDENT. EXT.P3. TRUE COPY OF THE CIRCULAR DATED 27.02.2009 ISSUED BY STATE OF KERALA. RESPONDENTS EXHIBTS.: NIL / TRUE COPY / P.S. TO JUDGE VK K. SURENDRA MOHAN, J. ------------------------------------------------------------ W.P(C) NO: 12050 OF 2010 E ----------------------------------------------------------- Dated this the 6th August, 2010. JUDGMENT The petitioner is a housewife who had availed of a loan of an amount of Rupees three lakhs from the first respondent bank on the security of an extent of 20 cents of land and residential house that belongs to her. However, she could not remit the instalments regularly and therefore, the repayment of the loan fell into arrears. Consequently, the bank has initiated action under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the 'Act' for short). The petitioner challenges the action of the first respondent as unsustainable and in violation of the provisions of the Act. Adv. P.V.Kunhikrishnan who appears for the first respondent opposes the contentions of the petitioner. The counsel for the petitioner submits that if six months time is granted, the petitioner would be able to pay the entire amount due to the bank. The above submission of the petitioner is opposed by the counsel for the first respondent. However, considering the poor financial condition of the petitioner, I feel that a chance can be granted to the petitioner to save her residential property and house from attachment and WPC 12050/2010 2 sale. But, for being granted such an opportunity, the petitioner would have to prove her bonafides by depositing some amount in a lump. 2. This writ petition is accordingly disposed of directing the petitioner to pay an amount of Rupees one lakh towards the dues payable to the first respondent within a period of one month from today. The balance amount due from the petitioner shall be paid in five equal monthly instalments thereafter, the first instalment to be paid on 6/9/2010. The subsequent instalments shall be due on the sixth of each succeeding month thereafter. It is made clear that in the event of the petitioner committing default in payment of any of the two instalments stipulated, the first respondent bank shall be free to initiate proceedings in accordance with law for recovery of the amounts due. K. SURENDRA MOHAN Judge jj WPC 12050/2010 3