IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 4TH NOVEMBER 2009 / 13TH KARTHIKA 1931 WP(C).No. 30024 of 2009(W) -------------------------- PETITIONER(S): --------------- J.JOHN, AGED 51 YEARS S/O.G.JOHN, JOHNY HOUSE CAPTAIN'S GARDEN, THANGASSERRY,KOLLAM 691 007. BY ADV. SRI.NISHIN GEORGE VIJAYABABU RESPONDENT(S): --------------- STATE BANK OF INDIA, REPRESENTED BY ITS AUTHORISED OFFICER RASMECCC, 2ND FLOOR, RAVI'S ARCADE, NEAR IRON BRIDGE,KOLLAM 691 013. ADV.SRI.K.K.CHANDRAN PILLAI, S.C. FOR SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/11/2009, ALONG WITH WP(C).30047 OF 2009 AND CONNECTED CASES THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ----------------------------------- W.P.(C).Nos.30024, 30047, 29838 and 29844 of 2009 ----------------------------------- Dated this the 4th day of November, 2009 J U D G M E N T ---------------------- 1. In all these cases challenge is against proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) by the common respondent, the State Bank of India. Pursuant to default committed in repayment of the loan accounts the respondent proceeded with steps under the SARFAESI Act and notices under Section 13(4) has now been published, which is Ext.P2 in WP(C).30024/09 and 30047/09 and Ext.P1 in WP(C). 29838/09 and 29844/09. According to the petitioners they have approached the Bank seeking indulgence for permitting payment of the balance outstanding within a reasonable time in installments. Since the Bank has not acceded to such requests these writ petitions are filed. 2. Heard standing counsel appearing for the respondent, who on the basis of instructions submitted that, there is serious default in all the loan accounts and no earnest efforts has been taken from the side of the petitioners to pay off the liability. However, the respondent is not standing in the way of permitting the petitioners in paying off the entire liability within a reasonable time. W.P.(C).30024,30047,29838 & 29844/09 2 3. Having considered facts and circumstances of the cases I am of the opinion that the writ petitions can be disposed of permitting all the petitioners herein to pay off the entire liability due to the Bank along with future interest due thereon, in 5 (five) equal monthly installments starting from 30.11.09 and on or before the last day of the 4 succeeding months. If the installments as directed above is paid promptly, the respondent Bank shall keep in abeyance further coercive steps initiated pursuant to the notices issued under Section 13(4). 4. It is further directed that on payment of the 1st installment, the Bank shall issue a balance statement to the petitioners after crediting all payments and after considering possible waiver of interest/default interest and expenses. 5. It is made clear that on the event of default in payment of any of the installments as stipulated above the respondent Bank 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 subsequent challenge against such proceedings either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb