IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 18TH FEBRUARY 2009 / 29TH MAGHA 1930 WP(C).No. 5432 of 2009(Y) -------------------------------------- PETITIONER(S): -------------------------- TINOJ THOMAS, S/O.THOMAS K.A., AGED 27 YEARS, KUTTIKADAN HOUSE, KAIPAMANGALAM BEACH POST, KODUNGALLOOR, THRISSUR DISTRICT. BY ADVS. MR.DENIZEN KOMATH, MR.SHERRY J. THOMAS RESPONDENT(S): ---------------------------- 1. SOUTH MALABAR GRAMIN BANK, HEAD OFFICE, MALAPPURAM, REPRESENTED BY ITS AUTHORIZED OFFICER/GENERAL MANAGER. 2. MANAGER, SOUTH MALABAR GRAMIN BANK, KAIPAMANGALAM BRANCH, MOONUPEEDIKA, KAIPAMANGALAM POST, THRISSUR. R1 & R2 BY ADV. MR. T.R. RAVI, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.5432 of 2009-Y = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 18th day of February, 2009. JUDGMENT The petitioner availed a loan, defaulted in repayment and is facing proceedings under the SARFAESI Act. The housing loan became sticky and the situation is attributed to Tsunami which is stated to have impaired the area to which the petitioner belongs. In an earlier round, this Court had relegated the petitioner to the bank for consideration of a request for slashing interest. It is stated by the learned counsel for the bank that some reduction has been granted. As of now, the petitioner, following notice under Section 13(2) of the SARFAESI Act, is facing dispossession pursuant to a possession notice dated 9-1-2009. Therefore, all that he does is to request that the impugned proceedings may be deferred to give him an opportunity to pay off WP(C)5432/2009 -: 2 :- the outstandings. For this purpose, the petitioner gives up all contentions on merits and also the liberty to move the DRT under Section 17 of the SARFAESI Act. Taking all matters into consideration, this writ petition is ordered directing that if the petitioner remits an amount of Rs.1.5 lakhs in two instalments payable on or before 28-2-2009 and 28-3-2009, he will be permitted to pay off the remaining outstandings in six monthly instalments payable on or before the last working day of every month commencing from April, 2009. On the petitioner making remittances till June, 2009, the bank will consider whether the total outstandings could be further slashed, if his case is eligible to be treated as a special one and one in the housing sector. If there is default in remitting any of the instalments as aforesaid, the benefits of this judgment will stand recalled automatically and the writ petition will stand dismissed enabling the bank WP(C)5432/2009 -: 3 :- to forthwith proceed with further distress action without fresh notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/200209