IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 25TH AUGUST 2008 / 3RD BHADRA 1930 WP(C).No. 25442 of 2008(D) -------------------------- CRMP.4399/2008 of CHIEF JUDL.MAGISTRATE, ERNAKULAM .................... PETITIONER: ------------ BLOSSOM SABU, W/O.K.V.SABU, X/1135-36, AMARAVATHI, KOCHI P.O., ERNAKULAM DISTRICT. BY ADV. SRI.B.MOHANLAL RESPONDENT: ------------- THE AUTHORISED OFFICER, VIJAYA BANK, MATTANCHERRY BRANCH, MATTANCHERRY, KOCHI- 682 002. BY SHRI.K.ANAND THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.25442 of 2008 ================== Dated this the 25th day of August, 2008 J U D G M E N T The petitioner is a defaulter in repayment of loan amount due from her to the Vijaya Bank. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for coercive recovery, which is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum, although the petitioner would submit that certain payments made are not being duly credited to her account. The petitioner now confines her relief for a direction to the bank to permit the petitioner to pay the amounts in instalments. 2. This is opposed by the standing counsel for the Bank. He would submit that more than nine lakhs rupees is due from the petitioner and the bank has already taken possession of the security interest also. 3. After hearing both sides, I feel that a lenient attitude can be taken in the matter, to enable the petitioner to pay off the amounts in instalments on conditions. Accordingly, this writ petition is disposed of as follows: The petitioner shall pay an amount of Rs.3 lakhs within one w.p.c.25442/08 2 month from today. On payment of the same, the petitioner would be put back in possession of the building. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of the initial amount or any of the instalments, it would be open to the respondent to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. In that event, the petitioner shall voluntarily surrender possession of the property to the bank without any objection whatsoever, failing which the petitioner would be liable for contempt proceedings for violation of the above directions. It would be open to the petitioner to approach the bank for the benefits under the One Time Settlement Scheme, if available, and the bank shall consider the same in accordance with the bank's policies and guidelines in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge w.p.c.25442/08 3