IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 17TH DECEMBER 2009 / 26TH AGRAHAYANA 1931 WP(C).No. 36473 of 2009(D) -------------------------- PETITIONER(S): --------------- 1. E.JACQUILINE, T.M. BHAVAN, KEEZHKOLLA, VATTAVILA.P.O, AMARAVILA.P.O, PEYYATTINKARA, THIRUVANANTHAPURAM DISTRICT. 2. T.M. VIJAYARAJ, T.M. BHAVAN, KEEZHKOLLA, VATTAVILA.P.O, AMARAVILA.P.O, PEYYATTINKARA, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.G.P.SHINOD SRI.RAM MOHAN.G. SRI.R.T.JAYARAJ SINGH RESPONDENT(S): --------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., REPRESENTED BY ITS MANAGING DIRECTOR, COBANK TOWERS, PALAYAM, VIKAS BHAVAN.P.O, THIRUVANANTHAPURAM - 695 033. 2. THE AUTHORISED OFFICER AND REGIONAL MANAGER, KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM, REGIONAL OFFICE, STATE CO-OP BANK BUILDING, OVER BRIDGE JUNCTION, THIRUVANANTHAPURAM-1. ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1,2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.36473 OF 2009 ------------------------------ Dated this the 17th day of December, 2009 J U D G M E N T ---------------------- 1. Aggrieved by sale proposed under Ext.P1 notice, invoking provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the petitioners are approaching this court. According to the petitioners the property which is now put to auction is having an extent of 4.65 cents and the residential house situated therein is worth more than Rs.15 lakhs. It is stated that eventhough the petitioners have approached the respondent Bank expressing willingness to pay off the loan account within a reasonable time, the Bank has not acceded to such request. 2. I am not impressed upon to observe that there exist any ground which warrants interference against proceedings initiated under the SARFAESI Act. According to the standing counsel appearing for the respondents, both the petitioners have availed distinct loans during the year 2006 and they have defaulted repayments. The Bank had initiated proceedings under the SARFAESI Act consequent to such default and had W.P.(C).36473/09-D 2 taken possession of the immovable property. Now steps are being pursued for sale of the property. 3. Having confronted with the above position, learned counsel appearing for the petitioners sought indulgence of this court in permitting regularisation of the accounts, on the promise that petitioners can pay the amount with interest and expenses if any liable, within a short period. Eventhough the respondents are not favouring in permitting any extended period for regularisation of the accounts, I am of the opinion that some indulgence can be shown in the matter of granting such equitable relief, eventhough interference on merits is not possible. 4. Accordingly the writ petition is disposed of permitting the petitioners to make payment of the amounts pertaining to the defaulted monthly installments along with interest and expenses if any liable, in both the loan accounts held by the petitioners, in 2 (two) equal monthly installments falling due on or before 15.1.2010 and on or before 15.2.2010. Sale of the immovable property proposed through Ext.P1 shall be kept in abeyance by the respondents if the petitioners make payment of the amounts as stipulated above. If the defaulted amount is cleared payment as above, the respondents shall permit the petitioners to W.P.(C).36473/09-D 3 continue repayment of future installments in accordance with the original schedule. 5. It is made clear that on the event of default in payment of any of the installments as stipulated above, the respondents will be at liberty to take further steps pursuant to the notice already issued and on such event the petitioners will be precluded from raising any further challenge against such proceedings either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb