IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 11TH DECEMBER 2009 / 20TH AGRAHAYANA 1931 WP(C).No. 33199 of 2009(T) -------------------------- PETITIONER(S): --------------- ROSILY ACHANKUNJU,AGED 46 YEARS, W/O.ACHANKUNJU,RESIDING AT PERUMALA HOUSE, MILAPRA TOWN.P.O,PATHANAMTHITTA DISTRICT. BY ADV. SRI.C.V.MANUVILSAN SRI.P.G.SURESH SMT.K.VIDYA SRI.M.R.VIBIN RESPONDENT(S): --------------- 1. THE DISTRICT MAGISTRATE & DISTRICT COLLECTOR,DISTRICT COLLECTORATE,PATHANAMTHITTA. 2. THE CORPORATION BANK,REPRESENTED BY ITS CHIEF MANAGER/AUTHORISED OFFICER,PATHANAMTHITTA BRANCH,IST FLOOR,THELLIRETHU CHAMBERS,NEAR GOVERNMENT HOSPITAL,PATHANAMTHITTA. 3. THE SUPERINTENDENT OF POLICE, PATHANAMTHITTA. 4. THE TAHSILDAR,PATHANAMTHITTA. 5. THE VILLAGE OFFICER,PRAMADOM, PATHANAMTHITTA. ADV. M/S.VARGHESE & JACOB FOR R2 SRI.VIVEK VARGHESE P.J. SRI.P.J.VINOD JOSEPH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------- WP(C) No.33199 OF 2009 ---------------------------------- Dated this the 11th day of December, 2009 JUDGMENT The petitioner has approached this court aggrieved by the coercive steps initiated under Section 14(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act'), for taking over possession of the immovable property which is the secured asset with respect to a loan availed from the second respondent Bank. 2. An interim stay was granted on 19.11.2009 on condition of the petitioner remitting a sum of Rs.40,000/-. It is reported that the condition stipulated has already been complied with. Learned Standing Counsel for the respondent Bank submitted that inspite of availing loan in the year 2005, the petitioner committed serious default in repayment and the account was categorized as 'NPA' as on 1.7.2006. It is further stated that an amount of Rs.2,70,628/- is outstanding payment as on 30.11.2009. Considering the long pending arrears, prayer of the petitioner for regularizing the account is vehimentally opposed. 3. Having confronted with the above situation, learned counsel appearing for the petitioner sought indulgence of this court in permitting her to pay off all the entire liability within a reasonable 2 period, in installments. Having considered facts and circumstances of the case, I am of the opinion that the petitioner can be permitted to pay off the entire liability within a reasonable time, in installments. 4. Accordingly, the writ petition is disposed of directing the petitioner to make payment of a sum of Rs.50,000/- on or before 31.1.2010. The respondents are directed to keep in abeyance further coercive steps till such date. If the amount as directed above is paid, thus the respondent shall intimated the petitioner about the net balance outstanding, after crediting all payments and after considering waver of interest/penal interest and expenses to the possible extent. The petitioner shall continue payment of the balance amount so intimated in four equal monthly installments thereafter falling due on or before 28.2.2010 and on or before the last day of the succeeding months. 5. It is made clear that on the event of default in payment of any of the installments the respondents will be free to proceed with further steps pursuant to the orders already issued under Section 14(1), 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 cms