IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 2ND DECEMBER 2009 / 11TH AGRAHAYANA 1931 WP(C).No. 13164 of 2009(M) -------------------------------------- CMP.1848/2009 of C.J.M., ALAPPUZHA .................... PETITIONER(S): ---------------------- K.G. MOHANDAS, KATTUNGAL HOUSE, NEAR S.S. SCHOOL, SOUTH ARYAD, AVALOOKUNNU P.O. ALAPPUZHA. BY ADV. MR.S.SANAL KUMAR RESPONDENT(S): ------------------------- 1. ALAPPUZHA URBAN CO-OPERATIVE BANK LIMITED, A-67,REPRESENTED BY ITS CHIEF EXECUTIVE OFFICER, ALAPPUZHA. 2. UNION OF INDIA REPRESENTED BY THE SECRETARY, MINISTRY OF LAW AND JUSTICE, CENTRAL GOVT.SECRETARIATE, NEW DELHI. R1 BY ADV. SMT.I.SHEELA DEVI, SC. R2 BY ADV. MR.T.P.M.IBRAHIM KHAN, ASST.SG. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 02/12/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 13164/2009-M APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE HIS TREATMENT RECORDS. EXT.P2: COPY OF THE TREATMENT RECORDS OF THE PETITIONER'S WIFE, DRAUPATHI. EXT.P3: COPY OF THE DEMAND NOTICE DATED 17/11/2008. EXT.P4: COPY OF THE NOTICE DATED 10/12/2008. EXT.P5: COPY OF THE REMITTANCE RECEIPTS. EXT.P6: COPY OF THE NOTICE DATED 29/04/2009. RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A. TO JUDGE rs. C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.13164 OF 2009 ------------------------------ Dated this the 2nd day of December, 2009 J U D G M E N T ---------------------- 1. Challenge in this writ petition is against the proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for taking over possession and sale of immovable property which is the secured asset with respect to a loan availed by the petitioner from the 1st respondent Bank. Pursuant to an interim order of this court dt. 5.5.2009 the petitioner had effected payment of an amount of Rs.35,000/- on 18.5.2009. 2. According to the petitioner he is ready and willing to pay off the liability within a reasonable time, provided the 1st respondent considers waiver of interest and penal interest as well as expenses accrued in the loan account to the possible extent. Learned standing counsel appearing for the 1st respondent submitted that if the petitioner approached the 1st respondent with appropriate request, the matter can be considered for One Time Settlement/compromise settlement under the scheme prevailing. W.P.(C).13164/09-M 2 3. Under the above circumstances the writ petition is disposed of directing the petitioner to make a proper representation seeking compromise settlement/One Time Settlement before the 1st respondent within a period of one month from today. If any such request is made the 1st respondent shall consider the same and a decision thereof shall be intimated to the petitioner, as early as possible, at any rate within a period of one month from the date of receipt of such request. 4. In order to facilitate the petitioner to approach the Bank for compromise settlement and for the Bank to take decision thereof, coercive steps under the SARFAESI Act is directed to be kept in abeyance for a period of two months from today. C.K.ABDUL REHIM, JUDGE. okb