IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 22ND OCTOBER 2009 / 30TH ASWINA 1931 WP(C).No. 29928 of 2009(I) -------------------------- PETITIONER(S): --------------- FAIZAL ABDUL SAMAD, PROPRIETOR, M/S.FERROUS TRADERS, CHENDAMANGALAM, NORTH PARAVUR, ERNAKULAM (DIST), REP. BY HIS POWER OF ATTORNEY HOLDER, ISMAIL FAIZAL, S/O.FAIZAL ABDUL SAMAD, AGED 23 YEARS, SMILING HOUSE, KOTTAYIL KOVILAKOM, CHENDAMANGALAM VILLAGE, PARAVUR TALUK, ERNAKULAM DIST. BY ADV. SRI.V.M.KRISHNAKUMAR SRI.S.SARAVANABHAVAN RESPONDENT(S): --------------- 1. THE CHIEF MANAGER (AUTHORIZED OFFICER), BANK OF INDIA, PARUR MARKET ROAD BRANCH, NORTH PARUR, ERNAKULAM DISTRICT. 2. BANK OF INDIA, MARKET ROAD BRANCH, NORTH PARAVUR, REPRESENTED BY ITS MANAGER, NORTH PARAVUR. ADV.SRI.KODOTH SREEDHARAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.29928 OF 2009 ------------------------------ Dated this the 22nd day of October, 2009 J U D G M E N T ---------------------- 1. Petitioner is aggrieved by proceedings initiated by the respondent Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), against the immovable properties, which are the secured assets with respect to a business loan availed from the 2nd respondent Bank. In the year 2008 the petitioner had availed an Over Draft facility to the tune of Rs.15 lakhs. Immovable property belonging to the petitioner is mortgaged in order to secure the loan. According to the petitioner prompt repayments could not be continued due to severe down fall suffered in the business. Consequently respondents had initiated steps under the SARFAESI Act and symbolic possession of the property has now been taken over, on issuing Ext.P5 notice under Section 13(4) of the Act. It is stated that the petitioner is ready and willing to pay off the liability within a reasonable time in installments. Since the respondents have not acceded to such request this court is approached. 2. Heard learned standing counsel appearing for the W.P.(C).29928/09-I 2 respondents, who on the basis of instructions submitted that, the amount due as on 18.5.2009 is Rs.18,41,970/-. Since the petitioner is a chronic defaulter, the Bank is not favouring in permitting installment payment or in granting any extended time for making such payments. 3. Having considered rival submissions and facts and circumstances of the case, I am of the opinion that some indulgence can be shown in permitting the petitioner to pay off the entire liability in installments within a reasonable time, eventhough interference on merits with respect to the SARFAESI proceedings is not at all desirable in view of the alternate remedy available. 4. In the result the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.5,00,000/- (Rupees Five lakhs only) on or before 30.11.2009. The respondents are directed to keep in abeyance all further steps till such date. On payment of the said amount the respondent Bank will intimate the petitioner about the total balance outstanding, after crediting all payments and after considering waiver of interest/default interest if any possible. The petitioner shall continue payment of the balance amount so intimated in 5 (five) equal monthly installments starting from 31.12.2009 and on or before the last day of the succeeding months. W.P.(C).29928/09-I 3 5. It is made clear that on the event of default in paying any of the installments as stipulated above, the respondents will be free to proceed with further steps pursuant to the notices already issued and on such event the petitioner will be precluded from raising any further challenge against such proceedings before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb