IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 17TH NOVEMBER 2009 / 26TH KARTHIKA 1931 WP(C).No. 29128 of 2009(I) --------------------------------------- PETITIONER(S): ------------------------- 1. J.DASAN, AGED 60 YEARS, S/O.JACOB, CHERUVILAKATHU VEEDU, KANTHARIVILA, AMBOORI P.O., NEYYATTINKARA TALUK, THIRUVANANTHAPURAM. 2. T.S.RAJAM, AGED 55 YEARS, W/O.J.DASAN, CHERUVILAKATHU VEEDU, KANTHARIVILA, AMBOORI P.O., NEYYATTINKARA TALUK, THIRUVANANTHAPURAM. BY ADV. MR.NISHIN GEORGE VIJAYABABU RESPONDENT(S): ------------------------- THE FEDERAL BANK LTD., REP. BY ITS AUTHORISED OFFICER, FEDERAL TOWERS, M.G.ROAD, THIRUVANANTHAPURAM. R1 BY ADV. MR.GEORGE VARGHESE (MANACHIRACKEL) THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 17/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.29128/2009 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE POSSESSION NOTICE DTD. 18.8.2009 ISSUED BY THE RESPONDENT TO THE PETITIONER. TRUE COPY P.A. TO JUDGE tss C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.29128 OF 2009 ------------------------------ Dated this the 17th day of November, 2009 J U D G M E N T ---------------------- 1. Eventhough proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is challenged in this writ petition on various grounds, the petitioners are limiting their prayer for permitting payment of the entire balance within a reasonable time, in installments. 2. Learned standing counsel appearing for the respondent submitted that the property, which is the secured asset, has already been taken over possession by issuing notice under Section 13(4) and the balance outstanding as on 18.8.2009 is Rs.1,65,927/-. Since the loan account is in chronic default the Bank is not favouring in allowing any extended period for payment of the balance outstanding. 3. Having regard to the facts and circumstances and having heard rival contentions, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioner to wipe out the arrears by payment of the entire balance in installments within a reasonable time, eventhough W.P.(C).29128/09 2 interference on merits is not at all desirable. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.50,000/- (Rupees Fifty Thousand only) on or before 15/1/2010. The respondent shall keep in abeyance further steps till such date. On payment of the said amount the respondent shall issue a statement to the petitioner intimating the net balance payable after crediting all payments and after considering waiver of interest/default interest and expenses, if any possible. The petitioner shall continue payment of the balance so intimated in 4 (four) monthly installments falling due thereafter, on or before 15.02.2010 and on or before 15th day of every succeeding months. 5. It is made clear that on the event of default in payment of any of the installments, the respondent will be at liberty to take 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 either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb W.P.(C).29128/09 3