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. 28003 of 2009(U) -------------------------- PETITIONER(S): --------------- 1. JUBAIRIYETHU BEEVI, MANSAJ MANZIL, THAZHAMEL, ANCHAL. 2. A.FAZALUDEEN, MANSAJ MANZIL, THAZHAMEL, ANCHAL BY ADVS. SRI.R.SURAJ KUMAR SRI.N.AJITH RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE ,REP.BY THE CHAIRMAN,STATE BANK OF TRAVANCORE HEAD OFFICE, NEW ADMINISTRATIVE COMPLEX, POOJAPPURA PO, THIRUVANANTHAPURAM. 2. THE CHIEF MANAGER, (AUTHORIZED OFFICER)STATE BANK OF TRAVANCORE ANCHAL BRANCH, KOLLAM DIST. BY ADV. SRI. R.S. KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 28003 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 22nd day of October, 2009 J U D G M E N T 1. Petitioners are aggrieved by proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated pursuant to default committed by them in repayment of a housing loan availed from the 2nd respondent Bank. On an earlier occasion the petitioners have approached this court and in Ext.P5 judgment the petitioners were directed to approach the Bank seeking One Time Settlement, on remittance of 25% of the outstanding. According to the petitioners, the Bank has not taken any decision in compliance with the directions contained in Ext.P5 judgment inspite of remitting the 25%. 2. On the other hand, standing counsel appearing for the respondents submitted that the petitioners have not submitted any concrete offer regarding 'One Time W.P.(C)No. 28003 of 2009 -2- Settlement' inspite of repeated requests of the 1st respondent Bank. Lastly, the petitioners offered payment of an amount of Rs.1,99,633/- whereas the total outstanding at that time was about Rs.6 lakhs. Therefore the proposal was rejected and an intimation was issued to the petitioners requesting to increase their offer to a reasonable amount. 3. The present writ petition is filed when the respondents have approached the Chief Judicial Magistrate invoking Section 14 (1) of the SARFAESI Act and when on Advocate Commissioner was appointed to take over the property. By virtue of an interim order issued by this court the petitioners had effected payment of an amount of Rs.1 lakh. 4. Having confronted with the above situations, learned counsel for the petitioners submitted that he is limiting the relief to a direction to the Bank to finalise outstanding after considering 'One Time Settlement/Compromise Settlement' and for granting reasonable time to pay off the amount under the W.P.(C)No. 28003 of 2009 -3- Settlement, in reasonable installments. Eventhough interference on merits with respect to the SARFAESI proceedings is not desirable in view of the effective alternate remedy available, and in view of the fact that this court was already approached on an earlier occasion, I am of the opinion that some indulgence can be shown in permitting the petitioners to pay off the entire liability in installments within a reasonable time. 5. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.1,50,000/- on or before 30.11.2009. In the meanwhile the respondents are directed to keep in abeyance further steps for dispossession, or from sale of the property. On remittance of the said amount, the respondents shall intimate the petitioners about the total net balance to be paid, after considering One Time Settlement/Compromise Settlement, and after crediting all payments made till then. The petitioners shall continue payment of the balance amount so intimated in four (4) equal monthly installments W.P.(C)No. 28003 of 2009 -4- starting from 31.12.2009 and on or before the last day of the succeeding months. 6. It is made clear that on the event of default in payment of any of the amounts as stipulated above the respondents will be free to take further steps pursuant to orders already issued by the Chief Judicial Magistrate and also the notice issued by the Advocate Commissioner, and on any such event the petitioners are precluded from raising any further challenge against such proceeding either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/