IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 19TH OCTOBER 2009 / 27TH ASWINA 1931 WP(C).No. 25834 of 2009(Y) -------------------------- CMP.2300/2009 of C.J.M.,KOTTAYAM .................... PETITIONER(S): --------------- GEORGE MATHEW, AGED 56, S/O.MATHEW, KAROTTU HOUSE, MUTTUCHIRA P.O., KOTTAYAM. BY ADV. SRI.G.SREEKUMAR (CHELUR) SMT.PREETHY KARUNAKARAN SRI.GINESH.P. SRI.K.RAVI (PARIYARATH) RESPONDENT(S): --------------- 1. THE FEDERAL BANK, MUTTUCHIRA BRANCH, KOTTAYAM, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER, THE FEDERAL BANK, THEKUMNGAL BUILDING, T B ROAD, KOTTAYAM. ADV. SRI.MOHAN JACOB GEORGE FOR R1 & R2 SMT.P.V.PARVATHI FOR R1 & R2 SMT.REENA THOMAS FOR R1 & R2 SRI.L.RAM MOHAN FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).25834/09 APPENDIX PETITIONER'S EXHIBITS:- EXT.P1:- TRUE COPY OF RECEIPT FOR REMITTANCE OF RS.30000/- TOWARDS THE LOAN DT.9.1.09 EXT.P2:- TRUE COPY OF THE NOTICE ISSUED DT.27.3.09 EXT.P3:- TRUE COPY OF NOTICE SERVED DT.28.8.09 RESPONDENT'S EXHIBITS:- NIL OKB //TRUE COPY// P.A. TO JUDGE C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.25834 OF 2009 ------------------------------ Dated this the 19th day of October, 2009 J U D G M E N T ---------------------- 1. Petitioner had availed a housing loan from the 1st respondent Bank to the tune of Rs.1,50,000/- in the year 1998. 14 cents of land along with residential building situated therein was mortgaged in order to secure the loan. Eventhough some amounts were repaid, the petitioner committed default in continued payment of the monthly installments. Consequently the respondents initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), and Ext.P1 notice under Section 13(2) was issued. Thereafter the Chief Judicial Magistrate Court was approached and an Advocate Commissioner was appointed to take over possession of the property under Section 14(1) of the Act. 2. According to the petitioner he had approached the Bank seeking reasonable time to pay off the entire liability. But the Bank was not prepared to accede to any such request. Hence the writ petition is filed. 3. This court through an interim order dt. 14.9.09 W.P.(C).25834/09-Y 2 directed the petitioner to make payment of an amount of Rs.35,000/-, which the petitioner had already remitted. Learned standing counsel appearing for the respondents submitted that the balance outstanding will be about Rs.1,04,907/-. Learned counsel for the petitioner submitted that the petitioner is ready and willing to pay off the entire liability within a reasonable time, in installments. 4. Having considered facts and circumstances of the case I am inclined to show some indulgence in permitting the petitioner to pay off the entire liability in installments. 5. Accordingly the writ petition is disposed of directing the petitioner to make payment of a sum of Rs.40,000/- (Rupees Forty Thousand only) on or before 15.11.2009. The respondents are directed to keep in abeyance further steps till such date. On payment of the said amount the 1st respondent Bank will intimate about the net amount outstanding, after crediting all payments and after considering waiver of interest/penal interest if any possible. The petitioner shall continue to pay the balance so intimated in 3 (three) equal monthly installments starting from 15.12.2009 and on or before the 15th day of the succeeding two months. 6. It is made clear that on the event of default in paying any of the amounts as stipulated above, the respondents will be W.P.(C).25834/09-Y 3 at liberty to take further steps based on the orders already issued by the Chief Judicial Magistrate Court, 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