IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 15TH DECEMBER 2009 / 24TH AGRAHAYANA 1931 WP(C).No. 36072 of 2009(D) -------------------------- PETITIONER(S): --------------- 1. M.MANOJKUMAR, S/O.C.N.V.MENON, SREE VIHAR, S.A.ROAD, OPP.WELCARE HOSPITAL, VYTTILA, KOCHI - 682 019. 2. SARITA MANOJKUMAR, W/O.MANOJKUMAR, SREE VIHAR, S.A.ROAD, OPP.WELCARE HOSPITAL, VYTTILA, KOCHI - 682 019. 3. A.A.VINODKUMAR, ARAVINDALAYAM, EDAPPALLY NORTH, ERNAKULAM PIN - 682 024. BY ADV. SRI.AUGUSTINE JOSEPH SRI.K.S.ROCKEY RESPONDENT(S): --------------- 1. BANK OF INDIA REPRESENTED BY ITS ZONAL MANAGER, ZONAL OFFICE - KERALA ZONE, KALOOR TOWERS, KALOOR - KADAVANTHARA ROAD, KOCHI - 682 017. 2. THE BRANCH MANAGER, BANK OF INDIA, EZHIKKARA BRANCH, EZHIKKARA P.O., ERNAKULAM DIST. PIN 683 513. ADV.SRI.KODOTH SREEDHARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.36072 OF 2009 ------------------------------ Dated this the 15th day of December, 2009 J U D G M E N T ---------------------- 1. Eventhough various grounds are raised challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), it is noticed that the petitioners were issued only with notice under Section 13(2) of the Act, for which they are entitled to raise objections. However learned counsel for the petitioners submitted that they are confining relief to the extent of permitting payment of the entire arrears in installments, within a reasonable time. 2. Heard, standing counsel appearing for respondents. It is submitted that the loan account is in chronic default and the Bank is now pursuing coercive steps. Considering the huge amounts involved in all the three loans, the respondents are not favouring in granting any extended period for wiping off the liability. 3. Having considered facts and circumstances of the case and submissions made on both sides, I am of the opinion that some indulgence can be shown in the matter of permitting W.P.(C).36072/09-D 2 the petitioners to pay off the liability, within a reasonable period, eventhough interference on merits of the issue is not at all warranted. 4. Accordingly the petitioners are permitted to make payment of amounts outstanding under the three distinct loans, for which Ext.P1 to P3 notices are issued, in 8 (eight) equal monthly installments starting from 15.1.2010 and on or before 15th day of succeeding months. It is made clear that the petitioners will be liable for payment of future interest with respect to the balance amount outstanding. If regular payments are effected as directed above, the respondents shall keep in abeyance further coercive steps under the SARFAESI Act. 5. It is made clear that on the event of default in payment of any of the installments as stipulated above, the respondents will be at liberty to take further steps pursuant to notices already issued and on such event the petitioners 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