IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 22ND DECEMBER 2009 / 1ST POUSHA 1931 WP(C).No. 33510 of 2009(G) -------------------------- PETITIONER(S): --------------- 1. K.NASAR, KINAKOOL HOUSE, NEAR GOVERNMENT HIGH SCHOOL, P.O.IRIKKUR, KANNUR. 2. O.V.KHADEEJA, W/O.K.NAZAR, KINAKOOL HOUSE, NEAR GOVERNMENT HIGH SCHOOL, P.O.IRIKKUR, KANNUR. BY ADV. SRI.K.I.MAYANKUTTY MATHER SRI.P.P.RAMACHANDRAN RESPONDENT(S): --------------- 1. BANK OF INDIA, REP. BY ITS MANAGER, KANNUR BRANCH, KANNUR. 2. CHIEF MANAGER AND AUTHORIZED OFFICER, BANK OF INDIA, ZONAL OFFICE, KERALA ZONE, KALOOR TOWERS, KALOOR-KADAVANTHRA ROAD, COCHIN-68017. ADV. SRI.DEVAN RAMACHANDRAN, S.C. FOR R2 SRI.K.M.ANEESH FOR R2 SRI.K.SANTHOSH KUMAR (KALIYANAM) FOR R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.33510 OF 2009 ------------------------------ Dated this the 22nd day of December, 2009 J U D G M E N T ---------------------- 1. Aggrieved by coercive steps initialised for taking over possession of the secured assets, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the petitioners are approaching this court. Pursuant to an interim order dt.23.11.2009 an amount of Rs.2,50,000/- was remitted towards arrears in the loan account. 2. Eventhough various contentions are raised in the writ petition, petitioners are limiting their prayer to the extent of permitting to pay the balance amount in installments within a reasonable time. Learned standing counsel appearing for the respondent Bank contended that the loan account is in chronic default and an amount of more than Rs.11 lakhs is due as in August 2009. The Bank is not favouring in extending any considerable period for wiping off the liability. 3. Having considered submissions on both sides, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioners to pay off the balance amount within a reasonable time. W.P.(C).33510/09-G 2 4. Accordingly the writ petition is disposed of directing the petitioners to make payment of a further sum of Rs.2,00,000/- (Rupees two lakhs only) on or before 31.1.2010. The respondents are directed to keep in abeyance further coercive steps till such date. If the amount as directed above is remitted, the respondents shall intimate the petitioners about the net balance outstanding, after crediting all payments and after considering waiver of interest/default interest and expenses to the possible extent. The petitioners shall continue payment of the balance amount so intimated in 4 (four) equal monthly installments thereafter, falling due on or before 28.2.2010 and on or before the last day of the succeeding months. 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 the 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