IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 8TH SEPTEMBER 2009 / 17TH BHADRA 1931 WP(C).No. 25199 of 2009(T) -------------------------- PETITIONER(S): --------------- C.K.KIHAIRUNNISA, W/O. HASHIM.C.N. SHAMNA'S HOUSE, EMILY ROAD, KALPETTA, WAYANAD DIST. BY ADV. SMT.CELINE JOSEPH RESPONDENT(S): --------------- THE MANAGER (AUTHORISED OFFICER) CANARA BANK, KALPETTA BRANCH, KALPETTA, WAYANAD DIST. ADV. SRI.P.GOPINATHA MENON, SC, CANARA BANK. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/09/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C)No.25199 OF 2009 ------------------------------ Dated this the 8th day of September, 2009 J U D G M E N T ---------------------- 1. Petitioner is aggrieved by the proceedings initiated by respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act). Notices are issued under Section 13(2) of the Act. The petitioner had availed various loans from the respondent Bank. According to the petitioner, repayment in those loans fell into arrears due to unforeseen crisis suffered in his business activities. Petitioner is seeking indulgence of this Court for permitting payment in a phaced manner within a reasonable time. 2. Standing Counsel for the respondent Bank on instructions submitted that the petitioner had availed a business loan, a vehicle loan and two loans for purchase of jewellery, one in the joint name of the petitioner and her husband. It is submitted that the total arrears in the above said four loan accounts had now been accumulated to a sum of about Rs.21 lakhs, along with future interests due thereon. Standing Counsel opposed granting any enlargement of time for effecting payment, since steps for taking over possession of the secured assets is being pursued. W.P.(C).25199/09-T 2 3. Considering the facts and circumstances of the case I am persuaded to show indulgence in the matter with respect to granting reasonable time for effecting repayment of the entire arrears in a phaced manner. Hence the writ petition is disposed of directing the respondent herein to keep in abeyance all further proceedings initiated under the provisions of the SARFAESI Act, if the petitioner makes payment of an amount of Rs.4 lakhs on or before 15.10.2009 and pay the total balance amount, which will be intimated to her by the respondent Bank on payment of the amount as above, in six equal monthly installments starting from 15th November, 2009, the subsequent installments falling due on 15th day of every subsequent months. It is made clear that on failure of payment of any of the installments benefit granted under this Judgment will stand automatically recalled and on such event the respondent Bank will be free to pursue remedies available under the law, without further notices. It is also made clear that the benefit as above is granted on condition that the petitioner is precluded from any further challenge against the proceedings under the SARFAESI Act before this Court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb