IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 6TH SEPTEMBER 2010 / 15TH BHADRA 1932 WP(C).No. 23083 of 2010(I) -------------------------- PETITIONER(S): --------------- T.OMANAKUTTAN PILLAI, S.J.NIVAS, PALLARIMANGALAM P.O., MAVELIKKARA, ALAPPUZHA DISTRICT. BY ADV. SRI.T.R.HARIKUMAR SRI.JAYAN V.EAPEN RESPONDENT(S): --------------- 1. LIC HOUSING FINANCE LTD., 2ND FLOOR, LEELA TOWERS, KESAVADASAPURAM, THIRUVANANTHAPURAM-695 004. 2. RECOVERY OFFICER, LIC HOUSING FINANCE LTD., 2ND FLOOR, LEELA TOWERS, KESAVADASAPURAM, THIRUVANANTHAPURAM-695 004. ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C. K. ABDUL REHIM, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No.23083 of 2010 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 6th day of September, 2010 JUDGMENT Consequent to proceedings initiated under the provisions of the SARFAESI Act, on invoking section 14(1), the Chief Judicial Magistrate Court, Kollam had appointed an Advocate Commissioner to take over possession of immovable property belonging to the petitioner, which is the secured asset with respect to the loan availed by him from 1st respondent. It is stated that the petitioner, who was working as a Lecturer (Senior Scale) in an Educational Institution owned by the Travancore Devaswom Board, has applied for voluntary retirement due to serious ailment. Exts.P6 and P7 are produced in order to substantiate the fact that he had already submitted applications in this regard to the Secretary of the Devaswom Board. It is further stated that through proceedings dated 22-9-2009 the request of petitioner was granted and he was permitted to take voluntary retirement with effect from 31-8-2009. It W.P.(C) No. 23083/2010 2 is submitted that the benefits due to the petitioner on his retirement has not been received so far and that he is expecting to get substantial amounts from the management within a short period. According to him, he is ready and willing to pay off the entire arrears due in the loan account as and when such benefits are received. Hence, petitioner is seeking indulgence of this Court in directing the respondents to keep in abeyance further coercive steps for a reasonable period, in order to facilitate him to pay off the entire liability. 2.By virtue of an interim order of this Court dated 23- 7-2010, the petitioner had remitted a sum of Rs.2,00,000/-. Learned counsel for 1st respondent submitted that after crediting such payment, the net balance outstanding will be more than Rs.10.5 lakhs. Respondents are opposing granting of time for payment of the balance amount. 3. Considering the facts and circumstances and the contentions on both sides, I am of the opinion that some indulgence can be shown in the matter of permitting W.P.(C) No. 23083/2010 3 petitioner to pay off the entire liability within a reasonable time. 4. In the result, the writ petition is disposed of directing the respondents to keep in abeyance dispossession and sale of the property, provided the petitioner makes payment of the entire balance due including future interest, in six equal monthly instalments, falling due on or before 30-9-2010 and on or before the last day of the five succeeding months. 5.It is made clear that on the event of default in payment of any of the instalments, the respondents will be free to proceed with further steps on the basis of Ext.P5 notice. It is further made clear that indulgence shown above is subject to the condition that petitioner is precluded from raising any further challenge against such proceedings either before this Court or before any other forum. C. K. ABDUL REHIM, JUDGE. mn.