IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 15TH FEBRUARY 2010 / 26TH MAGHA 1931 WP(C).No. 3904 of 2010(K) ------------------------- CMP.5770/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER: --------------- M/S.SUNDARAM BNP PARIBAS HOME FINANCE COMPANY LTD., WHICH WAS FORMERLY KNOWN AS M/S.SUNDARAM HOME FINANCE LTD.,PRESENTLY WORKING AT ELIZABETH ALEXANDER MEMORIAL BUILDING,II FLOOR, MARINE DRIVE,COCHIN-31,REP.BY AUTHORISED OFFICER & SR.LEGAL OFFICER,SRI.P.N.ANOOP,S/O.NARAYANA PILLAI BY ADV. SRI.VARGHESE C.KURIAKOSE SRI.T.A.ABDUL RASHEED SRI.ADEEP ANWAR RESPONDENTS: --------------- 1. UNION OF INDIA, REP.BY FINANCE SECRETARY, NEW DELHI. 2. STATE OF KERALA, REP.BY CHIEF SECRETARY, SECRETARIAT, THIRUVANANTHAPURAM. 3. THE CHIEF JUDICIAL MAGISTRATE, CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. 4. APPU.P, STAR BHAVAN, THOLIKODE, DALMUGHAM.P.O, THIRUVANANTHAPURAM. 5. E.P.PUSHPAKUMARI, W/O.APPU.P, STAR BHAVAN, THOLIKODE, DALMUGHAM.P.O, THIRUVANANTHAPURAM. ADV. SRI.KISHOR B. FOR R4,5 SRI.T.P.M.IBRAHIM KHAN,ASST.S.G OF INDI FOR R1 GOVT. PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.3904 of 2010-K ---------------------------- Dated this the 15th day of February, 2010. J U D G M E N T The petitioner secured creditor is before this Court aggrieved of the notice ordered in a petition filed under Section 14 of the SARFAESI Act, seeking for necessary assistance to take the physical possession of the property over which security interest has been created by the borrower in connection with a loan transaction extended by the petitioner/secured creditor. 2. The grievance of the petitioner is that the borrower was not at all eager to clear the due amount, which made the petitioner to proceed with further steps invoking the machinery under the SARFAESI Act. Since there was no positive response, a petition was filed before the concerned Chief Judicial Magistrate, seeking for the assistance under Section 14 to take the physical possession of the building, wherein Ext.P5 order has been passed, issuing 'notice' to the concerned respondent and adjourning the case by nearly 'three months', which is under challenge in this Writ Petition. 3. When the matter came up for consideration before this W.P(C) No.3904 of 2010-K 2 Court on 4.2.2010, notice by special messenger was ordered to the 4th and 5th respondents who are the concerned borrowers; pursuant to which they have entered appearance through the learned counsel. The learned counsel for the concerned respondents submits that the respondents are ready and willing to clear the entire liability by way of 2 or 3 instalments and that the coercive steps being pursued at the instance of the petitioner might be caused to kept in abeyance. 4. After hearing both the sides, this Court finds that the matter can be disposed of by permitting the 4th and 5th respondents to clear the liability by providing some breathing time and accordingly, the said respondents are directed to deposit a sum of Rs.1 lakh within 'one month' and the balance amount shall be cleared by way of ‘two’ equal monthly instalments; the first of which shall be effected or before 15.4.2010 and the next one on or before the 15th of May 2010. Subject to the above, all further proceedings being pursued against the 4th and 5th respondents shall be kept in abeyance. It is made clear that, if any default is committed by the 4th and 5th respondents in satisfying the due amount as above, the statutory authority shall proceed with the steps under Section 14 of W.P(C) No.3904 of 2010-K 3 the 'Act' to provide all necessary assistance to take physical possession of the premises over which security interest has been created. The Writ Petition is disposed of accordingly. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab W.P(C) No.3904 of 2010-K 4