IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 1ST OCTOBER 2009 / 9TH ASWINA 1931 WP(C).No. 17944 of 2009(K) -------------------------- PETITIONER(S): --------------- SURESHKUMAR S., VALIYAPUTHUVAYATHU, PAIVALLI BHAGAM, OMALLOOR, PATHANAMTHITTA. BY ADV. SRI.P.SREEKUMAR SRI.K.S.MANU (PUNUKKONNOOR) RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, PATHANAMTHITTA DISTRICT CO-OP. BANK LTD., PATHANAMTHITTA. 2. THE BRANCH MANAGER, PATHANAMTHITTA DISTRICT CO-OP. BANK LTD., PATHANAMTHITTA BRANCH. ADV.SRI.T.P.PRADEEP, S.C. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 01/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).17944/09 APPENDIX PETITIONER'S EXHIBITS:- EXT.P1:- COPY OF THE LETTER DT.3.12.08 ISSUED BY R1 EXT.P2:- COPY OF THE NOTICE DT.30.3.09 ISSUED BY THE COMMISSIONER. RESPONDENT'S EXHIBITS:- NIL okb //True Copy// P.A. to Judge C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.17944 OF 2009 ------------------------------ Dated this the 1st day of October, 2009 J U D G M E N T ---------------------- 1. The petitioner had availed a loan to the tune of Rs.1,50,000/- from the 2nd respondent Bank for business purposes. Immovable property belonging to the petitioner was mortgaged for securing loan. Pursuant to default committed in repayment, the Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act). It is submitted that the Bank had already approached the Chief Judicial Magistrate Court and an Advocate Commissioner was appointed to take over possession of the secured assets. 2. It is noticed that pursuant to an interim order of this court dt:26.6.2009 the petitioner had remitted an amount of Rs.35,000/- on 16.7.2009. Submission of the learned counsel for the petitioner is that the petitioner is ready and willing to effect payment of the entire balance in installments within a reasonable time. 3. Heard learned standing counsel appearing for the respondent Bank. It is submitted that an amount of Rs.1,92,131/- W.P.(C).17944/09 2 is the outstanding balance as on 16.7.2009. It is further submitted that the loan account is in chronic default and the petitioner is not taking any positive steps to clear the arrears. The learned counsel is opposing the proposal for permitting installment payment. 4. Having considered facts and circumstances of the case and contentions on both sides, I am of the opinion that eventhough interference with respect to proceedings initiated under the SARFAESI Act on merits is very limited, this is a fit case where indulgence can be shown to permit the petitioner to pay off the entire liability within a reasonable time in installments. 5. Therefore the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.50,000/- on or before 31.10.2009. The respondents are directed to keep in abeyance further steps till such time. If the petitioner makes payment of the above said amount the Bank will furnish a balance statement to the petitioner after crediting all such payments and after considering waiver of interest or default interest if any to the possible extent. The petitioner shall continue to pay the balance so intimated in 5 equal monthly installments starting from 30.11.2009 and on or before the last day of the succeeding months. W.P.(C).17944/09 3 6. It is made clear that on the event of default in payment of any of the installments the respondents will be at liberty to take further steps pursuant to the notice already issued. It is also made clear that the benefit granted under this judgment is subject to the condition that the petitioner is precluded from raising any further challenge against the proceedings before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb