IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 21ST OCTOBER 2009 / 29TH ASWINA 1931 WP(C).No. 29298 of 2009(F) -------------------------- PETITIONER(S): --------------- VILASINI, AGED 55 YEARS, W/O.GOPALAN, ATTORE HOUSE, P.O.ATTORE, VIA VIYYOOR, THRISSUR DISTRICT. BY ADV. SRI.RAJIT RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE, GHANIS BUILDING, KUNNATHURMEDU P.O., PALAKKAD, KERALA. 2. THE SOUTH INDIAN BANK LTD., ORUMANAYOOR BRANCH, CHAVAKKAD TALUK, THRISSUR DISTRICT, REPRESENTED BY ITS BRANCH MANAGER. BY ADV. SRI.GEORGE VARGHESE, SC, SOUTH INDIAN BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 29298 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 21st day of October, 2009 J U D G M E N T 1. The petitioner's son had availed a business loan from the 2nd respondent Bank to the tune of Rs.3,30,000/- during the year 2002. Property belonging to the petitioner and her husband was mortgaged to secure the loan transaction. Since repayment in the loan account was defaulted, the Bank had filed civil suit and obtained a decree against the parties. The respondents had also initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and notices as contemplated under Section 13 (2) & 13 (4) of the Act had already been issued. According to the petitioner the Bank had not considered her request for One Time Settlement and also her offer to remit the amount in installments. Apprehending coercive steps against the immovable W.P.(C)No. 29298 of 2009 -2- property, the writ petition is filed seeking direction to permit payment of the amounts due in installments, after considering compromise settlement. 2. Heard standing counsel appearing for the respondents. It is submitted that the petitioner's husband had filed a writ petition earlier before this court and it was withdrawn. It is also stated that Bank had obtained decree from the civil court with respect to the arrears. It is pointed out that the borrower, who is the son of the petitioner, is working in Gulf countries and inspite no effort was made to pay off the liability. According to the respondents, an amount of about Rs.7.2 lakhs is due now, along with interest from 31.03.2009 onwards. Under the above circumstances the Bank is not favoring in permitting payment of the amount within any extended period. 3. Having considered facts and circumstances of the case and submissions on both sides, I am of the opinion that no interference by this court against the proceedings initiated against under the SARFAESI Act is warranted. W.P.(C)No. 29298 of 2009 -3- However, considering the situation I am of the opinion that some indulgence can be shown in permitting to pay off the entire liability in installment, within a reasonable time. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of a sum of Rs.2,00,000/- on or before 15.11.2009. The respondents are directed to keep in abeyance further coercive steps till such date. If the petitioner makes payment of the said amount, the respondents will furnish a balance statement showing the entire amounts outstanding, after after crediting all payments made and after considering waiver of interest/default interest, to the possible extent. The petitioner shall continue to pay the balance amount so intimated in four (4) equal monthly installments starting from 15.12.2009 and on or before the 15th day of every 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 free to take further steps pursuant to W.P.(C)No. 29298 of 2009 -4- the notices already issued and on such event the petitioner will be precluded from raising any further challenge against the proceedings before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/