IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 22ND OCTOBER 2009 / 30TH ASWINA 1931 WP(C).No. 28027 of 2009(W) -------------------------- PETITIONER(S): --------------- THRESSIAMMA JOSEPH, W/O.LATE JOSEPH, MARATTUKALAM HOUSE, VAZHAPPALLY WEST PO, CHANGANASSERY, KOTTAYAM. BY ADV. SRI.K.REGHU KOTTAPPURAM RESPONDENT(S): --------------- 1. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, S.B.COLLEGE BRANCH,CHANGANASSERRY, KOTTAYAM. 2. THE CHIEF MANAGER, STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, KOTTAYAM. BY STANDING COUNSEL SRI. R.S. KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 28027 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 22nd day of October, 2009 J U D G M E N T 1. Petitioner along with her daughter had availed an educational loan from the 1st respondent Bank to the tune of Rs.2,64,000/- during the year 2001. The loan was availed for persuing studies of the daughter of the petitioner in B.Sc Nursing Course. It is stated that the petitioner's daughter had qualified the course during the year 2006. But she got a job only recently, during September, 2009. At present petitioner's daughter is employed at Kuwait and is drawing salary at the rate of Rs.50,000/-. Since the period for repayment expired and no considerable repayment was effected in the loan account, the Bank initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Subsequently the Chief Judicial Magistrate was approached invoking Section 14 (1) and an Advocate W.P.(C)No. 28027 of 2009 -2- Commissioner was appointed to take over actual possession of the property, which is mortgaged for securing the loan. Contention of the petitioner is that since her daughter has got employment at present, she is ready to pay off the liability in installments. Since the Bank has not acceded to such request, the petitioner is approaching this court. 2. By an interim order dated 06.10.2009 this court directed payment of Rs.50,000/- as condition for granting interim stay, which the petitioner had complied with. Learned counsel for the petitioner now submitted that, she had already put up an offer to the 1st respondent Bank promising to make payment of the entire balance outstanding in equal monthly installments of Rs.25,000/- each. Learned standing counsel appearing for the Bank submitted that on considering the said offer the Bank had expressed willingness to permit the petitioner to pay off the entire liability as per the offer made. 3. Accordingly the writ petition is disposed of directing the petitioner to pay off the entire liability in W.P.(C)No. 28027 of 2009 -3- installments of Rs.25,000/- each, starting from 15.12.2009 onwards and on or before the 15th day of every succeeding months. If regular payments are effected as above the respondents are restrained from taking any coercive steps pursuant to orders already issued by the Chief Judicial Magistrate. 4. It is made clear that on the event of default in payment of any of the amounts as stipulated above the respondent Bank will be free to take further steps pursuant to orders already issued by the Chief Judicial Magistrate and on such event the petitioner will be precluded from raising any further challenge against the proceeding initiated under the SARFAESI Act, either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/