IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 30TH NOVEMBER 2009 / 9TH AGRAHAYANA 1931 WP(C).No. 33856 of 2009(B) -------------------------- PETITIONER(S): --------------- SHERLY, W/O. NEPOLIAN, AGED 40 YEARS, RESIDING AT ANSI BHAVAN, NADUVILAKKARA, NEAR PARANTHIRI TEMPLE, PULLICHIRA P.O., KOTTIYAM, KOLLAM DIST. BY ADVS. SRI.J.R.PREM NAVAZ SMT.SARITHA DAVID CHUNKATH RESPONDENT(S): --------------- UNION BANK OF INDIA, KOTTIYAM BRANCH, REPRESENTED BY THE CHIEF MANAGER, UNION BANK OF INDIA, REGIONAL OFFICE, UNION BANK BHAVAN, M.G. ROAD, THIRUVANANTHAPURAM -695 001. BY ADV. SRI. A.V. THOMAS, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 33856 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 30th day of November, 2009 J U D G M E N T 1. Writ petition is filed challenging the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Eventhough various grounds are raised against the proceedings, learned counsel for the petitioner conceded that the petitioner is ready and willing to make payment of the defaulted installments along with overdue interest and expenses, if any liable, within a short period. Hence the petitioner is seeking indulgence of this court in directing the respondent to permit regularisation of the account. 2. Standing counsel appearing for respondent Bank submitted that the defaulted amount as on 01.03.2009 is Rs.2,07,463/-. Since the account is in chronic default the Bank is not favouring in permitting the petitioner to W.P.(C)No. 33856 of 2009 -2- continue payment on the basis of the original schedule. 3. Having considered rival submissions and facts and circumstances of the case, I am of the opinion that the petitioner can be given a chance to regularise the account by paying the defaulted amounts, eventhough interference on merits is not at all desirable. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of the entire amount pertaining to the defaulted installments along with over due interest and expenses if any liable, in three (3) equal monthly installments falling due on or before 31.12.2009 and on or before the last day of the two succeeding months. The petitioner shall also make payment of the regular installments due from December, 2009 onwards, along with the above said payments. If the defaulted amounts are cleared payment as directed above, the respondent shall permit the petitioner to make payment of the future installments as per the original schedule of repayment. W.P.(C)No. 33856 of 2009 -3- 5. It is made clear that on the event of failure to pay any of the installments as stipulated above, the respondent Bank will be free to proceed with further steps pursuant to the notices already issued, and on any such event the petitioner will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/