IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 25TH NOVEMBER 2009 / 4TH AGRAHAYANA 1931 WP(C).No. 33140 of 2009(J) ---------------------------------------- PETITIONER(S): ------------------------- BASHEER.K.N, KOADUKKAMANNIL HOUSE, VETTIPURAM MURI, PERIGAMALA, THONIAMALA.P.O, PATHANAMTHITTA VILLAGE, PATHANAMTHITTA DISTRICT. BY ADVS.MR.ABRAHAM SAMSON SMT.LOVELY SAMSON RESPONDENT(S): --------------------------- THE KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM DISTRICT, REPRESENTED BY ITS GENERAL MANAGER. ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 33140 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 25th day of November, 2009 J U D G M E N T 1. Even though various contentions are raised against the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), learned counsel for the petitioner submitted that the petitioner is ready and willing to regularise the account by paying the defaulted installments, along with interest and expenses if any liable. On the basis of such submissions the petitioner is seeking indulgence of this court to permit continuance of repayment as per the original schedule for the future period. 2. Learned standing counsel appearing for respondent on instructions submitted that the loan was availed as early as in the year 2005 and the petitioner had defaulted payment of 27 monthly installments as on today. W.P.(C)No. 33140 of 2009 -2- Hence the respondent is not favouring in permitting any extended period for payment of the defaulted amounts. 3. Having considered facts and circumstances of the case and submissions on both sides, I am of the opinion that indulgence can be shown in permitting the petitioner to regularise the account by paying the defaulted amounts within a reasonable time. 4. Hence the writ petition is disposed of directing the petitioner to make payment of the amount pertaining to defaulted installments due till December, 2009 along with penal interest and expenses if any liable in three (3) equal monthly installments starting from 31.1.2010 and due on or before the last day of the two succeeding months. The petitioner shall also make payment of the regular installments due from January 2010 along with the above said payments. 5. If the amount as directed above is paid and the loan account is cleared payment up-to-date, the respondent shall permit the petitioner to continue with future payments as W.P.(C)No. 33140 of 2009 -3- per the original schedule of repayment. 6. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the 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/