IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 31ST MARCH 2009 / 10TH CHAITHRA 1931 WP(C).No. 22962 of 2007(H) -------------------------------------- PETITIONER(S): ---------------------- MRS.FATHIMA BEEVI HAYARUNNISA, TC 42/928(2), ASHAN NAGAR, MUTTATHARA, TRIVANDRUM, (PRESENTLY RESIDING AT TC 46/314, SRADHA, TRIVENI JUNCTION, POONTHURA POST, TRIVANDRUM.) BY ADV. MR.DEVAPRASANTH.P.J. RESPONDENT(S): ------------------------- PUNJAB NATIONAL BANK, REPRESENTED BY THE AUTHORISED OFFICER, REGIONAL OFFICE, CPGP TOWERS, UPPALAM ROAD, STATUE, THIRUVANANTHAPURAM. BY ADV. MR.K.S.DILIP MR.SAJU N.A. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 31/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO. 22962/2007-H APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE NOTICE DATED 06/06/2007 ISSUED BY THE RESPONDENT BANK. EXT.P2: COPY OF THE RECEIPT DATED 28/06/2007. RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A. TO JUDGE Rs/ P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 22962 Of 2007 ~~~~~~~~~~~~~~~~~~~~~~~ Dated this the 31th day of March, 2009 JUDGMENT The challenge in the writ petition is against the proceedings taken by the respondent Bank against the petitioner under the relevant provisions of SARFAESI Act, as evident from Ext.P2. 2. The case of the petitioner is that, she had availed a cash credit facility in connection with her business and because of some unfortunate events, she happened to be a defaulter which made the respondent to issue Ext.P1 proceedings demanding a sum of Rs.5,15,284/-. It is further submitted that despite the adverse circumstances, the petitioner effected payment of Rs.1,00,000/- to respondent Bank on 28.6.07 as evident from Ext.P2 and the prayer is to permit her to clear the liability by way of installments. 3. When the above matter came up for consideration on 26.7.2007, this Court had passed an interim order of stay for one month on condition that petitioner paid Rs.2,00,000/- within one month. No counter affidavit has been filed by the respondent Bank stating that the petitioner has not complied with the condition and as to the position as on date. WPC No. 22962 of 2007 : 2 : 4. In the above facts and circumstances, the petitioner is permitted to clear the outstanding liability by way of 10 equal monthly installments commencing from May, 2009. First installment shall be paid on or before 30th of May, 2009 and the subsequent installments shall be paid on or before 30th of the succeeding months. If any default is made by the petitioner, the respondent Bank will be at liberty to proceed with further steps for realisation of the amounts in accordance with law. It is also made clear that once the petitioner satisfies the entire liability as aforesaid, she will be entitled to get back the possession of the property, if already taken over by the Bank along with the title deeds. Disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd WPC No. 22962 of 2007 : 3 :