IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 6TH SEPTEMBER 2010 / 15TH BHADRA 1932 WP(C).No. 27578 of 2010(V) ------------------------------- PETITIONER : ----------------- MADHUKUMAR, AGED 51, S/O.YOHANNAN, RESIDING AT LILY DALE, TC 11/1454, PAROTTUKONAM, NALANCHIRA P.O., THIRUVANANTHAPURAM. BY ADV. SRI. A.B. MOHANAKUMAR RESPONDENT(S): ------------------------ 1. THE AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD, HEAD OFFICE: FORT, THIRUVANANTHAPURAM, PIN: 695 023. 2. THE BRANCH MANAGER, KANJIRAMKULAM BRANCH, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD - 695 524. R1 & R2 BY SRI. K.G. RADHAKRISHNAN, SC, DIST. CO-OPERATIVE BANK LTD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn C.K. ABDUL REHIM, J ------------------------------ WP(C) NO. 27578 OF 2010 -------------------------------------- Dated this the 6th day of September, 2010 JUDGMENT Petitioner is aggrieved by proceedings initiated under the provisions of the SARFAESI Act, for taking over possession of the immovable property, which is the secured asset with respect to a loan availed by the petitioner from the respondent. Ext.P1 is the notice issued under Section 13 (4) of the Act. It is conceded by the petitioner that the period of repayment is over and that considerable amounts are in arrears. Limited prayer of the petitioner is for consideration of waiver of interest under the 'One Time Settlement' facility and to permit payment of the balance amount in instalments within a reasonable period. 2. Learned standing counsel appearing for the respondent Bank submitted that as on 18.01.2008, a sum of Rs.3,27,060/- along with interest due from that date onwards is in arrears. It is further submitted that no scheme for One Time Settlement is in operation at present. 3. Even though the petitioner had raised various contentions against the proceedings under the SARFAESI Act, I am not at all inclined to consider those contentions on merits, in view of the alternate remedy available to the petitioner under the statute. However, the petitioner had expressed willingness to pay off the liability in instalments on the ground 2 WP(C) No. 27578/2010 that he is relinquishing all rights to invoke any such statutory remedy. Therefore I am inclined to show indulgence in permitting the petitioner to pay off the liability within a reasonable time, in instalments. 4. In the result, the Writ Petition is disposed of directing the respondents to keep further coercive steps pursuant to Ext.P1 notice in abeyance, provided the petitioner makes payment of the entire balance outstanding in ‘six’ (6) equal monthly instalments, falling due on or before 30.09.2010 and on or before the last day of the succeeding five months. 5. In the meanwhile, the petitioner is at liberty to approach the respondents seeking waiver of interest/penal interest which will be considered favourably by the respondents and a decision thereof will be intimated to the petitioner. 6. It is made clear that on the event of default in payment of any of the instalments, the respondents will be free to proceed with further steps pursuant to the notices already issued. It is further made clear that relief granted as above is subject to condition that the petitioner is precluded from raising any subsequent challenge against such proceedings either before this Court or before any other forum. C.K. ABDUL REHIM JUDGE dnc