IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 15TH JULY 2010 / 24TH ASHADHA 1932 WP(C).No. 14736 of 2010(N) ---------------------------------------- PETITIONER(S): ------------------------ P.M. SHAHEEDA, W/O.LATE SHAJAHAN, PUTHIYA PUNNATHARA HOUSE, POOCHAKKAL P.O., CHERTHALA, ALAPPUZHA DISTRICT. BY ADV. SRI.V.D.BALAKRISHNA KARTHA RESPONDENT(S): -------------------------- 1. THE FEDERAL BANK LTD., REGISTERED OFFICE, ALUVA- REPRESENTED BY MANAGING DIRECTOR. 2. THE CHIEF MANAGER, FEDERAL BANK LTD., REGIONAL OFFICE, SREE RAJARAJESWARI BUILDINGS, CHURCH ROAD, MULLAKKAL, ALAPPUZHA. R1 & R2 BY ADV. SRI.MOHAN JACOB GEORGE, SMT.P.V.PARVATHI, SMT.REENA THOMAS, SRI.RAMMOHAN L. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15/07/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 14736/2010-N APPENDIX PETITIONER'S EXHIBITS: EXTP1: COPY OF THE NOTICE DATED 08/03/2010 ISSUED BY THE FEDERAL BANK LTD., TO THE PETITIONER RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.S. TO JUDGE rs. P.R.RAMACHANDRA MENON, J ........................................... WP(C).NO.14736 OF 2010 ............................................ DATED THIS THE 15TH DAY OF JULY, 2010 JUDGMENT The petitioner's husband who bid farewell to this world in the year 2001, had taken a loan of Rs.4,99,000/- on 27.1.2000 from the respondent Bank for constructing a house. The repayment could not be effected on time due to some adverse circumstances, which made the petitioner a defaulter and the Bank proceeded with steps under the SARFAESI Act, which is under challenge in this writ petition. 2. When the matter came up for consideration, the coercive proceedings were intercepted on 11.5.2010, on condition that the petitioner deposited a sum of Rs.1,00,000/- which is stated as complied with. The learned counsel for the petitioner submits that the petitioner does not intend to press any of the grounds raised with regard to the steps taken by the Bank invoking the remedy under SARFAESI Act, nor does the petitioner intend to challenge the proceedings by availing the statutory remedy under Section 17 by approaching the DRT and that the only relief now pressed before this Court is to enable the Wpc 14736/2010 2 petitioner to wipe off the entire liability by reasonable instalments. 3. The learned counsel for the Bank submits that the outstanding liability, after giving credit to the amount of Rs.1,00,000/- paid by the petitioner, is nearly Rs.5.4 lakhs + 6% simple interest as per the decree already obtained in favour of the Bank. Taking note of the particular circumstances, this Court finds it fit and proper to permit the petitioner to clear the entire liability in a phased manner. Accordingly, the petitioner is permitted to clear the outstanding arrears by way of `five' equal monthly instalments, the first of which shall be effected on or before 10.10.2010, to be followed by similar instalments to be effected on or before 10th of every succeeding months. The recovery proceedings shall be kept in abeyance for the time being. It is also made clear that, if the petitioner commits any default in repayment as stipulated above, the respondents will be at liberty to proceed with further steps for realising the entire amounts in a lump. The writ petition is disposed of as above. It is made clear that , if any payment has already been effected by the petitioner, in the meanwhile, which has not been properly accounted, it would be given Wpc 14736/2010 3 due credit while finalizing the liability as aforesaid. P.R.RAMACHANDRA MENON, JUDGE lgk