IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 16TH OCTOBER 2009 / 24TH ASWINA 1931 WP(C).No. 28407 of 2009(U) -------------------------- PETITIONER(S): --------------- P.S.RASHEED, PUTHENPURACKAL HOUSE, ATHIRAMPUZHA P.O., KOTTAYAM. BY ADV. SRI.M.P.MADHAVANKUTTY RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, ATHIRAMPUZHA BRANCH, KOTTAYAM, REPRESENTED BY ITS BRANCHMANAGER. 2. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, REGION-1, ZONAL OFFICE, KOTTAYAM, KOTTAYAM. ADV.SRI.R.S.KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.28407 OF 2009 ------------------------------ Dated this the 16th day of October, 2009 J U D G M E N T ---------------------- 1. The petitioner is challenging proceedings initiated by the respondent Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) against the immovable properties which are the secured assets, with respect to a loan availed by him from the 1st respondent Bank. On an earlier occasion when Section 14(1) of the Act was invoked before the Chief Judicial Magistrate Court and when an Advocate Commissioner was appointed to take over possession of the property, the petitioner had approached this court. This court had shown indulgence in permitting the petitioner to pay off the entire liability in installments, as per Ext.P3 Judgment. This court directed the petitioner to make payment of an amount of Rs.1,00,000/- within one week from date of the judgment and to pay off the balance in 5 equal monthly installments starting from 20th August 2009 and on or before the 20th day of the succeeding months. It is submitted by the petitioner that inspite of payment of a total amount of Rs.1,30,000/-, subsequent to Ext.P3 W.P.(C).28407/09-U 2 judgment, the petitioner could not continue payments as stipulated, due to various reasons beyond his control. It is further submitted that the Advocate Commissioner had already taken over possession of the property and the respondents are proceeding with further steps for sale in public auction. The petitioner is seeking further indulgence of this court in permitting him to pay off the entire balance within a short time and to save the property from being auctioned. 2. Learned standing counsel appearing for the respondent Bank vehemently opposed the prayer on the ground that the petitioner had defaulted compliance of the conditions stipulated in Ext.P3 judgment and that there is no purpose in granting any further time. 3. However, considering the entire facts and circumstances and also considering the fact that the petitioner had effected considerable payment after Ext.P3 judgment, I am still inclined to show indulgence in permitting the petitioner to pay off the entire amount within a short period. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.1,00,000/- (Rupees One Lakh only) on or before 31.10.2009. The respondents are directed to keep in abeyance further steps till such date. On payment of the said amount the respondent Bank W.P.(C).28407/09-U 3 will intimate the petitioner about the balance outstanding after crediting all payments and after considering waiver of interest/penal interest if any possible. The petitioner shall pay off the entire balance so intimated in 2 (two) equal monthly installments on or before 30.11.2009 and 31.12.2009. 5. It is made clear that on the event of default in payment of any of the amounts stipulated as above, the respondents are free to take further proceedings from the stage as it stands now, and on 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. okb