IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 30TH NOVEMBER 2009 / 9TH AGRAHAYANA 1931 WP(C).No. 30754 of 2009(L) ------------------------------------- PETITIONER(S): -------------------------- MINI.V.K., D/O.(LATE) VELAYUDHAN, KUDILIPARAMBIL, PADINJAREKKARA P.O. VAIKOM. BY ADVS. MR.V.K.SUNIL SMT.NIMA JACOB RESPONDENT(S): -------------------------- 1. THE VAIKOM URBAN CO-OPERATIVE BANK (LTD) NO. 1193, VAIKOM REPRESENTED BY ITS MANAGER. 2. THE AUTHOISED OFFICE UNDER THE SARFAESI ACT, VAIKOM URBAN CO-OPERATIVE BANK (LTD) NO. 1193, VAIKOM. R1 & R2 BY ADVS.MR.V.G.ARUN, MR .T.R.HARIKUMAR. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 30754 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 30th day of November, 2009 J U D G M E N T 1. Petitioner is an unmarried lady who had availed a loan to the tune of Rs.2 lakhs from the 1st respondent Bank, during March, 2008. According to the petitioner the loan was availed in connection with treatment of her late father, who died due to cancer on 14.09.2006, leaving her mother and two unmarried sisters along with the petitioner as heirs. According to the petitioner the property which is mortgaged for securing the loan is a small tiled house wherein the petitioner is living with her mother and the two unmarried sisters. Since they incurred huge expenditure in connection with treatment of their deceased father, no prompt repayment could be effected in the loan account. Consequent to default committed the respondents have initiated proceedings under the Securitization and W.P.(C)No. 30754 of 2009 -2- Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the petitioner was issued with Ext.P2 notice. Apprehending coercive steps for dis-possession, she has approached this court. 2. Eventhough various contentions are raised against the proceedings, learned counsel for the petitioner conceded that the petitioner is limiting the prayer for permitting regularisation of the loan account by paying the defaulted amounts. Learned standing counsel appearing for respondents on the basis of instructions submitted that, the balance outstanding after crediting payment of Rs.20,000/- made during October 2009, is Rs.1,96,500/-. Since the loan account is in chronic default the respondents are not favouring in permitting regularisation. 3. Having considered the rival submissions and also the peculiar facts and circumstances of the case, I am of the opinion that some indulgence can be shown in the matter in permitting the petitioner to regularise the account by W.P.(C)No. 30754 of 2009 -3- paying the defaulted amounts. 4. Accordingly the writ petition is disposed of directing the petitioner to remit the entire amount pertaining to the defaulted installments along with interest and expenses if any due, in three (3) equal monthly installments falling due on or before 31.1.2010 and on or before the last day of the two (2) succeeding months. The petitioner shall also make payment of the regular installments due from January, 2010 onwards along with the above said payments. In case the petitioner clears payment of the defaulted amounts as directed above, the respondents shall permit the petitioner to make payment of the future installments as per the original schedule of repayment. Considering the facts and circumstances of the case, if the petitioner makes any approach regarding waiver of over due interest or expenses, the same shall be considered by the respondents. 5. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the Bank will W.P.(C)No. 30754 of 2009 -4- 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/