IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 4TH NOVEMBER 2009 / 13TH KARTHIKA 1931 WP(C).No. 30609 of 2009(U) -------------------------- CMP.7976/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- 1. V.R.SAPHY, AGED 34 YEARS, W/O.SREEKUMAR, RATHI SADANAM, KUNNATHOOR EAST.P.O, KUNNATHOOR, KOLLAM DISTRICT. 2. SREEKUMAR, RATHI SADANAM, KUNNATHOOR EAST.P.O, KUNNATHOOR, KOLLAM DISTRICT. BY ADV. SRI.K.ABDUL JAWAD RESPONDENT(S): --------------- 1. UNION BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER, REGIONAL OFFICE, STATUE, THIRUVANANTHAPURAM. 2. BRANCH MANAGER, UNION BANK OF INDIA, KOTTARAKKARA BRANCH, PULAMON.P.O. ADV.SRI.A.S.P.KURUP, S.C., UBI. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.30609 OF 2009 ------------------------------ Dated this the 4th day of November, 2009 J U D G M E N T ---------------------- 1. Petitioners are husband and wife. Consequent to default committed in repayment of loan availed by the petitioners from the respondent Bank, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated. The Bank has now approached the Chief Judicial Magistrate Court, Kollam, under Section 14(1) and that court has already appointed an Advocate Commissioner to take over possession of the property. Ext.P4 is the notice issued by the Advocate Commissioner requesting the petitioners to surrender possession of the property. 2. According to the petitioners the loan in question was availed in the year 2001 and the repayment period is 180 months. The default was committed only with respect to certain installments, because of unforeseen financial stringencies. The petitioners expressed their willingness to regularise the loan account by paying the defauted installments within a reasonable period. W.P.(C).30609/09-U 2 3. Heard standing counsel appearing for the respondents. It is submitted that the amount pertaining to the defaulted installments along with overdue interest and other expenses will come to Rs.2,54,756/- as on 31.10.09. Since the loan account is in chronic default the respondent is not favouring in permitting the petitioners to regularise the account. 4. Having considered facts and circumstances and rival submissions of the parties, I am of the opinion that some indulgence can be shown in the matter for permitting the petitioners to regularise the account. 5. Accordingly the writ petition is disposed of directing the petitioners to make payment of the amount pertaining to the defaulted installments along with overdue interest and expenses if any liable, in 4 (four) equal monthly installments starting from 15.12.2009 and on or before the 15th day of the 3 succeeding months. The petitioners shall also make payment of the regular installments due from December 2009 onwards. If the amount overdue is regularised as above, the respondent Bank shall permit the petitioners to continue future payments in accordance with the original schedule of repayment. 6. It is made clear that on the event of default in payment of any of the amounts stipulated above, the respondents W.P.(C).30609/09-U 3 will be free to proceed with further steps pursuant to the orders already issued by the Chief Judicial Magistrate Court, and on such event the petitioners will be precluded from raising any subsequent challenge either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb