IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 18TH NOVEMBER 2009 / 27TH KARTHIKA 1931 WP(C).No. 24943 of 2009(K) -------------------------- CMP.2969/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- NALINAKUMARI, AGED 45, W/O.S.MOHANA KUMAR, ELLUVILA VEEDU, KOVILOOR, KUDAPPANAMOODU P.O., NEYYATTINKARA TALUK, THIRUVANANTHAPURAM. BY ADV. SRI.R.T.PRADEEP SRI.V.VIJULAL RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER/CHIEF MANAGER, THE FEDERAL BANK LTD., REGIONAL OFFICE, FEDERAL TOWERS, STATUE, THIRUVANANTHAPURAM. 2. S.MOHANAKUMAR, AGED 53, S/O.SUKUMARAN NAIR, ELLUVILA VEEDU, KOVILOOR, KUDAPPANAMOODU P.O., NEYYATTINKARA TALUK, THIRUVANANTHAPURAM. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).24943/09 APPENDIX PETITIONER'S EXHIBITS:- EXT.P1:- TRUE COPY OF THE LOAN PASSBOOK OF AMBOORI BRANCH EXT.P2:- TRUE COPY OF PASS BOOK OF AMBOORI BRANCH FOR PAYMENT UPTO 14.7.09 EXT.P3:- TRUE COPY OF ORDER DT.11.8.09 IN CMP.2969/09 BY CJM, THIRUVANANTHAPURAM EXT.P4:- TRUE COPY OF THE NOTICE DT.20.8.09 RESPONDENT'S EXHIBITS:- NIL OKB //TRUE COPY// P.A. TO JUDGE C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.24943 OF 2009 ------------------------------ Dated this the 18th day of November, 2009 J U D G M E N T ---------------------- 1. Challenge in this writ petition is against Ext.P3 and P5 orders issued by the Chief Judicial Magistrate exercising the power under Section 14(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), at the instance of the 1st respondent Bank. The petitioner's husband availed a housing loan to the tune of Rs.5 lakhs from the 1st respondent during the year 2005. The petitioner is a guarantor and property belonging to her was mortgaged for securing the loan. Consequent to default committed, the 1st respondent initiated proceedings under the SARFAESI Act. Now the immovable property is ordered to be taken over possession. 2. Eventhough various contentions are raised in the writ petition, learned counsel for the petitioner submitted that the petitioner is ready and willing to make payment of the defaulted installments in order to regularise the loan account within a short period. Hence the prayer is limited to the extent of permitting her to regularise the loan account. W.P.(C).24943/09-K 2 3. Learned standing counsel for the 1st respondent submitted that repayment in loan was defaulted since the last so many months and the amounts pertaining to defaulted installments along with the interest is around Rs.2,35,000/-, as on September 2009, the correctness of which is disputed by the petitioner. It is submitted that the 1st respondent Bank is not favouring in granting any extended period for making payment of the defaulted amounts. 4. By virtue of an interim order issued by this court the petitioner had remitted a total sum of Rs.1,50,000/-. Considering the fact that the repayment period of the loan was not yet expired, I am inclined to show some indulgence in permitting the petitioner to regularise the loan account by paying the defaulted amounts. 5. Accordingly the writ petition is disposed of directing the petitioner to remit the amounts pertaining to the defaulted installments along with overdue interest and expenses if any liable, in 3 (three) equal monthly installments starting from 20.1.2010 and on before the 20th day of the two succeeding months. Petitioner shall also make payment of regular installments due from January 2010 onwards along with the above payments. If the defaulted amount is paid as directed above, the 1st respondent shall permit the petitioner to continue W.P.(C).24943/09-K 3 repayment of the balance amount as per the original schedule of repayment. 6. It is made clear that on the event of default in payment of any of the installments as stipulated above, the respondents will be at liberty to take further steps pursuant to the order already issued by the Chief Judicial Magistrate Court Court, and on such event the petitioner will be precluded from raising any further challenge against such proceedings either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb