IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.T.SANKARAN WEDNESDAY, THE 13TH AUGUST 2008 / 22ND SRAVANA 1930 WP(C).No. 23966 of 2008(C) PETITIONER: B.S.NALINAKUMARI MURALIMANDIRAM, VADAKODE THOZHIKKAL, NEYYATTINKARA P.O. THIRUVANANTHAPURAM BY ADV. SRI.GEORGE VARGHESE(PERUMPALLIKUTTIYIL) SRI.A.R.DILEEP SMT.SURYA SASI RESPONDENTS: 1. THE KERALA STATE CO-OPERATIVE BANK LIMITED PRESENTED BY ITS CHIEF GENERAL MANAGER HEAD OFFICE, THIRUVANANTHAPURAM 2. CHIEF MANAGER AND AUTHORISED OFFICER THE KERALA STATE CO-OPERATIVE BANK LIMITED THIRUVANANTHAPURAM REGIONAL OFFICE STATE CO-OP BANK BUILDING, OVERBRIDGE JUNCTION THIRUVANANTHAPURAM 3. MANAGER THE KERALA STATE CO-OPERATIVE BANK LIMITED VAZHUTHAKAD BRANCH, THIRUVANANTHAPURAM BY STANDING COUNSEL SRI.NAGARAJ NARAYANAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.T.SANKARAN, J. -------------------------------------------- W.P.(C) NO. 23966 OF 2008 C -------------------------------------------- Dated this the 13th August, 2008 JUDGMENT The Writ Petition is filed challenging the proceedings taken against the petitioner by the respondents under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act'). 2. The petitioner availed a housing loan of Rs.10 lakhs on 15.9.2006 from the third respondent. The property having an extent of 20.24 Ares in R.S.No.396/5-1 in Perumpazhuthoor Village, Neyyattinkara Taluk was mortgaged to the Bank as security for the loan. The term of the loan is 120 months. The monthly instalment payable is Rs.9,100/-. 3. When the petitioner committed default in payment of the instalments, proceedings were initiated under the Act. Notice was issued and thereafter, possession of the property was duly taken. Now the petitioner apprehends that the property will be sold shortly. Only the constructive possession was taken earlier and now as per Ext.P3 notice, the petitioner is directed to hand over the possession of the residential property. W.P.(C) NO.23966 OF 2008 :: 2 :: 4. Learned counsel appearing for the petitioner submitted that if the petitioner is ousted from the residential building, for the construction of which the loan was taken, the petitioner would be put to great difficulties and irreparable injury. Learned counsel appearing for the third respondent submitted that the third respondent is interested in realising the arrears and if the petitioner co-operates and clears the dues within a reasonable time, appropriate directions could be issued protecting the interest of both parties. Learned counsel for the third respondent also submitted that any arrangement made while disposing of this Writ Petition should not have any impact in respect of the loan account in the name of the husband of the petitioner. In the facts and circumstances of the case, the Writ Petition is disposed of in the following manner: i) The petitioner shall pay the arrears of the loan amount outstanding as on 31.7.2008 in three equal monthly instalments commencing from 15.9.2008. ii) Along with the instalments mentioned above, the petitioner shall pay the monthly instalment payable for the months of August, September and October, 2008. W.P.(C) NO.23966 OF 2008 :: 3 :: iii) If the amount is cleared as mentioned above, all the proceedings initiated against the petitioner under the Act shall be dropped. iv) If default is committed in payment of any of the instalments, the proceedings initiated against the petitioner can be continued and the benefit of instalments would cease to be in operation. v) It is made clear that the above arrangement is in respect of the loan account of the petitioner and it has no reference to the loan account in the name of the husband of the petitioner. vi) It is also made clear that the aforesaid benefit granted to the petitioner would have relevance only in respect of the loan amount payable till October, 2008. In other words, this judgment would not apply with reference to any subsequent default in payment of monthly instalments commencing from November, 2008. (K.T.SANKARAN) Judge ahz/