IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 2ND NOVEMBER 2010 / 11TH KARTHIKA 1932 WP(C).No. 31719 of 2010(L) -------------------------- PETITIONER(S): --------------- THANKAMANY THAMPI, AGED 51, W/O.MANOHARAN THAMPI, RESIDING AT `SALINI', VAMANAPURAM VILLAGE, VAMANAPURAM P.O., NEDUMANGAD TALUK, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.A.B.MOHANAKUMAR SRI.MANOJ MOHAN RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, FORT, THIRUVANANTHAPURAM-695 023. 2. THE MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD., VENJARAMOODU BRANCH, THIRUVANANTHAPURAM, PIN-695 607. BY SRI.K.G.RADHAKRISHNAN - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/11/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.31719 of 2010-L ---------------------------------------- Dated this the 2nd day of November, 2010. J U D G M E N T The petitioner had availed a consumer loan from the respondent Bank to the tune of Rs.1,50,000/- on creating mortgage of 10 cents of land with a residential building, where she is residing. Consequent to default committed in repayment, the respondents initiated steps under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Ext.P1 notice was issued intimating take over possession of the property under Section 13(4) of the Act. According to the petitioner, she has approached the Bank seeking time for payment of the balance amounts. But without considering such requests coercive steps are being pursued. 2. Considering the remedies available to the petitioner under the provisions of the SARFAESI Act, I am not at all inclined to entertain this writ petition on merits. However, learned counsel for the petitioner submitted that W.P(C) No.31719 of 2010-L 2 the petitioner is relinquishing all challenges against the proceedings and that she is not intending to pursue any remedies as provided under the statute. On the other hand, the limited request is only to permit the petitioner to wipe off the entire liability in a phased manner, within a short period. 3. According to learned counsel appearing for the respondent Bank, the balance outstanding is more than Rs.1.27 lakhs. It is further submitted that the loan account is in chronic arrears. 4. Considering the limited prayer made, I am inclined to grant reliefs on principles of equity, eventhough interference on merits is not possible. 5. The respondents are directed to keep in abeyance further steps pursuant to Ext.P1 notice, provided the petitioner remits the entire balance outstanding along with interest if any due, in 5 (five) equal monthly instalments falling due on or before 30.11.2010 and on or before the last day of succeeding months. W.P(C) No.31719 of 2010-L 3 6. It is made clear that on the event of default in payment of any one of the instalments, the respondents will be free to proceed with further steps. It is further made clear that the above relief is granted subject to condition that the petitioner is precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM JUDGE ab