IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 16TH DECEMBER 2009 / 25TH AGRAHAYANA 1931 WP(C).No. 35665 of 2009(C) ----------------------------------- CMP.7810/2009 of C.J.M., ALAPPUZHA .................... PETITIONER(S): -------------------------- P.H.MOHAMMED YOUSEF, RESIDING AT PARALIL HOUSE, VALANJAVAZHI, ALAPPUZHA. (PROPRIETOR, SOFINE FOOD PRODUCTS, KAKKAZHOM, AMBALAPPUZHA). BY ADV. MR.SUNIL J.CHAKKALACKAL RESPONDENT(S): -------------------------- STATE BANK OF TRAVANCORE, AMABALPPUZHA BRANCH, P.B.NO.1, SREE VALSOM SHOPPING COMPLEX, AMBALAPPUZHA. BY ADV. MR.SATHISH NINAN, SC SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K.ABDUL REHIM, J. ------------------------------------------- WP(C) NO. 35665 OF 2009 ---------------------------------- Dated this the 16th day of December, 2009 JUDGMENT Petitioner is approaching this court challenging the coercive steps initiated by the Advocate commissioner appointed by the Chief Judicial Magistrate Court, under Section 14 of the Securitisition and Reconstruction of Financial Assets and Enforcement of security Interest Act, 2002 (SARFAESI Act). The proceedings were initiated pursuant to default committed in repaying the loan amounts with interest, which is availed by the petitioner from the respondents, to the tune of Rs.3,50,000/-, in the year 2001. Eventhough various grounds are raised in challenge against the proceedings, learned counsel for the petitioner submits that the prayer is confined to the limited extent of permitting the petitioner to pay off the balance within a reasonable time, in instalments. It is submitted that even after filing this writ petition, the petitioner had effected payment of sum of Rs.1,00,000/-, which the respondent had conceded. 2. Having considered the facts and circumstances, I am of the opinion WP(C) NO. 35665 OF 20092 that indulgence can be shown in the matter of permitting the petitioner to pay off the entire liability within a reasonable time. 3. Accordingly, the writ petition is disposed of directing the petitioners to make payment of further sum of Rs.1,00,000/- on or before 15.1.2010. The respondents are directed to keep in abeyance further steps for dispossession and sale of the property till such date. If payments as stipulated above is made, the respondents shall intimate the petitioner about the balance outstanding, after considering waiver of any amount possible and after crediting all payments. The petitioner shall pay the balance so intimated in two equal monthly instalments thereafter. Falling due on or before 15.2.2010 and on 15.3.2010. 4. On the event of default in payment of any of the instalment, the respondents will be free to proceed with further steps pursuant to the notice already issued by the Advocate Commissioner and one such event 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 WP(C) NO. 35665 OF 20093 mns