IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 26TH OCTOBER 2009 / 4TH KARTHIKA 1931 WP(C).No. 12725 of 2009(I) -------------------------- PETITIONER: --------------- ANILKUMAR P,AGED 31, S/O.PRASANNAN, RESIDING AT KOLLAR KULANGARA,AVALOOKKUNNU P.O, ALAPPUZHA. BY ADV. SRI.P.RAMAKRISHNAN SRI.PRAMOD DAS LOHYA RESPONDENT: --------------- ALAPPUZHA URBAN CO-OPERATIVE BANK LTD, NO.A.67,CULLEN ROAD,ALAPPUZHA - 688 011, REP.BY ITS MANAGING DIRECTOR. ADV. SMT.I.SHEELA DEVI THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 26/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 12725 of 2009(I) APPENDIX PETITIONER'S EXHIBITS EXT.P1 : COPY OF NOTICE DATED 5.12.2008 EXT.P2 : COPY OF NOTICE DATED NIL ISSUED BY THE ADVOCATE COMMISSIONER RESPONDENT'S EXHIBITS: NIL //TRUE COPY// PA TO JUDGE C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.12725 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 26th day of October, 2009 J U D G M E N T 1. Petitioner is aggrieved by the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) against him by the respondent Bank, consequent to default committed in repaying the loan availed. The respondent Bank had already approached the Chief Judicial Magistrate under Section 14 (1) of the SARFAESI Act and an Advocate Commissioner was appointed to take over possession of the secured assets. The balance outstanding as per Ext.P1 notice issued under Section 13 (2), is Rs.1,25,054/- as on 05.12.2008. Pursuant to an interim order issued by this court on 24.04.09 the petitioner had remitted an amount of Rs.50,000/-. 2. Heard learned counsel for the petitioner and standing counsel appearing for the respondent Bank. It is W.P.(C)No.12725 of 2009 -2- submitted by the learned standing counsel that at present there is a scheme prevailing with respect to One Time Settlement of defaulted loan accounts, in which the petitioner may be entitled for waiver of interest/default interest to a considerable extent. If the petitioner makes proper approach in this regard, the Bank will consider One Time Settlement as per the provisions of the Scheme. Learned counsel for the petitioner submits that he is ready and willing to approach the Bank in this regard. 3. Accordingly the writ petition is disposed of directing the petitioner to make proper application before the respondent Bank within a period of two weeks from the date of receipt of a copy of this judgment, seeking One Time Settlement. On receipt of the same, the respondent Bank shall consider the same and take a decision regarding the net amount payable by the petitioner, after considering possible waiver under the Scheme. A decision in this regard shall be intimated to the petitioner at the earliest. W.P.(C)No.12725 of 2009 -3- 4. In order to facilitate the petitioner to move before the Bank as directed above and in order to facilitate the Bank to take a decision, further coercive steps under the SAFAESI proceedings shall be kept in abeyance, till such decision is taken. C.K. ABDUL REHIM JUDGE shg/