IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 6TH NOVEMBER 2009 / 15TH KARTHIKA 1931 WP(C).No. 29375 of 2009(N) -------------------------- PETITIONER(S): --------------- 1. SHOBHANA G., W/O.LATE YASHODHARAN K., KARUNA, ANUJALAYAM, AMBALATHUMBHAGAM P.O., PORUVAZHY, KOLLAM 690520. 2. ANUJA S.G.,(MINOR), AGED 15 YEARS, D/O.LATE YASHODHARAN K., KARUNA, ANUJALAYAM, AMBALATHUMBHAGAM P.O., PORUVAZHY, KOLLAM 690520. REPRESENTED BY MOTHER AND NATURAL GUARDIAN SHOBHANA G. 3. ANUSREE S.G. (MINOR) AGED 13 YEARS, D/O.LATE YASHODHARAN K., KARUNA, ANUJALAYAM, AMBALATHUMBHAGAM P.O., PORUVAZHY, KOLLAM 690520. REPRESENTED BY MOTHER AND NATURAL GUARDIAN SHOBHANA G. BY ADVS. SRI.SAJI MATHEW SRI.DENU JOSEPH SRI.JUFIN GEORGE VALOORAN RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER UNDER SARFAESI ACT, THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD HDFC HOUSE, VAZHUTHAKKADU, P.B.NO.2288, THIRUVANANTHAPURAM-695010. 2. THE HOUSING DEVELOPMENT FINANCE CORPORATION LTD., HDFC HOUSE, VAZHUTHAKKADU, P.B.NO.2288, THIRUVANANTHAPURAM-695010. BY ADV. SRI. K.K. CHANDRAN PILLAI, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 29375 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 6th day of November, 2009 J U D G M E N T 1. Petitioners are widow and children of a deceased person who had availed a loan from the 2nd respondent Bank, in the year 2005, to the tune of Rs.6 lakhs. Petitioners are now aggrieved by the coercive steps threatened against the immovable property which is mortgaged for securing the loan. Consequent to default committed in repayment, the respondents had initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and steps are being pursued to take over possession of the immovable property. According to the petitioners the untimely death of the husband of the 1st petitioner had put them into stringent financial position and they had expended huge amount with respect to his treatment. However the petitioners are expressing W.P.(C)No. 29375 of 2009 -2- willingness to pay off the defaulted installments and to regularise the loan account. 2. Learned standing counsel appearing for the respondents on the basis of instructions submitted that the amount pertaining to the defaulted installments along with interest and expenses outstanding as on today will be around Rs.2 lakhs. 3. Considering the facts and circumstances of the case, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioners to pay off the arrears in the loan account and to continue repayment as per the original schedule. 4. Accordingly the writ petition is disposed of directing the petitioners to make payment of the entire amounts pertaining to the defaulted installments along with interest over due and expenses if any liable, in five (5) equal monthly installments falling due on or before 15.12.2009 and on or before the 15th day of the succeeding four (4) months. The petitioners shall make payment of the regular W.P.(C)No. 29375 of 2009 -3- installments due from December 2009 onwards, along with the above said payment. In case the amount as stipulated as above is paid without any default the respondents shall permit the petitioners to continue future repayments as per the original schedule. 5. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the respondents will be free to proceed with further steps pursuant to the notices already issued and on such event the petitioners are precluded from raising any further challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/