IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 11TH AUGUST 2008 / 20TH SRAVANA 1930 WP(C).No. 17017 of 2008(A) ------------------------------------ PETITIONER: ------------------- BENSON NAVATHARAKAN, AGED 58, S/O VARGHESE NAVATHARAKAN, KAPPYADY VEEDU, MANJAMCODU P.O., BY ADV. SRI.R.T.PRADEEP SRI.V.VIJULAL RESPONDENTS: ---------------------- 1. AUTHORISED OFFICER/CHIEF MANAGER, THIRUVANANTHAPURAM REGIONAL OFFICE, FEDENRAL BANK, THIRUVANANTHAPURAM. 2. NAGENDRAN PILLAI, MANAGER, FEDERAL BANK, CHEMPOOR BRANCH, CHEMPOOR. 3. YESUDASN, JUSTIAN COTTAGE, CHEMBOOR, KEEZHAROOR VILLAGE. - DELETED FROM THE PARTY ARRAY AS PER ORDER DT. 13.6.2008 IN W.P.(C) 17017/08 BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1,2 SRI.J.HARIKUMAR FOR R3 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 11/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 17017 of 2008(A) -2- APPENDIX PETITIONER'S EXHIBITS: EXT.P1 - TRUE COPY OF JUDGMENT DATED 3.9.03 IN O.S.60/02 SUB COURT, NEYYATTINKARA. EXT.P2 - TRUE COPY OF E.P. DATED 8.6.05. EXT.P3 - TRUE COPY OF MAHAZAR DATED 22.5.08. EXT.P4 - TRUE COPY OF REPRESENTATION. RESPONDENT'S EXHIBIT: EXT.R1(a) - TRUE COPY OF NOTICE DATED 3.3.2007 ISSUED U/S: 13(2) OF SARFAESI ACT. EXT.R1(b) - TRUE COPY OF FACING PAGE OF COVER ADDRESSED TO THE PETITIONER RETURNED WITH THE ENDOARSEMENT 'UNCLAIMED'. EXT.R1(c) - COPY OF POSTAL ACKNOWLEDGEMENT SIGNED BY PETITIONER'S WIFE. EXT.R1(d) - COPY OF HINDU DAILY DATED 28.3.2007 PUBLISHING 13(2) NOTICE. EXT.R1(e) - COPY OF KERALA KAUMUDI DAILY DATED 28.3.2007 PUBLISHING 13(2) NOTICE. EXT.R1(f) - COPY OF POSSESSION NOTICE DATED 10.8.2007. EXT.R1(g) - COPY OF HINDU DAILY DATED 11.8.2007 PUBLISHING POSSESSION NOTICE. EXT.R1(h) - COPY OF KERALA KAUMUDI DAILY DATED 11.8.2007 PUBLISHING POSSESSION NOTICE. /TRUE COPY/ PA TO JUDGE rhs S.SIRI JAGAN, J ================== W.P(C)No.17017 of 2008 ================== Dated this the 11th day of August, 2008. J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the 1st respondent for recovery of loan amounts due from the petitioner to the Federal Bank. However, the petitioner does not dispute the liability or the quantum. The petitioner only seeks sometime to pay off the amount. The 1st respondent has already taken possession of the property pursuant to the proceedings under the Act. But by order dated 16.6.2008, I directed the bank to hand over the possession to the petitioner on paying Rs. 2 lakhs. It is submitted that the amount has now been paid and possession has been handed over to the petitioner. Petitioner seeks six more months time to pay off the balance amount due. This is opposed by the Counsel for the bank. W.P(C)No.17017 of 2008 - 2 - However, taking a lenient view, I dispose of this writ petition with a direction to the petitioner to pay the balance amount due in six equal monthly instalments starting from 1.9.2008. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. If the petitioner pays the instalments also on the due dates further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it is open to the respondent to resume possession from the petitioner and continue proceedings under the Act as now initiated without having to issue any further notice or proceedings in that regard. If the petitioner commits default in payment of any one of the instalments, the petitioner shall voluntarily surrender possession of the security interest to the bank on demand, failing which it would be open to the 1st respondent to move this court for contempt of court. In the meanwhile the bank shall consider petitioner's Ext.P4 application for one time W.P(C)No.17017 of 2008 - 3 - settlement and pass appropriate orders thereon within one month and communicate the decision to the petitioner. If the petitioner seeks waiver of any agricultural loan as per the Agricultural Debt Waiver Scheme of the Central Government, the respondent shall consider that also in accordance with the scheme applicable. The writ petition is disposed of as above. S.SIRI JAGAN, JUDGE rhs