IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 16TH SEPTEMBER 2009 / 25TH BHADRA 1931 WP(C).No. 21493 of 2009(F) -------------------------- PETITIONER(S): --------------- M/S MAHAVISHNU ASSOCIATES, A PARTNERSHIP FIRM, REP. BY ITS MANAGING PARTNER MRS. P. LAKSHMIKUTTY, AGED 41, W/O. SURESH KUMAR, KOONTHALI HOUSE, ANCHERI P.O., THRISSUR. BY ADV. SRI.G.SREEKUMAR (CHELUR) SRI.K.RAVI (PARIYARATH) RESPONDENTS: ---------------------- 1. THE ANDHRA BANK, REP. BY ITS MANAGER, THRISSUR BRANCH, THRISSUR. 2. THE AUTHORISED OFFICER, ANDHRA BANK, ERNAKULAM BRANCH, ERNAKULAM P.O., ERNAKULAM DISTRICT. R1 & R2 BY ADV. SRI.ABRAHAM MATHEW (VETTOOR) THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 16/09/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 21493 of 2009(F) APPENDIX PETITIONER'S EXHIBITS: P1 : COPY OF THE PARTNERSHIP DEED OF THE PETITIONER FIRM DATED 23.11.2007 P2 : COPY OF THE DOCUMENT OF THE THRISSUR S.R.O. DATED 15.12.2007 P3 : COPY OF THE REGISTRATION OF THE PETITIONER FIRM WITH THE DISTRICT INDUSTRIES CENTER DATED 17.12.2007 P4 : COPY OF THE POSSESSION NOTICE SERVED ON THE PETITIONER DATED 15.5.09 RESPONDENTS' EXHIBITS: N I L // TRUE COPY // P.A. TO JUDGE. app/- C.K.ABDUL REHIM, J - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No.21493 Of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 16th day of September, 2009 J U D G M E N T 1. Aggrieved by the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) against the secured assets, with respect to a loan availed by an industrial unit namely “M/s. Mahavishnu Hollow Bricks” owned by the petitioner, the petitioner is approaching this court seeking directions against the first respondent Bank to permit payment of the entire arrears within a reasonable time in instalments. 2. It is submitted by the learned standing counsel appearing for the respondents that out of the arrears of about 22 lakhs, the petitioner had effected substantial payments after initiation of the proceedings and the balance outstanding will be about Rs.12 lakhs. Learned counsel for the petitioner submitted that he will pay off the entire liability due to the Bank, if reasonable instalments facility is W.P.(C) No.21493 Of 2009 2 granted. It is submitted by the learned standing counsel that reasonable time can be granted provided the petitioner clears the entire liability before the end of December 2009. 2. Having considered the facts and circumstances of the case, I am inclined to grant installment facility for the petitioner to pay off the entire debt. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.4,50,000/- on or before 27.10.2009. On such payment the first respondent Bank will furnish a balance statement mentioning the outstandings as on that date, after crediting all such payments. The petitioner shall make payment of the entire balance as evidenced by such statement, in two equal monthly instalments on or before 27.11.20096 and 27.12.2009. 3. It is made clear that on failure to pay any of the payment as mentioned above, the Bank will be at liberty to take further steps in the proceedings as provided under the W.P.(C) No.21493 Of 2009 3 SARFAESI Act without issuing any such notice. It is further made clear that benefit granted under this judgment is subject to the condition that the petitioner is precluded from raising any further challenge against the proceeding initiated under the SARFAESI Act, before this Court or before any other forum. C.K.ABDUL REHIM JUDGE app/-