IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 10TH SEPTEMBER 2009 / 19TH BHADRA 1931 WP(C).No. 25576 of 2009(N) -------------------------- PETITIONER(S): --------------- 1. GLADIS JIMMY, W/O.AUGUSTINE JIMMY, AGED 42 YEARS, THOTTAKATH HOUSE, KOTHAD P.O., ERNAKULAM DISTRICT. 2. AUGUSTINE JIMMY, S/O.AUGUSTINE, AGED 53 YEARS, THOTTAKATH HOUSE, KOTHAD P.O., ERNAKULAM DISTRICT. BY ADV. SRI.C.A.CHACKO SMT.C.M.CHARISMA SRI.N.A.SHAFEEK SRI.K.S.SALEESH RESPONDENT(S): --------------- 1. THE CHIEF MANAGER & AUTHORIZED OFFICER, UNION BANK OF INDIA, UNION BANK BHAVAN, M.G.ROAD, KOCHI-35. 2. UNION BANK OF INDIA, SOUTH CHITTOOR BRANCH, REPRESENTED BY BRANCH MANAGER, SOUTH CHITTOOR. ADV.SRI. A.S.P. KURUP, S.C.FOR UBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/09/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.25576 OF 2009 ------------------------------ Dated this the 10th day of September, 2009 J U D G M E N T ---------------------- 1. Challenge in this writ petition is against proceedings initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act) for realisation of amounts due in a loan availed by the petitioners from the 2nd respondent Bank. It is submitted that after issuance of Ext.P1 notice under Section 13(2) of the Act, the petitioners have effected substantial payments to the tune of Rs.5,80,000/-. Still the Bank is proceeding to take over possession of the property and to sell it in public auction, is the complaint of the petitioners. 2. Since effective statutory remedy is provided under the Act, this Court is not in a position to enter into any adjudication regarding the disputed points. However, learned counsel for the petitioners submitted that if a reasonable time and installment facility is granted the petitioners shall pay the entire arrears. 3. Heard Standing Counsel for the respondents. It is submitted that the loan was availed in the year 2007 and at present there is arrears of Rs.18,58,556/- as on 20.5.2009. However it is conceded that petitioners had made payment to the tune of Rs.5,80,000/- out of the said arrears. He opposed W.P.(C).25576/09 2 granting of installment facility. Having considered the rival contentions I am of the opinion that this is a fit case where some indulgence can be shown facilitating the petitioners to pay off the liability in installments. 4. Accordingly the writ petition is disposed of directing the petitioners to make payment of an amount of Rs.4 lakhs on or before 15.10.2009. On effecting such payment the 2nd respondent Bank will issue a statement to the petitioners showing the entire balance outstanding, after crediting all such payments. The petitioners shall pay off the entire balance due as per the statement, in six equal monthly installments starting from 15.11.2009 and on or before the 15th day of every subsequent month. 5. It is made clear that the benefit granted as above is subject to the condition that the petitioners are precluded from raising any challenge against the proceedings initiated under the SARFAESI Act before this Court or any other Forum on any subsequent stage. It is further made clear that on default in payment of the initial amount or any of the installments, the respondents are free to proceed with further steps as provided under law, for realisation of the entire balance outstanding. C.K.ABDUL REHIM, JUDGE. okb