IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 15TH SEPTEMBER 2010 / 24TH BHADRA 1932 WP(C).No. 26306 of 2010(K) -------------------------- PETITIONER(S): --------------- BEERANKUTTY, AGED 50, S/O.KUNJUMOIDEEN, MANNARATHL HOUSE, BP ANGADI P.O., TIRUR, MALAPPURAM. BY ADV. SRI.SUNIL NAIR PALAKKAT RESPONDENT(S): --------------- 1. TIRUR URBAN CO-OPERATIVE BANK LTD. REPRESENTED BY ITS AUTHORISED OFFICER, (UNDER CENTRAL ACT 2054/2002), TIRUR, MALAPPURAM PIN - 676 101. 2. DISTRICT COLLECTOR, MALAPPURAM - 676 505. ADV. SRI.DEVAPRASANTH.P.J. FOR R1 GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. W.P.C.NO.26306 of 2010 Dated this the 15th day of September 2010 J U D G M E N T The petitioner is approaching this Court aggrieved by Ext.P3 order passed by the Chief Judicial Magistrate Court, Manjeri in a proceedings initiated under Section 14(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act). It is noticed that on an earlier occasion when proceedings under the SARFAESI Act was initiated by the 1st respondent for realising amounts due under the loan account, the petitioner had approached this Court. Ext.P1 is the judgment passed in W.P.C.No.16123 of 2009. By way of indulgence, this Court permitted the petitioner to clear payment of the entire outstanding liability, in six equal monthly instalments starting from 10/09/2009 onwards. It is conceded by the petitioner that after making payment of an amount of Rs.3,00,000/- on 10/05/2010 and Rs.1,35,000/- on 11/5/2010, the petitioner W.P.C.No.26306/10 2 defaulted further payments. Now the immovable property, which is the secured asset, was ordered to be taken possession by the Chief Judicial Magistrate Court, by appointing an Advocate Commissioner. The only relief sought for by the petitioner is for a direction to keep in abeyance coercive steps and to permit to pay off the balance amount within a short time. 2. It is noticed that when the petitioner approached this Court on the earlier occasion, inspite of the fact that interference was not possible, invoking the equity jurisdiction the petitioner was permitted to pay off the liability. It is highly improper for this Court to have a further exercise of indulgence, when it is evident that the petitioner had failed to comply with the conditions stipulated. Learned counsel appearing for the 1st respondent Bank submitted that the net balance outstanding will be around Rs.4.75 lakhs. It is conceded that if the petitioner makes payment of the said amount immediately, the proceedings now initiated before the CJM can be withdrawn. 3. As stated above, a further interference in the matter is not at all desirable. However, considering the submission of the petitioner that substantial payments had been effected after W.P.C.No.26306/10 3 Ext.P1 judgment, and also considering undertaking made by the petitioner for payment of the entire balance within a short period, I am inclined to grant one more chance to the petitioner to clear off the entire liability, in order to save the immovable property from being sold. 4. In the result, the petitioner is granted two month's time to pay off the entire balance in two equal monthly instalments falling due on or before 15/10/2010 and on or before 15/11/2010. 5. It is made clear that on the event of default in payment of any of the instalments, the respondents will be free to proceed with further steps pursuant to the order of the CJM issued under Ext.P5. It is also made clear that the petitioner is totally prevented from raising any subsequent challenge on the event of failure to make payment of the amount as per the stipulations contained herein. (C.K.ABDUL REHIM, JUDGE) jsr // True Copy// PA to Judge W.P.C.No.26306/10 4 W.P.C.No.26306/10 5 W.P.C.No.26306/10 6 W.P.C.No.26306/10 7