IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 17TH NOVEMBER 2009 / 26TH KARTHIKA 1931 WP(C).No. 31889 of 2009(E) -------------------------- PETITIONER(S): --------------- LOVELY VARGHESE, AGED 49 YEARS, W/O. MR.C.V.VARGHESE, CHAKIATH HOUSE, CHERANELLOOR, ERNAKULAM DISTRICT. BY ADV. SRI.SHAJI P.CHALY RESPONDENT(S): --------------- 1. BANK OF INDIA, ZONAL OFFICE, KALOOR TOWERS, KALOOR-KADAVANTHARA ROAD, KOCHI-17, REPRESENTED BY ITS CHIEF MANAGER & AUTHORISED OFFICER. 2. THE CHIEF MANAGER & AUTHORISED OFFICER, BANK OF INDIA, ZONAL OFFICE, KALOOR TOWERS, KALOOR-KADAVANTHARA ROAD, KOCHI-17. 3. THE BRANCH MANAGER, BANK OF INDIA, EZHIKKARA BRANCH, ERNAKULAM. BY ADV. SRI.DEVAN RAMACHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 31889 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 17th day of November, 2009 J U D G M E N T 1. Eventhough various contentions are raised against the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) the petitioner is limiting her prayer to the extent of permitting payment of the entire balance in installments, within a reasonable time. Learned standing counsel appearing for respondents on the basis of instructions submitted that, the balance outstanding as on today will be around Rs.11 lakhs and that the respondents are now proceeding with steps under Section 13 (4) for taking over possession of the secured asset. 2. Having regard to facts and circumstances of the W.P.(C)No. 31889 of 2009 -2- case, I am of the opinion that some indulgence can be shown in permitting the petitioner to pay off the entire liability within a reasonable time in installments. 3. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.3 lakhs on or before 31.12.2009. The respondents are directed to keep in abeyance further coercive steps till such date. On payment of the said amount the 3rd respondent Bank will intimate the petitioner about the net balance outstanding, after crediting all payments made and after considering waiver of interest/default interest to the possible extent. The petitioner shall continue payment of the balance amount so intimated in five (5) equal monthly installments falling due on or before 15.01.2010 and on or before the 15th day of succeeding four (4) months. 4. 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 any such W.P.(C)No. 31889 of 2009 -3- event the petitioner will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/