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. 29535 of 2009(J) -------------------------- PETITIONER(S): --------------- AMINAKUTTY, W/O.LATE KUNCHIBEERAN, PANAKKAL HOUSE, KERALADEESAPURAM, PUTHENTHERUVU, THANOOR, MALAPPURAM-676 307. BY ADV. SRI.SIBY MATHEW SRI.PHILIP J.VETTICKATTU SRI.B.PREMNATH (E) RESPONDENT(S): --------------- 1. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM, REPRESENTED BY ITS SECRETARY. 2. THE AUTHORIZED OFFICER, DEPUTY GENERAL MANAGER (P & D), MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM. ADV. SRI.V.KRISHNA MENON FOR R1&2 SMT.P. VIJAYAMMA,S.C. SMT.UMA GOPINATH SRI.U.K.DEVIDAS SRI.PRINSUN PHILIP THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 17/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).29535/09-J APPENDIX PETITIONER'S EXHIBITS:- EXT.P1:- TRUE COPY OF RELEVANT PAGES OF PASS BOOK ISSUED BY THE RESPONDENT Bank TO THE PETITIONER'S SON. EXT.P2:- TRUE COPY OF RECEIPT DT.11.3.2008 SHOWING PAYMENT OF RS.30,000/- BYTHE PETITIONER'S SON. EXT.P3:- TRUE COPY OF MEDICAL REFERENCE CAR ISSUED FORM THE MES MEDICAL COLLEGE HOSPITAL, PERINTHALMANNA TO THE PETITIONER'S SON. EXT.P4:- TRUE COPY OF NOTICE, DT.14.10.09 ISSUED BY THE RESPONDENT Bank U/S 13(4) OF THE SARFAESI ACT. RESPONDENT'S EXHIBITS:- OKB //TRUE COPY// P.A. TO JUDGE C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.29535 OF 2009 ------------------------------ Dated this the 17th day of November, 2009 J U D G M E N T ---------------------- 1. Petitioner is aggrieved by proceedings initiated by the respondents under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), with respect to a loan availed by her son from the 1st respondent Bank. Petitioner's property was offered as security for the loan transaction. Consequent to default committed in repayment of the loan amount, the respondents initiated the proceedings against the said property, which is the secured asset. The respondents had taken over possession of the property by issuing notice under Section 13(4). 2. According to the petitioner she had remitted an amount of Rs.30,000/- during March 2008 and thereafter her son met with an accident and was not in a position to continue his job. Therefore repayments became defaulted. It is submitted that eventhough the petitioner approached the Bank seeking permission to regularise the account, such request was not acceded to. Hence the writ petition is filed. 3. Pursuant to an interim order issued by this court the petitioner had remitted an amount of Rs.1,00,000/-. Learned W.P.(C).29535/09-J 2 standing counsel for respondent submitted that the loan account is in chronic default and regularisation cannot be permitted in view of the facts and circumstances prevailing. 4. Having confronted with the above position, learned counsel for the petitioner submitted that the petitioner is ready and willing to pay off the entire liability within a reasonable time in installments. 5. Having considered facts and circumstances and rival contentions, I am of the opinion that the petitioner can be permitted to pay off the entire liability within a reasonable time. Accordingly the writ petition is disposed of directing the petitioner to make payment of the entire balance outstanding in 10 (ten) equal monthly installments starting from 30.12.2009 onwards and on or before the last day of each succeeding months. 6. It is made clear that on the event of default in payment of any of the installments as stipulated above, the respondents will be free to proceed with further steps pursuant to the notice already issued and on such 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. okb