IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K. ABDUL REHIM TUESDAY, THE 22ND DECEMBER 2009 / 1ST POUSHA 1931 WP(C).No. 36650 of 2009(A) -------------------------------------- PETITIONER(S): ------------------------ B.O.JAYAPRAKASH, NALINI NIVAS, SREENIVASAPURAM, VARKALA. BY ADV. MR.D.KISHORE RESPONDENT(S): ------------------------- 1. THE UCO BANK, VARKALA BRANCH, MAITHANAM, VARKALA, REP. BY ITS BRANCH MANAGER. 2. THE ZONAL MANAGER(AUTHORISED OFFICER), UCO BANK, ZONAL OFFICE, THAMPANOOR, THIRUVANANTHAPURAM. BY ADV. MR.GEORGE K. VARGHESE. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 36650 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 22nd day of December, 2009 J U D G M E N T 1. Petitioner is approaching this court aggrieved by coercive steps initiated for taking over possession of the immovable property under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed in repayment of cash credit facility availed in the year 2006, the respondents have initiated proceedings against the secured assets. In view of the statutory remedy of appeal available to the petitioner, I am not inclined to interfere against the actions, in this writ petition on the basis of cause of action alleged. 2. However, counsel for the petitioner submitted that he is seeking only a limited relief of permitting to pay off the entire liability within a reasonable time in installments. Standing counsel appearing for respondents W.P.(C)No. 36650 of 2009 -2- submitted that after availing the cash credit facility there is continuous default in repayment, and amount outstanding as on 01.04.2008 is Rs.2,30,764/-. Since the loan account is in chronic default the respondents are not favouring in permitting any extended period to the petitioner for wiping off the liability. 3. Having considered rival contentions, I am of the opinion that eventhough the writ petition is not entertained on merits, some indulgence can be shown in permitting the petitioner to pay off the entire liability within a reasonable time. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of a sum of Rs.75,000/- (Rupees Seventy Five Thousand only) on or before 20.01.2010. The respondents are directed to keep in abeyance further coercive steps till such date. If the amount as directed above is paid, the respondents shall inform the petitioner about the net balance outstanding, after crediting all payments and after considering waiver if W.P.(C)No. 36650 of 2009 -3- any possible. The petitioner shall continue payment of the balance amount so intimated along with future interest, in four (4) equal monthly installments thereafter falling due on or before the last day of every month from February 2010 onwards. 5. It is made clear that on the event of failure to pay any of the installments as stipulated above, the respondents will be free to proceed with further steps pursuant to the notices already issued and on such event the petitioner will be precluded from raising any further challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/