IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 2ND DECEMBER 2009 / 11TH AGRAHAYANA 1931 WP(C).No. 32902 of 2009(G) -------------------------- PETITIONER(S): --------------- HASHIM SHAH, AGED 57, S/O.LATE M.M.ABDUL KHADER, KADAPPARA KOCHU VEEDU, (LEO APARTMENTS) MUNDACKAL EAST, KOLLAM. BY ADV. SRI.V.V.RAJA SRI.R.RANJITH RESPONDENT(S): --------------- 1. THE INDUS IND BANK, GOWRI NARAYAN (OPPOSITE NEW JAYALEKSHMI SILKS), M.G.ROAD, KOCHI. 2. INDUS IND BANK, VARINJAM TOWERS, RESIDENCY ROAD, KOLLAM. 3. AUTHORISED OFFICER AND CHIEF MANAGER, THE AUTHORISED OFFICER (CHIEF MANAGER) INDUS IND BANK, VARINJAM TOWERS, RESIDENCY ROAD, KOLLAM. R1 BY ADVS. SRI.SATHISH NINAN & SRI.SANTHOSH MATHEW THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM,J. -------------------------------------------- WP(C).No. 32902 of 2009 --------------------------------------------- Dated this the 2nd day of December, 2009. JUDGMENT Petitioner has approached this court challenging coercive steps initiated under section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (for short SARFAESI Act) for realisation of arrears in a Bank loan availed by the petitioner from the first respondent. It is contended that even after receipt of notice under section 13(2) various payments were made by the petitioner and repeated requests made by the petitioner seeking time for payment of the arrears in instalments has not been acceded to by the respondents. 2. Eventhough various grounds of challenge are urged in the writ petition, learned counsel for the petitioner submitted that the prayer is limited to the extent of permitting payment of the entire balance within a reasonable time. 3. Learned Standing Counsel appearing for the respondents on the basis of instructions submitted that, after WPC.32902/2009 2 crediting all payments made so far, the balance outstanding will be around Rs.6.2 lakhs. Since the loan in question is a cash credit facility which is in default for the last so many months, the Bank is not favouring in permitting any extended period for payment of the arrears. 4. Having considered rival submissions and facts and circumstances of the case, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioner to pay off the entire liability in instalments within a reasonable time. 5. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs. 1,50,000/- on or before 31.1.2010. Respondents are directed to keep in abeyance further coercive steps till such time. On payment of the said amount as directed above, respondents shall inform the petitioner about the net balance outstanding, after crediting all payments made and after considering the waiver of interest/penal interest and expenses to the possible extent. Petitioner shall continue payment of the balance amount so intimated in 5 equal monthly instalments thereafter falling due on or before WPC.32902/2009 3 28.2.2010 and on or before the last day of succeeding months. 6. It is made clear that on the event of default committed in payment of any of the instalments as stipulated above, respondents will be free to proceed with further steps pursuant to notices 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 pmn/ WPC.32902/2009 4