IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 30TH SEPTEMBER 2009 / 8TH ASWINA 1931 WP(C).No. 27500 of 2009(F) -------------------------- PETITIONER(S): --------------- ROSAMMA THOMAS, D/O.MARIYAMMA GEORGE, PALLI MELATHIL,KIZHAKKEKKARA MURI, POOYAPPALLY (P.O), POOYAPPALLY VILLAGE, KOTTARAKKARA TALUK, KOLLAM DISTRICT. BY ADV. SRI.K.V.ANIL KUMAR RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, THE KOLLAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, KOLLAM. 2. THE BRANCH MANAGER, THE KOLLAM DISTRICT CO-OPERATIVE BANK LTD., VELIYAM BRANCH, KOLLAM. STANDING COUNSEL SRI.B.VINOD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/09/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.27500 OF 2009 ------------------------------ Dated this the 30th day of September, 2009 J U D G M E N T ---------------------- 1. Petitioner's husband had availed a cash credit facility to the tune of Rs.2,00,000/- from the 2nd respondent Bank in the year 1997. Immovable property, which is in the joint ownership of the petitioner, her husband and his mother was mortgaged for securing the loan. It is the case of the petitioner that since the year 2001 onwards the husband had deserted her along with their three children. It is submitted that at present the whereabouts of the husband is not known and that she is living with the help of her own relatives and is in stringent financial conditions. Since repayment in the loan account was defaulted respondents have initiated recovery proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (SARFAESI Act). Ext.P2 notice has now been issued under Section 13(4) of the said Act for taking over symbolic possession of the secured assets. It is submitted that the petitioner had approached the Bank requesting to consider possible waiver of interest and for permitting her to pay off the liability within a reasonable time in W.P.(C).27500/09-F 2 installments. Complaint of the petitioner is that without considering such request the Bank is now proceeding with coercive steps. 2. Heard learned standing counsel for respondent Bank, who on the basis of instructions submitted that, present arrears outstanding is Rs.12,46,660/- as on 24.9.2009. It is further submitted that the loan is in continued default and in the matter of effecting re-payment no relaxation can be granted. It is further submitted that there is no existing scheme for 'One Time Settlement' and waiver of interest to any considerable extent is not possible. 3. Having considered facts and circumstances of the case and rival contentions of the parties, I am inclined to show some indulgence to permit the petitioner to pay off the entire liability within a reasonable time, in installments, eventhough interference on merits on the disputed aspects of the proceedings is not at all desirable. 4. In the result the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.2,00,000/- (Rupees Two Lakhs only) on or before 31.10.2009. The respondents are directed to keep in abeyance all further proceedings till such time. On payment of the said amount, the respondent Bank will furnish a balance statement to the W.P.(C).27500/09-F 3 petitioner showing the amount outstanding after crediting such payments and after considering possible waiver of interest, penal interest, etc:. The petitioner shall continue to pay balance amount due as per the statement, in 8 equal monthly installments starting payment on or before 30.11.2009 and on or before the last day of the succeeding months. 5. It is made clear that on the event of failure to pay any of the installments as mentioned above, the respondents will be at liberty to take further steps pursuant to the notices already issued under the SARFAESI Act, and the petitioner is precluded from raising any subsequent challenge against the proceedings before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb