IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 9TH NOVEMBER 2009 / 18TH KARTHIKA 1931 WP(C).No. 31394 of 2009(T) -------------------------------------- PETITIONER: ------------------- S.SAMEER,S/O.ABDUL SALAM,RESIDING AT K.R.MANZIL,HEMMARUTHY VILLAGE,THOKKADU.P.O, CHIRAYINKEEZHU TALUK,THIRUVANANTHAPURAM. BY ADV. MR.A.B.MOHANAKUMAR. RESPONDENT: ---------------------- THE AUTHORISED OFFICER, THIRUVANANTHAPURM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE,FORT,THIRUVANANTHAPURAM. BY MR. K.G. RADHAKRISHNAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/11/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.31394 OF 2009 ------------------------------ Dated this the 9th day of November, 2009 J U D G M E N T ---------------------- 1. Challenge is against Ext.P1 and P2 notices issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Eventhough various contentions are raised, learned counsel for the petitioner submits that he is limiting the prayer to the extent of permitting installment payment of the entire balance outstanding. 2. Having considered facts and circumstances and on hearing the learned counsel for the respondent Bank, I am inclined to show indulgence to permit the petitioner to pay off the entire amount outstanding in installments. 3. Therefore the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.1,50,000/- (Rupees One lakh fifty thousand only) on or before 15.1.2010. Respondent is directed to keep in abeyance further coercive steps till such date. On payment of the said amount the respondent shall furnish a balance statement to the petitioner, after crediting all payments and after considering waiver of W.P.(C).31394/09-T 2 interest/penal interest and expenses to the possible extent. The petitioner shall continue payment of the balance so intimated in 4 (four) equal monthly installments thereafter, falling due on or before 15.02.2010 and on or before the 15th day of the succeeding 3 months. 4. It is made clear that on the event of default in payment of any of the amounts stipulated above the respondents will be free to proceed with further steps pursuant to the notices already issued and on such event the petitioner is precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb