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. 33014 of 2009(V) -------------------------- PETITIONER(S): --------------- K.JAGALPRASAD, AGED 45 YEARS, S/O.S.N.KRISHNAN NAIR, APARNA MANDHIRAM, KOOVALASSERI P.O., THIRUVANANTHAPURAM. BY ADV. SRI.T.A.UNNIKRISHNAN SRI.K.SATHEESH KUMAR RESPONDENT(S): --------------- THE STATE BANK OF TRAVANCORE, REP.BY CHIEF MANAGER, (P.B.BRANCH),KESAVADASAPURAM, THIRUVANANTHAPURAM. BY SRI.R.S.KALKURA, STANDING COUNSEL 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. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 33014 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 2nd day of December, 2009 J U D G M E N T 1. Petitioner had approached this court at a stage when immovable properties which are the secured assets with respect to a loan transaction availed from the respondent Bank, was proclaimed for sale under Ext.P2 notice. By virtue of an interim order dated 18.11.2009 confirmation of sale was stayed, on condition of the petitioner remitting a sum of Rs.50,000/-. It is reported that payment as stipulated was effected by the petitioner. 2. Learned standing counsel for respondent submitted that eventhough offer through tender was received with a higher bid of Rs.4,05,555/-, the same was not accepted or confirmed because of the interim order. It is further submitted that the balance outstanding as on 01.07.2007 was around Rs.3,25,000/- Since the loan account was in default from 2003 onwards and since the W.P.(C)No. 33014 of 2009 -2- proceedings are at the stage of sale of the property, the Bank is not favouring in permitting regularisation of the account based on the request of the petitioner. 3. Having confronted with the above situation learned counsel for the petitioner sought indulgence of this court in permitting him to pay off the entire liability within a reasonable time in installments, in an attempt to save the properties from being sold out. 4. Having considered rival submissions and facts and circumstances of the case, I am of the opinion that the writ petition can be disposed of permitting the petitioner to make payment of the entire arrears within a reasonable time in installments, eventhough interference on merits is not at all desirable. 5. Accordingly the writ petition is disposed of directing the petitioner to make payment of sum of Rs.75,000/- on or before 15.01.2010. The respondent is directed to keep in abeyance further proceedings under the SARFAESI Act till such date. If the payment as directed W.P.(C)No. 33014 of 2009 -3- above is made, the respondent shall inform the petitioner about the net balance outstanding, after crediting all payments and after considering waiver of interest /penal interest and expenses to the possible extent. The petitioner shall continue payment of the balance amount so intimated, in four (4) equal monthly installments thereafter, falling due on or before 15.02.2010 and on or before the 15th day of the succeeding months. 6. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the Bank will be free to proceed with further steps pursuant to the notices already issued, and on any 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 shg/