IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 16TH AUGUST 2010 / 25TH SRAVANA 1932 WP(C).No. 15845 of 2010(E) -------------------------- PETITIONER(S): --------------- V.A.SHEREEFA, MANGATTU HOUSE, DEVALOKAM P.O., KOTTAYAM. BY ADV. SRI.P.K.SURESH KUMAR SMT.N.N.PRASEEDA RESPONDENT(S): --------------- 1. KOTTAYAM URBAN CO-OP. BANK, REP. BY ITS CHIEF MANAGER, THIRUNAKKARA, KOTTAYAM. 2. AUTHORISED OFFICER, UNDER THE SARFAESI ACT, KOTTAYAM URBAN CO-OP. BANK, THIRUNAKKARA, KOTTAYAM. 3. THE STATE OF KERALA, REP. BY ITS SECRETARY, DEPARTMENT OF CO-OPERATION, THIRUVANANTHAPURAM. ADV. SRI.SURIN GEORGE IPE FOR R1,2 GP MR.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: dmb WP(C).No. 15845 of 2010 :2: A P P E N D I X PETITIONER'S EXHIBITS:- 1. EXT.P1: Copy of award dated 9.5.2001 in ARC.NO.2/97 issued by Asst.Registrar of Co-operative Societies (General), Kottayam 2. EXT.P2: Copy of notice dated 1.2.2009 issued by the respondent bank 3. EXT.P3: Copy of notice dated 20.5.2010 issued by Advocate Commissioner to the petitioner RESPONDENTS EXHIBITS:- 1. EXT.R1(a): Copy of the judgment in O.P.No.19893/2000 dated 21.3.02 2. EXT.R1(b): Copy of the judgment in O.S.No.527/99 dated 17.11.01 3. EXT.R1(c): Copy of the letter dated 21.7.09 4. EXT.R1(d): Copy of the plaint in O.S.No.239/2010 5. EXT.R1(e): Copy of the judgment in O.S.No.239/2010 dated 24.5.2010 //True Copy// P.A to Judge P.R.RAMACHANDRA MENON, J. ---------------------- W.P.(C) No.15845 OF 2010 --------------------------- Dated this the 16th day of August, 2010 J U D G M E N T ~~~~~~~~~~~ The petitioner availed a loan of Rs.4.2 lakhs from the respondent bank creating security interest over the property in question. But when the petitioner turned to be a defaulter, the bank has resorted to the steps under the SARFAESI Act for realisation of the amount stated as due under the loan transaction, which forms the subject matter of challenge in this Writ Petition. The sequence of events and the circumstances under which the bank was constrained to proceed with steps under SARFAESI Act have been explained from the part of the bank, by filing a counter affidavit and also producing copies of the relevant documents. 2. The learned counsel appearing for the petitioner submits that, earnest efforts are being pursued to clear the entire outstanding liability; for which some other properties are being sold to generate funds. The learned counsel also submits that the condition imposed by this Court while intercepting the W.P.(C) No.15845/2010 2 coercive proceedings on 24.5.2010 has already been satisfied. It is also asserted that the entire liability will be cleared as aforesaid within a maximum period of 'six months' and that the petitioner intends to approach the respondent bank in this regard. 3. The learned counsel for the respondent bank submits that if the petitioner files a proper representation specifying the manner in which the liabilities are proposed to be cleared forever, the same will be properly considered by the bank and the outcome will be let known to the petitioner. 4. In the above circumstance, the petitioner is left to approach the bank by filing a representation for appropriate reliefs including for some or other concessions/allowances, if any, within 'two weeks' from the date of receipt of a copy of this judgment, on which event, the same shall be considered and appropriate orders shall be passed by the bank and the outcome shall be let known to the petitioner, as expeditiously as possible, at any rate, within one month thereafter. The recovery W.P.(C) No.15845/2010 3 proceedings shall be kept in abeyance, till such time, on condition that the petitioner deposits a further sum of Rs. One lakh within one month. The Writ Petition is disposed of as above. (P.R.RAMACHANDRA MENON, JUDGE) ps/18/8