IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 33510 of 2009(G)
1. K.NASAR, KINAKOOL HOUSE,
... Petitioner
2. O.V.KHADEEJA,
Vs
1. BANK OF INDIA,
... Respondent
2. CHIEF MANAGER AND AUTHORIZED OFFICER,
For Petitioner :SRI.K.I.MAYANKUTTY MATHER
For Respondent :SRI.DEVAN RAMACHANDRAN
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :22/12/2009
O R D E R
C.K.ABDUL REHIM, J.
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W.P.(C).No.33510 OF 2009
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Dated this the 22nd day of December, 2009
J U D G M E N T
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1. Aggrieved by coercive steps initialised for taking over
possession of the secured assets, under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (SARFAESI Act), the petitioners are
approaching this court. Pursuant to an interim order
dt.23.11.2009 an amount of Rs.2,50,000/- was remitted towards
arrears in the loan account.
2. Eventhough various contentions are raised in the writ
petition, petitioners are limiting their prayer to the extent of
permitting to pay the balance amount in installments within a
reasonable time. Learned standing counsel appearing for the
respondent Bank contended that the loan account is in chronic
default and an amount of more than Rs.11 lakhs is due as in
August 2009. The Bank is not favouring in extending any
considerable period for wiping off the liability.
3. Having considered submissions on both sides, I am of
the opinion that some indulgence can be shown in the matter of
permitting the petitioners to pay off the balance amount within a
reasonable time.
W.P.(C).33510/09-G 2
4. Accordingly the writ petition is disposed of directing the
petitioners to make payment of a further sum of Rs.2,00,000/-
(Rupees two lakhs only) on or before 31.1.2010. The
respondents are directed to keep in abeyance further coercive
steps till such date. If the amount as directed above is remitted,
the respondents shall intimate the petitioners about the net
balance outstanding, after crediting all payments and after
considering waiver of interest/default interest and expenses to
the possible extent. The petitioners shall continue payment of
the balance amount so intimated in 4 (four) equal monthly
installments thereafter, falling due on or before 28.2.2010 and
on or before the last day of the succeeding months.
5. It is made clear that on the event of default in
payment of any of the installments as stipulated above, the
respondents will be at liberty to take further steps pursuant to
the notices already issued and on such event the petitioners will
be precluded from raising any further challenge against such
proceedings either before this court or before any other forum.
C.K.ABDUL REHIM, JUDGE.
okb