IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 29535 of 2009(J)
1. AMINAKUTTY, W/O.LATE KUNCHIBEERAN,
... Petitioner
Vs
1. THE MALAPPURAM DISTRICT CO-OPERATIVE
... Respondent
2. THE AUTHORIZED OFFICER,
For Petitioner :SRI.SIBY MATHEW
For Respondent :SRI.V.KRISHNA MENON
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :17/11/2009
O R D E R
C.K.ABDUL REHIM, J.
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W.P.(C).No.29535 OF 2009
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Dated this the 17th day of November, 2009
J U D G M E N T
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1. Petitioner is aggrieved by proceedings initiated by the
respondents under the provisions of the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (SARFAESI Act), with respect to a loan availed
by her son from the 1st respondent Bank. Petitioner’s property was
offered as security for the loan transaction. Consequent to default
committed in repayment of the loan amount, the respondents
initiated the proceedings against the said property, which is the
secured asset. The respondents had taken over possession of the
property by issuing notice under Section 13(4).
2. According to the petitioner she had remitted an amount
of Rs.30,000/- during March 2008 and thereafter her son met with
an accident and was not in a position to continue his job. Therefore
repayments became defaulted. It is submitted that eventhough the
petitioner approached the Bank seeking permission to regularise
the account, such request was not acceded to. Hence the writ
petition is filed.
3. Pursuant to an interim order issued by this court the
petitioner had remitted an amount of Rs.1,00,000/-. Learned
W.P.(C).29535/09-J 2
standing counsel for respondent submitted that the loan account is
in chronic default and regularisation cannot be permitted in view of
the facts and circumstances prevailing.
4. Having confronted with the above position, learned
counsel for the petitioner submitted that the petitioner is ready and
willing to pay off the entire liability within a reasonable time in
installments.
5. Having considered facts and circumstances and rival
contentions, I am of the opinion that the petitioner can be
permitted to pay off the entire liability within a reasonable time.
Accordingly the writ petition is disposed of directing the petitioner
to make payment of the entire balance outstanding in 10 (ten)
equal monthly installments starting from 30.12.2009 onwards and
on or before the last day of each succeeding months.
6. It is made clear that on the event of default in payment
of any of the installments as stipulated above, the respondents will
be free to proceed with further steps pursuant to the notice already
issued and on 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.
okb