IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 33140 of 2009(J)
1. BASHEER.K.N,
... Petitioner
Vs
1. THE KERALA STATE CO-OPERATIVE BANK LTD.,
... Respondent
For Petitioner :SRI.ABRAHAM SAMSON
For Respondent :SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :25/11/2009
O R D E R
C.K. ABDUL REHIM, J.
- - - - - - - - - - - - - - - - - - - - - - -
W.P.(C)No. 33140 of 2009
- - - - - - - - - - - - - - - - - - - - - - -
Dated this the 25th day of November, 2009
J U D G M E N T
1. Even though various contentions are raised
against the proceedings initiated under the Securitization
and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (SARFAESI Act), learned
counsel for the petitioner submitted that the petitioner is
ready and willing to regularise the account by paying the
defaulted installments, along with interest and expenses if
any liable. On the basis of such submissions the petitioner
is seeking indulgence of this court to permit continuance of
repayment as per the original schedule for the future
period.
2. Learned standing counsel appearing for
respondent on instructions submitted that the loan was
availed as early as in the year 2005 and the petitioner had
defaulted payment of 27 monthly installments as on today.
W.P.(C)No. 33140 of 2009
-2-
Hence the respondent is not favouring in permitting any
extended period for payment of the defaulted amounts.
3. Having considered facts and circumstances of the
case and submissions on both sides, I am of the opinion that
indulgence can be shown in permitting the petitioner to
regularise the account by paying the defaulted amounts
within a reasonable time.
4. Hence the writ petition is disposed of directing the
petitioner to make payment of the amount pertaining to
defaulted installments due till December, 2009 along with
penal interest and expenses if any liable in three (3) equal
monthly installments starting from 31.1.2010 and due on or
before the last day of the two succeeding months. The
petitioner shall also make payment of the regular
installments due from January 2010 along with the above
said payments.
5. If the amount as directed above is paid and the loan
account is cleared payment up-to-date, the respondent shall
permit the petitioner to continue with future payments as
W.P.(C)No. 33140 of 2009
-3-
per the original schedule of repayment.
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/