IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 30024 of 2009(W)
1. J.JOHN, AGED 51 YEARS
... Petitioner
Vs
1. STATE BANK OF INDIA, REPRESENTED BY ITS
... Respondent
For Petitioner :SRI.NISHIN GEORGE VIJAYABABU
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :04/11/2009
O R D E R
C.K.ABDUL REHIM, J.
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W.P.(C).Nos.30024, 30047,
29838 and 29844 of 2009
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Dated this the 4th day of November, 2009
J U D G M E N T
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1. In all these cases challenge is against proceedings
initiated under the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002 (SARFAESI
Act) by the common respondent, the State Bank of India.
Pursuant to default committed in repayment of the loan accounts
the respondent proceeded with steps under the SARFAESI Act
and notices under Section 13(4) has now been published, which is
Ext.P2 in WP(C).30024/09 and 30047/09 and Ext.P1 in WP(C).
29838/09 and 29844/09. According to the petitioners they have
approached the Bank seeking indulgence for permitting payment
of the balance outstanding within a reasonable time in
installments. Since the Bank has not acceded to such requests
these writ petitions are filed.
2. Heard standing counsel appearing for the respondent,
who on the basis of instructions submitted that, there is serious
default in all the loan accounts and no earnest efforts has been
taken from the side of the petitioners to pay off the liability.
However, the respondent is not standing in the way of permitting
the petitioners in paying off the entire liability within a reasonable
time.
W.P.(C).30024,30047,29838 & 29844/09 2
3. Having considered facts and circumstances of the
cases I am of the opinion that the writ petitions can be disposed
of permitting all the petitioners herein to pay off the entire
liability due to the Bank along with future interest due thereon,
in 5 (five) equal monthly installments starting from 30.11.09 and
on or before the last day of the 4 succeeding months. If the
installments as directed above is paid promptly, the respondent
Bank shall keep in abeyance further coercive steps initiated
pursuant to the notices issued under Section 13(4).
4. It is further directed that on payment of the 1st
installment, the Bank shall issue a balance statement to the
petitioners after crediting all payments and after considering
possible waiver of interest/default interest and expenses.
5. It is made clear that on the event of default in
payment of any of the installments as stipulated above the
respondent Bank will be free to proceed with further steps
pursuant to the notices 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