IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 29375 of 2009(N)
1. SHOBHANA G., W/O.LATE YASHODHARAN K.,
... Petitioner
2. ANUJA S.G.,(MINOR), AGED 15 YEARS,
3. ANUSREE S.G. (MINOR) AGED 13 YEARS,
Vs
1. THE AUTHORIZED OFFICER UNDER SARFAESI
... Respondent
2. THE HOUSING DEVELOPMENT FINANCE
For Petitioner :SRI.SUNIL C.G.
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :06/11/2009
O R D E R
C.K. ABDUL REHIM, J.
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W.P.(C)No. 29375 of 2009
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Dated this the 6th day of November, 2009
J U D G M E N T
1. Petitioners are widow and children of a deceased
person who had availed a loan from the 2nd respondent
Bank, in the year 2005, to the tune of Rs.6 lakhs.
Petitioners are now aggrieved by the coercive steps
threatened against the immovable property which is
mortgaged for securing the loan. Consequent to default
committed in repayment, the respondents had initiated
proceedings under the Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act,
2002 (SARFAESI Act) and steps are being pursued to take
over possession of the immovable property. According to
the petitioners the untimely death of the husband of the 1st
petitioner had put them into stringent financial position and
they had expended huge amount with respect to his
treatment. However the petitioners are expressing
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willingness to pay off the defaulted installments and to
regularise the loan account.
2. Learned standing counsel appearing for the
respondents on the basis of instructions submitted that the
amount pertaining to the defaulted installments along with
interest and expenses outstanding as on today will be
around Rs.2 lakhs.
3. Considering the facts and circumstances of the
case, I am of the opinion that some indulgence can be
shown in the matter of permitting the petitioners to pay off
the arrears in the loan account and to continue repayment
as per the original schedule.
4. Accordingly the writ petition is disposed of
directing the petitioners to make payment of the entire
amounts pertaining to the defaulted installments along with
interest over due and expenses if any liable, in five (5) equal
monthly installments falling due on or before 15.12.2009
and on or before the 15th day of the succeeding four (4)
months. The petitioners shall make payment of the regular
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installments due from December 2009 onwards, along with
the above said payment. In case the amount as stipulated
as above is paid without any default the respondents shall
permit the petitioners to continue future repayments as per
the original schedule.
5. It is made clear that on the event of failure to pay
any of the installments as stipulated as above, the
respondents will be free to proceed with further steps
pursuant to the notices already issued and on such event
the petitioners are precluded from raising any further
challenge against such proceedings either before this court
or before any other forum.
C.K. ABDUL REHIM
JUDGE
shg/