IN THE HIGH COURT OF KERALA AT ERNAKULAM

PRESENT:

THE HONOURABLE MR. JUSTICE A.K.JAYASANKARAN NAMBIAR

WEDNESDAY, THE 25TH DAY OF MARCH 2015/4TH CHAITHRA, 1937

WP(C).No. 9627 of 2015 (C)

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PETITIONER :

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ABDUSSALAM,

S/O.ABOOBACKER HAJI, KURUKKOLI HOUSE

THALAKKADATHOOR P.O., MALAPPURAM DISTRICT - 676 103.

BY ADVS.SRI.G.HARIHARAN

SRI.PRAVEEN H.

RESPONDENTS :

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1. THE AUTHORIZED OFFICER,

(APPOINTED UNDER THE SECURITISATION AND RECONSTRUCTION OF

FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST

ACT, 2002)

M/S.MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD.NO.4329

HEAD OFFICE, MALAPPURAM - 676 505.

2. M/S.MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD.NO.4329,

HEAD OFFICE, MALAPPURAM - 676 505

REPRESENTED BY ITS SENIOR MANAGER.

(APPOINTED UNDER THE SECURITISATION AND RECONSTRUCTION

OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST

ACT, 2002).

R1 & R2 BY ADV. SRI. E.S.M. KABEER, SC

THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION

ON 25-03-2015, THE COURT ON THE SAME DAY DELIVERED THE

FOLLOWING:

Mn

...2/-

WP(C).No. 9627 of 2015 (C)

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APPENDIX

PETITIONERS' EXHIBITS :

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EXHIBIT P1.

TRUE COPY OF THE POSSESSION NOTICE NO.VLR/CL-1120

PUBLISHED BY THE 1ST RESPONDENT IN VEEKSHANAM DAILY DATED

10.04.2014.

RESPONDENT(S)' EXHIBITS : NIL

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//TRUE COPY//

P.A. TO JUDGE

Mn

A.K.JAYASANKARAN NAMBIAR, J.

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W.P.(C).No.9627 of 2015

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Dated this the 25^th day of March, 2015

J U D G M E N T

The petitioner, who had availed of a loan from the respondent

bank, defaulted in repayment of the same. Consequently, the

respondent bank initiated proceedings under the Securitisation and

Reconstructions of Financial Assets and Enforcement of Security

Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act',

to recover the loan amounts. Ext.P1 is the possession notice issued

by the respondent bank. In the writ petition, the petitioner impugns

the steps initiated by the respondent bank for recovery of the loan

amounts.

2. I have heard the learned counsel appearing on behalf of

the petitioner as also the learned Standing counsel for the

respondent bank.

3. On a consideration of the facts and circumstances of the

case and the submissions made across the bar, I note that the sole

prayer of the petitioner is to permit him to remit the balance

amounts outstanding to the bank in easy instalments. Taking into

account the plea of financial hardship raised by the petitioner, I

dispose the writ petition with the following directions:-

W.P.(C).No.9627 of 2015

2

(i) The total overdue amount in respect of

the loan availed by the petitioner is stated to be

Rs.2,97,279/- together with accrued interest.

Accordingly, if the petitioner pays the aforesaid

amount of Rs.2,97,279/- together with accrued

interest in eight equal and successive monthly

instalments commencing from 10.04.2015, and

continues to keep up the regular instalments as

per the original loan schedule, the recovery steps

initiated against the petitioner by the respondent

bank shall be kept in abeyance.

(ii) It is made clear that if the petitioner

commits a default in respect of any of the

instalments, he will lose the benefit of this

judgment and the respondent bank will be free to

continue the recovery proceedings against him

from th