IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 11TH FEBRUARY 2011 / 22ND MAGHA 1932 WP(C).No. 2251 of 2011(F) -------------------------------- PETITIONER(S): ------------------- NITHA SURENDRAN W/O.M.S.SURENDRAN AGED 33 YEARS RESIDING AT MANGATTU HOUSE, KUREEKKAD PO, PIN-682 305. BY ADV. SRI.C.K.PAVITHRAN RESPONDENT(S): --------------------- SOUTH INDIAN BANK, REGIONAL OFFICE, DHARMODHAYAM BUILDING , SHANMUGHAM ROAD, MARINE DRIVE, ERNAKULAM REPRESENTED BY ITS AUTHORIZED OFFICER - 682 031. BY ADV. SRI.GEORGE VARGHESE,SC,SOUTH INDIAN BAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 2251/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE JUDGMENT DATED 24/02/2010 IN WPC.NO.6024/2010 P2: COPY OF THE SALE AGREEMENT DATED 30/05/2010 P3: COPY OF THE CRL. MP.NO.6500/2010 DATED NIL P4: COPY OF THE NOTICE DATED 17/01/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A. TO JUDGE. svs C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.2251 of 2011-F ---------------------------------------- Dated this the 11th day of February, 2011. J U D G M E N T Ext.P4 notice issued by the Advocate Commissioner appointed by the Chief Judicial Magistrate Court in a proceedings initiated under Section 14(1) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is under challenge in this writ petition. Since the petitioner had defaulted repayment of the loan availed from the respondent Bank, proceedings against the immovable property, which is the secured asset, was initiated. 2. According to the petitioner the coercive steps are now being pursued without considering the request made by the petitioner to permit to pay off the entire liability within a reasonable time, in a phased manner. Hence the petitioner seeks interference of this Court. 3. Considering availability of the effective alternative remedy, it may not be proper for this Court to interdict with W.P(C) No.2251 of 2011-F 2 the proceedings at this stage. However, as a gesture of indulgence, dispossession of the petitioner was stayed through an interim order issued insisting payment of a sum of Rs.3,00,000/- by the petitioner. It is reported that the stipulation has now been complied with. 4. Learned counsel for the respondent Bank submits that the petitioner had defaulted payment of amounts due under the loan account consecutively, and that she had approached this Court on an earlier occasion. This Court had permitted the petitioner to regularise the account by paying the amounts in default, by virtue of Ext.P1 judgment. Since the petitioner had failed in availing the benefits granted thereof, no further indulgence can be shown, is the contention. It is stated that after crediting all payments made there is an outstanding balance of more than Rs.10,00,000/-. 5. Confronted with the above situation, learned counsel for the petitioner submitted that the petitioner is relinquishing all challenges against the proceedings and W.P(C) No.2251 of 2011-F 3 also relinquishing rights if any available to invoke statutory remedy. On the other hand, a limited prayer is made to permit payment of the balance on or before 31.3.2011. Eventhough interference on merits is not justified, I am of the view that the petitioner can be permitted to pay off the liability within a reasonable time. 6. Therefore, the writ petition is disposed of directing the respondents to keep in abeyance dispossession and sale of the property, subject to condition of the petitioner remitting the entire balance outstanding along with interest and expenses if any due, in 2(two) equal monthly instalments, falling due on or before 28.2.2011 and on or before 31.3.2011. 7. It is made clear that despite the above direction the petitioner will be at liberty to approach the appropriate authority in the respondent Bank, seeking waiver of interest/penal interest and expenses to the possible extent and to offer one time settlement on waiver of said amount. 8. It is made clear that on the event of default in W.P(C) No.2251 of 2011-F 4 payment of any one of the instalments as stipulated above, the respondent will be free to proceed with further steps. It is further made clear that the above relief is granted subject to the condition that the petitioner is precluded from raising any subsequent challenge against the recovery proceedings. C.K.ABDUL REHIM JUDGE ab W.P(C) No.2251 of 2011-F 5