IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 29TH SEPTEMBER 2010 / 7TH ASWINA 1932 WP(C).No. 28067 of 2010(G) ---------------------------------- PETITIONER(S): ------------------- RAJMOHAN S/O.GOPALAKRISHNAN ACHARY VALIYA VEETTIL, KADUVINAL P.O., VALLIKUNNAM, ALAPPUZHA 690 501 BY ADV. SRI.V.ANIL (K/1480/98) RESPONDENT(S): -------------------- 1. THE MANAGER, LIC HOUSING FINANCE LTD. 2ND FLOOR, LEELA TOWERS, KESAVADASAPURAM THIRUVANANTHAPURAM 695 004 2. THE AUTHORISED OFFICER THE LIC HOUSING FINANCE LTD DO..DO.. 695 004. R1 & R2 BY ADV.SRI.R.S.KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SVS/ C.K. ABDUL REHIM, J ------------------------------ WP(C) NO. 28067 OF 2010 ------------------------------------- Dated this the 29th day of September, 2010 JUDGMENT Ext.P2 notice issued by the Advocate Commissioner appointed by the Chief Judicial Magistrate, Alappuzha, in CMP No. 2602/2010 is under challenge in this Writ Petition. Consequent to default committed by the petitioner in effecting repayments in a housing loan availed from the respondents, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated. Invoking Section 14 (1) the respondents had approached the Chief Judicial Magistrate's Court. Now the immovable property which is the secured asset with respect to the loan transaction is ordered to be taken over possession. 2. According to the petitioner the default occurred due to some unforeseen contingencies occurred in his life 2 WP(C) No. 28067/2010 and that he is ready and willing to settle the entire arrears within a short time. Hence the petitioner is seeking indulgence for restraining dispossession and to restrain further steps for sale of the property. 3. Pursuant to an interim order issued by this Court on 13.09.2010, the petitioner had remitted a sum of Rs.75,000/-. Learned counsel appearing for the respondent Bank submitted that even after crediting such payment, the amount outstanding is more than 2.65 lakhs. 4. It is noticed that the SARFAESI proceedings initiated by the respondents are at its fag end. Any interference on the merits of the matter at this stage, in a Writ Petition will be highly improper, in view of the fact that the petitioner had not availed of any of the remedies provided under the statute for challenging the proceedings at any earlier stage. However, considering the request made by the petitioner to permit payment of the entire balance within a short period, I am inclined to show indulgence in 3 WP(C) No. 28067/2010 the matter, especially because the petitioner is relinquishing all his statutory remedies. 5. Under the above circumstances, the Writ Petition is disposed of directing the respondents to keep in abeyance dispossession of the petitioner from the property and sale of the property in question, provided the petitioner remits the entire balance amount outstanding, including future interest, in 6 (six) equal monthly instalments, falling due on or before 15.11.2010 and on or before the 15th day of the succeeding months. 6. It is made clear that on failure to make payment of any of the instalments, the respondents will be free to proceed with further steps pursuant to Ext.P2 notice. It is also made clear that the benefit granted as above is subject to the condition that the petitioner is precluded from raising any subsequent challenge against such proceedings. C.K. ABDUL REHIM JUDGE dnc