IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 10TH FEBRUARY 2011 / 21ST MAGHA 1932 WP(C).No. 1566 of 2011(U) ------------------------- CMP.3386/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- RADHAKRISHNA RAJU .M, S/O.MUTHUKRISHNA, TC. 38/1324, SABHAPATHI KOVIL STREET, CHALAI PO, THIRUVANANTHAPURAM. BY ADV. SRI.R.S.KALKURA SRI.M.S.KALESH SMT.A.V.PRIYA SRI.HARISH GOPINATH SRI.V.VINAY MENON SMT.KVP.JAYALEKSHMY SRI.M.AJAY (IRUMPANAM) RESPONDENT(S): --------------- 1. THE ANANTHASAYANAN CO-OPERATIVE BANK POST OFFICE LANE, PUTHENCHANTHAI THIRUVANANTHAPURAM 695 001, REP BY ITS SECRETARY. 2. THE AUTHORISED OFFICER THE ANANTHASAYANAN CO-OPERATIVE BANK POST OFFICE LANE, PUTHENCHANTHAI THIRUVANANTHAPURAM 695 001. ADV. SRI.R.S.MOHANAN NAIR FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.1566 of 2011-U ---------------------------------------- Dated this the 10th day of February, 2011. J U D G M E N T Proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), consequent to default committed by the petitioner in repaying loan availed from respondents, is the subject matter of challenge in this writ petition. At the behest of respondents proceedings under Section 14(1) was initiated and the Chief Judicial Magistrate Court had appointed an Advocate Commissioner to take over possession of the property by virtue of Ext.P3 order. 2. Contention of the petitioner is that the loan in question was availed in the year 2008 with a repayment period of 60 months and the coercive steps were now pursued without acceding to his request for permitting regularisation of the loan account. 3. In the counter affidavit filed on behalf of respondents it is stated that all the procedure prescribed under the SARFAESI Act has been complied with and there is no infirmity W.P(C) No.1566 of 2011-U 2 with the impugned proceedings, warranting interference of this Court. It is stated that the overdue amount (amount in default) is about Rs.84,742/- and that the respondents have no objection in regularising the account, if the petitioner remits the said amount forthwith. 4. It is noticed that by virtue of an interim order passed by this Court on 17.1.2011, the petitioner had remitted a sum of Rs.75,000/-. Learned counsel for the petitioner submits that the petitioner is ready and willing to pay off the balance amount out of the arrears within a short period, in order to regularise the account. 5. Considering the effective alternative remedy available under Section 17(1), this Court may not be justified in interfering with the proceedings in any manner. However, while considering the limited prayer, I am of the view that, relief to the extent of permitting regularisation can be granted, subject to condition of the petitioner is relinquishing all challenges against the proceedings. 6. Therefore the writ petition is disposed of directing the respondents to keep in abeyance all further coercive steps for dispossession and sale of the property, subject to condition of the W.P(C) No.1566 of 2011-U 3 petitioner remitting the overdue amount outstanding payment (balance amount of defaulted instalments along with interest and expenses if any due) on or before 28.2.2011. 7. If payment as directed above is made, the respondents shall permit the petitioner to make payment of future monthly instalments in terms of the original schedule of repayment. 8. It is made clear that in case of default in payment of amounts as stipulated above, the respondents 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 proceedings. C.K.ABDUL REHIM JUDGE ab