IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 21ST MARCH 2011 / 30TH PHALGUNA 1932 WP(C).No. 5167 of 2011(U) --------------------------------------- PETITIONER(S): ----------------------- USHA, 48 YEARS, W/O.BABY, THEKKEKARA HOUSE, THIRUVAZHIYODE POST, PALAKKAD DISTRICT. BY ADV. SMT.T.D.RAJALAKSHMI, SRI.R.SREEHARI. RESPONDENT(S): -------------------------- 1. STATE BANK OF INDIA, CHERPALSSERY BRANCH, REPRESENTED BY ITS MANAGER, CHERPALSSERY- 679 503. 2. THE AUTHORISED OFFICER, STATE BANK OF INDIA, CHERPULASSERY BRANCH, 679 503. 3. RAJESH A.R., S/O.RAMAN A.P., AMMATHODIYIL HOUSE, KANNIYAMPURAM POST, PALAKKAD-679 104. R1 & R2 BY ADV. MR.V.B. HARINARAYANAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/03/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.5167 of 2011 ------------------------------------------- Dated this the 21st day of March, 2011 J U D G M E N T ---------------------- Petitioner is the guarantor with respect to a personal loan availed by the 3rd respondent from respondents 1 and 2, and immovable property belonging to the petitioner was mortgaged for securing the loan. Consequent to default committed by the 3rd respondent, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated and Ext.P2 notice was issued intimating steps taken under Section 13(4). 2. According to the petitioner, the respondents 1 and 2 are now proceeding with coercive steps for sale of the property, without acceding to the request made for permitting payment of the entire arrears in a phased manner, within a period of 10 months. 3. Considering the effective remedy available under the statute, it may not be justified on the part of this court to interfere with the proceedings. However, learned counsel for petitioner submitted that the petitioner is not pursuing any statutory remedy and that she is relinquishing all challenges against the impugned proceedings. On the other hand, a limited prayer is made to permit the petitioner to wipe off the liability in a phased manner, within a reasonable time. W.P.(C).5167/11 -2- 4. Heard; learned counsel appearing for respondents 1 and 2. It is mentioned that the loan account is in chronic default and steps are now being pursued to recover the amount due through sale of the property belonging to the petitioner. 5. Eventhough interference on merits is not justified, I am of the view that indulgence can be shown in permitting the petitioner to pay off the liability, considering the relinquishments made by her. 6. Therefore the writ petition is disposed of restraining respondents 1 and 2 from proceeding with further steps for dispossession and sale of the property, subject to condition of the petitioner remitting the entire balance outstanding along with future interest and expenses if any due, in 6 (six) equal monthly instalments falling due on or before 31.3.2011 and on or before the last day of the succeeding months. 7. It is made clear that on the event of default in payment of any one of the instalments, the respondents will be at liberty to proceed with further steps and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM, JUDGE. okb