IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 11TH APRIL 2011 / 21ST CHAITHRA 1933 WP(C).No. 11560 of 2011(T) --------------------------------- PETITIONER(S): --------------- 1. MR.HAMZA.P.A,S/O.PALLIKKARA ABDULLA HAJI CRESCENT HOUSE,NADAKKAVU.P.O,KOZHIKODE, PIN-673006. 2. MRS.FAREEDA HAMZA,W/O.HAMZA.P.A, CRESCENT HOUSE,NADAKKAVU.P.O,KOZHIKODE, PIN-673006. BY ADV. SRI.T.G.RAJENDRAN RESPONDENT(S): --------------------- THE AUTHORISED OFFICER,(CHIEF MANAGER), SOUTH INDIAN BANK REGIONAL OFFICE,P.B.NO.933, CHAKKORATHUKULAM,WEST HILL.P.O,KOZHIKODE, PIN-673005. BY ADV. SRI.K.K.JOHN, SC., SIB. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/04/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs C.K.ABDUL REHIM, J. ------------------------------- W.P.(C).No.11560 of 2011 ------------------------------- Dated this the 11th day of April, 2011. J U D G M E N T Petitioners are husband and wife. Consequent to default committed in repayment of a housing loan availed by the petitioners from the respondent Bank, coercive steps were initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to Ext.P11 notice issued, intimating steps taken under Section 13(4), it is stated that the respondents are now invoking Section 14(1) before the Chief Judicial Magistrate Court. According to the petitioners, the loan in question was availed in the year 2003 with a repayment period of 15 years and the coercive steps are now being pursued without acceding to their request for permitting regularisation of the account, on the basis of an offer made for payment of the amounts in default, within a reasonable time. 2. Considering availability of the effective remedy 2 W.P.(C).No.11560 of 2011 provided under the statute, it is not proper for this Court to interdict with the proceedings. Learned counsel for the respondent Bank submitted that, the total amount outstanding payment will be around Rs.45.85 lakhs. It is further submitted that even the amount overdue for payment (amounts in default) will come to around Rs.4.13 lakhs. 3. Left with the above situation, learned counsel for the petitioners sought indulgence of this Court in permitting regularisation on the basis of an offer that the amount overdue for payment will be cleared within a short period. Even though interference on merits is not warranted, I am of the view that, the petitioners can be permitted to regularise the account considering the fact that the repayment period is for 15 years. 4. Accordingly, 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 petitioner remitting the amount 3 W.P.(C).No.11560 of 2011 remaining overdue for payment (defaulted monthly instalments along with interest and expenses if any due) in 2 (two) equal monthly instalments falling due on or before 30.4.2011 and on or before 31.5.2011, along with payment of regular instalments due for the respective months. 5. If payment of amounts in default is regularised as directed above, the respondents shall permit the petitioners to make payment of future monthly instalments in accordance with the original schedule of repayment. 6. It is made clear that on the event of default in payment of any one of the instalments as stipulated above or any future monthly instalments, the respondents will be free to proceed with further steps, on the basis of the notice already issued and on such event the petitioners will be precluded from raising any subsequent challenge. C.K.ABDUL REHIM, Judge ami/