IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 23RD DAY OF FEBRUARY 2011/4TH PHALGHUNA 1932 WP(C).No. 1871 of 2011 (H) -------------------------- CMP.4375/2010 of C.J.M.,TRIVANDRUM PETITIONER: ------------- A.A.SHARAFUDEEN, MUHAMMEDKHAN MANZIL, MANNOORKONAM P.O., THIRUVANANTHAPURAM DIST. BY ADV. SRI.G.SUDHEER RESPONDENT: -------------- NEDUMANGAD CO-OPERATIVE URBAN BANK LTD.3193, AUTHORISED OFFICER, NEDUMANGAD P.O. THIRUVANANTHAPURAM. 695 541. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23-02-2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 1871 of 2011 (H) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE CM.P NO.4375/2010 BEFORE CJM COURT, THIRUVANANTHAPURAM RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A TO JUDGE ab C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.1871 of 2011-H ---------------------------------------- Dated this the 23rd day of February, 2011. J U D G M E N T Proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), is under challenge in this writ petition. Consequent to default committed by the petitioner in repaying a mortgage loan availed from the respondent Bank during the year 2004, steps were initiated against the immovable property, which is the secured asset. On invoking Section 14(1), the respondent had approached the Chief Judicial Magistrate Court, Thiruvananthapuram and that Court had appointed an Advocate Commissioner to take over possession of the property. According to the petitioner the coercive steps were pursued without acceding to his request to make payment of the amounts in instalments. 2. Eventhough this Court was not inclined to entertain this writ petition in view of the alternative remedy W.P(C) No.1871 of 2011-H : 2 : available, dispossession was stayed subject to condition of the petitioner remitting a sum of Rs.40,000/- on or before 5.2.2011. It is stated that the said amount was remitted on 1.2.2011. 3. Inspite of notice issued from this Court, the respondent had not entered appearance and contested the case. Learned counsel for the petitioner makes a limited plea to permit payment of the entire balance outstanding, on the basis of a specific undertaking that he is relinquishing all challenges and that he is also not intending to pursue any statutory remedy. 4. Eventhough interference on merits is not warranted, I am of the view that indulgence can be shown in permitting the petitioner to pay off the entire liability in a phased manner, within a reasonable time. 5. Accordingly, the writ petition is disposed of directing the respondent Bank to keep in abeyance all further steps for dispossession and sale of the property, subject to condition of the petitioner remitting the entire W.P(C) No.1871 of 2011-H : 3 : balance outstanding, along with interest and expenses if any due, in 6 (six) equal monthly instalments falling due on or before 15.3.2011 and on or before the 15th day of succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments the respondent will be free to proceed with further steps. It is further made clear that the above relief is granted subject to condition that the petitioner is precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM JUDGE ab