IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 23RD DECEMBER 2009 / 2ND POUSHA 1931 WP(C).No. 37252 of 2009(B) -------------------------- PETITIONER(S): --------------- 1. K. LATHEEF, KUNNATH HOUSE, P.O. VARAM, KANNUR DISTRICT. 2. K. MARIYAM, W/O. K. LATHEEF, KUNNATH HOUSE, P.O. VARAM, KANNUR DISTRICT. BY ADV. SRI.P.M.PAREETH SRI.MOHAMMED SHAMEEL RESPONDENT(S): --------------- CHIEF MANAGER, STATE BANK OF TRAVANCORE, KANNUR MAIN BRANCH, PLATINUM CENTRE, FORT ROAD, KANNUR. ADV.SRI.T.SETHUMADHAVAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.37252 OF 2009 ------------------------------ Dated this the 23rd day of December, 2009 J U D G M E N T ---------------------- 1. Since challenge in this writ petition is against Ext.P1 & P2 notices issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), I am not inclined to entertain the same, in view of the fact that petitioner has got opportunity to object such demand. It is stated that the proceedings are initiated consequent to default committed by the petitioner in repayment of a housing loan as well as a business loan availed from the respondent Bank. 2. Learned counsel for the petitioner made a limited prayer to permit regularisation of the accounts based on an offer to pay the defaulted amounts along with interest and expenses if any liable, within a short period. Learned standing counsel appearing for the respondent submitted that the outstanding arrears in both the accounts will come to around Rs.2,81,000/-. 3. Considering the limited prayer I am of the view that some indulgence can be shown in the matter of permitting the petitioner to regularise the accounts by paying the defaulted W.P.(C).37252/09-B 2 amounts. 4. Hence the respondent is directed to keep in abeyance further steps under the SARFAESI Act till 15.1.2010 provided the petitioner makes payment of the entire amount in default including interests and expenses if any liable before such date. If the amounts in default are cleared payment as directed above, the petitioner shall be permitted to continue payment of future installments in accordance with the original schedule of repayment. 5. If default is committed in making payment of the amounts as stipulated above, the respondent will be free to proceed with further steps pursuant to the notices already issued and on any such event the petitioner will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb