IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 12TH JANUARY 2011 / 22ND POUSHA 1932 WP(C).No. 36954 of 2010(T) ----------------------------------------- PETITIONER(S): ------------------------ JOSEPH FRANCIS, PORIYATH HOUSE, CHEMBALAMATTAM P.O., KOTTAYAM DISTRICT. BY ADV. SRI.GEORGEKUTTY MATHEW RESPONDENT(S): --------------------------- 1. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD., THE DISTRICT CO-OPERATIVE BANK BUILDINGS, P.B.NO.140, KOTTAYAM, PIN-686 001, REP. BY ITS GENERAL MANAGER. 2. THE AUTHORIZED OFFICER UNDER THE SARFAESI ACT, THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD., THE DISTRICT CO-OPERATIVE BANK BUILDINGS, P.B.NO.140, KOTTAYAM, PIN-686 001. 3. SATHEESH T.S., THANNIPARAYIL HOUSE, CHIRAKADAVU EAST P.O., KOTTAYAM DISTRICT - 686 520. R1 & R2 BY ADV. SRI.T.A.SHAJI, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.36954 of 2010 ------------------------------------------- Dated this the 12th day of January, 2011 J U D G M E N T ---------------------- This writ petition is filed challenging steps initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), consequent to default committed in repayment of a loan availed by the petitioner from the respondents. Through Ext.P1, sale of the immovable property, which is the secured asset, was proclaimed. 2. Eventhough this court was not inclined to entertain this writ petition, because the petitioner has not availed the effective alternative remedy provided under the statute, as a gesture of indulgence, confirmation of sale if any, was stayed subject to condition of the petitioner remitting a sum of Rs.3 lakhs on or before 5.1.2011. It is submitted that the amount was not paid till date. 3. Under the above circumstances the writ petition is dismissed. However, it is made clear that right of the petitioner, if any available under law, to invoke statutory remedy against the proceedings is reserved. C.K.ABDUL REHIM, JUDGE. okb