IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 26TH OCTOBER 2009 / 4TH KARTHIKA 1931 WP(C).No. 29836 of 2009(Y) -------------------------- CMP.2283/2009 of C.J.M.,KOTTAYAM .................... PETITIONER(S): --------------- ABRAHAM C.CHACKO, KODUVATHANATH HOUSE, PEROOR P.O., KOTTAYAM-686 637. BY ADV. SRI.MATHEW PHILIP EDAPPALLIL RESPONDENT(S): --------------- 1. M/S.HDFC LTD., HDFC HOUSE, P.B.1667, RAVIPURAM JN., M.G.ROAD, KOCHI-682015. 2. DR.P.C.MATHEW, ADVOCATE, MALIACKL BUILDINGS, COLLECTORATE P.O., KOTTAYAM. ADV.SRI.K.K.CHANDRAN PILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.29836 OF 2009 ------------------------------ Dated this the 26th day of October, 2009 J U D G M E N T ---------------------- 1. The petitioner along with his wife have availed a Housing Loan from the 1st respondent Bank, to the tune of Rs.2.75 lakhs. Immovable property belonging to the petitioner is mortgaged for securing the loan transaction. According to the petitioner, due to continued illness of his mother repayments in the loan account became irregular. Consequently the 1st respondent Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the Chief Judicial Magistrate Court had already been appointed an Advocate Commissioner to take over possession of the property. Petitioner is seeking indulgence of this court for permitting payment of the entire amount within a reasonable time, in installments. 2. Heard learned standing counsel appearing for the 1st respondent, who on the basis of instructions submitted that, the property was about to be taken over possession on 29.9.2009. But on the basis of a written undertaking submitted by the wife of the petitioner, further actions were postponed and the W.P.(C).29836/09-Y 2 petitioner had effected payment of an amount of Rs.1,00,000/- thereafter. According to the petitioner a total payment of Rs.1,95,000/- had been made till date. The learned standing counsel submitted that the balance outstanding as on date will be around Rs.1,18,031/- and coercive steps can be restrained if the petitioner pay off the liability. 3. Eventhough interference against SARFAESI proceedings on merit is not desirable, in view of the effective alternate remedy provided under the statute, I am of the view that some indulgence can be shown in the matter of permitting the petitioner to pay off the entire amount within a reasonable time. 4. Accordingly the writ petition is disposed of directing the petitioner to make payment of an amount of Rs.50,000/- on or before 15.12.2009. The respondents are directed to keep in abeyance further coercive steps till such date. On payment of the said amount the 1st respondent shall intimate the petitioner about the net balance outstanding, after considering waiver of interest/default interest and expenses to the possible extent and after crediting to all payments made. The petitioner shall continue payment of the balance amount so intimated, in 2 (two) equal monthly installments on or before 15.1.2010 and on or before 15.2.2010. W.P.(C).29836/09-Y 3 5. On the event of default in paying any of the amounts as stipulated above, the respondents will be free to proceed with further steps pursuant to the notices already issued, and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb