IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 17TH JANUARY 2011 / 27TH POUSHA 1932 WP(C).No. 27862 of 2010(G) -------------------------- PETITIONER: ------------------ T.NANU, NELLIODAM VEETTIL, P.O.MAYANNUR, (VIA)VADAKARA, KOZHIKODE DISTRICT. BY ADV. SRI.C.VALSALAN SRI.K.RAKESH ROSHAN SMT.THUSHARA.V RESPONDENT: --------------------- VADAKARA CO-OPERATIVE URBAN BANK LTD., D.2263, P.O.NUTS STREET, VATAKARA, REPRESENTED BY ITS GENERAL MANAGER AND AUTHORISED OFFICER. ADV. SRI.DEVAPRASANTH.P.J. FOR R THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. = = = = = = = = = = = = = WP(C).No.27862 of 2010-G. = = = = = = = = = = = = = Dated this the 17th January, 2011. J U D G M E N T Coercive steps initiated for taking over possession of the immovable property, which is the secured asset with respect to a loan availed by the petitioner from the respondent bank by resorting to the provisions invoking under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), is under challenge in this writ petition. 2. Ext.P2 notice was issued intimating steps taken under Sec.13(4) of the Act. In a subsequent notice (Ext.P3) the petitioner was intimated that the bank had already invoked Sec.14(1). According to the petitioner, the steps were pursued without considering his request for payments of the balance amount, in a phased manner within a reasonable time. Hence the petitioner seeks interference of WP(C).No.27862 of 2010-G. 2 this Court. 3. Considering availability of effective statutory remedy under Sec.17(1), this Court was not inclined to entertain this writ petition. However, an interim stay was granted subject to condition of the petitioner remitting a sum of Rs.40,000/-, which is stated to have been complied with. 4. Learned counsel for the petitioner submits that the petitioner is ready and willing to make payments of the entire outstanding, within a reasonable time, on the basis of an undertaking made to the effect that he will not pursue any statutory remedy and is relinquishing all challenges against the proceedings initiated. 5. Heard; learned standing counsel appearing for the respondent bank. It is submitted that the balance outstanding is around to Rs.1,07,000/-. Eventhough interference on merits is not desirable, I am of the view that the petitioner can be permitted to pay off the entire liability in a faced manner within a reasonable time, in instalments. WP(C).No.27862 of 2010-G. 3 6. Accordingly, the writ petition is disposed of directing the respondents to keep in abeyance all further steps of recovery, provided the petitioner remits the entire balance outstanding, along with interest and expenses if any due, in 6 (six) equal monthly instalments falling due on or before 28.2.2011 and on or before the last day of the succeeding months. 7. It is made clear that on the event of default in payment of any one of the instalments as stipulated above, the respondents will be free to proceed with further steps pursuant to the notices already issued. It is also 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) Kvs/-