IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 22ND MARCH 2011 / 1ST CHAITHRA 1933 WP(C).No. 7156 of 2011(T) ------------------------- PETITIONER(S): --------------- 1. MADHU PANKAJAKSHAN, AGED 54 YEARS, S/O. PANKAJAKSHAN, PULIKKAL HOUSE, ARATTUVAZHY, ALAPPUZHA DIST. 2. SHEELA, W/O. MADHU PANKAJAKSHAN, AGED 50 YEARS, PULIKKAL HOUSE, ARATTUVAZHY, ALAPPUZHA DIST. BY ADV. SMT.G.VIDYA RESPONDENT(S): --------------- THE AUTHORIZED OFFICER, STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BEACH ROAD, ALAPPUZHA, PIN - 688 011. BY ADV. SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE SRI.A.S.SAJUSH PAUL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ami/ C.K.ABDUL REHIM, J. ------------------------------- W.P.(C).No.7156 of 2011 ------------------------------- Dated this the 22nd day of March, 2011. J U D G M E N T Considering the fact that the proceedings initiated under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is only at the stage of issuing demand under section 13 (2), it is not at all justified on the part of this Court to interdict with. However, counsel for the petitioner submitted that the loan in question was availed only in the year 2009 and the repayment period is for 15 years, which will expire only in the year 2024. On such premise, the petitioner is seeking interference of this Court to permit regularisation of the account on the basis of an offer that the amounts in default will be paid within a short time and also on the basis of an undertaking that the petitioners are relinquishing all challenges against the proceedings and also relinquishing rights if any available to invoke statutory 2 W.P.(C).No.7156 of 2011 remedies. 2. Heard ; standing counsel appearing for the respondent. It is submitted that, after availing the loan, the petitioner had defaulted payments and the total amount due is more than Rs.26.70 lakhs. Even though interference on merits is not warranted, I am of the view that, indulgence can be shown in granting the limited relief prayed for. 3. Accordingly, the writ petition is disposed of directing the respondents to keep in abeyance all further steps of recovery, subject to condition of the petitioner remitting the entire amount in default (defaulted monthly instalments along with interest and expenses if any due) in 3 (three) equal monthly instalments, falling due on or before 31.3.2011 and or before the last day of the succeeding months, along with payment of regular monthly instalments due for the respective months. 4. It is made clear that, on the event of default in payment of any one of the instalments as stipulated above 3 W.P.(C).No.7156 of 2011 or any future monthly instalments, the respondents will be free to proceed with further steps, on the basis of the notice already issued and on such event the petitioner will be precluded from raising any subsequent challenge. C.K.ABDUL REHIM, Judge ami/