IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 15TH JUNE 2011 / 25TH JYAISHTA 1933 WP(C).No. 15826 of 2011(C) -------------------------- PETITIONER(S): --------------- MATHEW T.MANI,THENGUMTHRURUTHEL HOUSE, MANARKKAD P.O., KOTTAYAM. BY ADV. SRI.MATHEW JOHN (K) SRI.DOMSON J.VATTAKUZHY RESPONDENT(S): --------------- THE AUTHORISED OFFICER APPOINTED UNDER THE PROVISIONS OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT-2002, DHANALAKSHMI BANK LIMITED, 3RD FLOOR, FELICITY SQUARE,M.G.ROAD,THIRUVANANTHAPURAM – 695 001. BY ADV. SRI.NAGARAJ NARAYANAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/06/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 15826 of 2011(C) APPENDIX PETITIONER'S EXHIBITS : EXT.P1 : COPY OF THE REGISTERED NOTICE DTD.2.9.2010 EXT.P2: COPY OF THE REGISTERED NOTICE DTD.10.2.2011 EXT.P3: COPY OF THE LETTER DTD.8.4.2011 EXT.P4: COPY OF THE LETTER DTD.21.4.2011 EXT.P5: COPY OF THE COUNTER FOIL DTD.6.5.2011 EXT.P6: COPY OF THE COUNTER FOIL DTD.7.6.2011 EXT.P7: COPY OF THE POSSESSIO NOTICE DTD.10.2.2011 RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A TO JUDGE C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.15826 of 2011-C ---------------------------------------- Dated this the 15th day of June, 2011. J U D G M E N T Consequent to default committed in repayment of various credit facilities availed by the petitioner along with his wife for business purposes, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act)was initiated against the immovable property, which is the secured asset. Ext.P7 is the notice issued intimating about steps taken under Section 13(4) of the Act. 2. Contention of the petitioner is that, the drastic steps taken by the respondent Bank in affixing Ext.P7 notice is shocking to the petitioner since he was maintaining cordial relationships and was taking all efforts to wipe off the liability within a short period. The petitioner apprehended that if any further coercive steps for publication of Ext.P7 notice or for dispossession of the petitioner is taken, that will ruin he entire business and therefore the petitioner seeks interference of this Court to permit payment of the arrears due in the loan accounts, W.P(C) No.15826 of 2011-C 2 within a reasonable time, in a phased manner. 3. When the writ petition came up for consideration, learned counsel for the petitioner made an undertaking to the effect that the petitioner is relinquishing all challenges raised against the proceedings initiated. On that basis the respondent was restrained from publishing Ext.P7 notice. Learned counsel makes a further undertaking that the entire liability due under the different accounts will be cleared payment within a short period. On the basis of such an undertaking he is seeking direction from this court to restrain further coercive steps. 4. Heard; standing counsel appearing for the respondent Bank. It is contended that different credit facilities availed by the petitioner are remaining in default and the total amounts outstanding will be more than Rs.20 lakhs. Under such circumstances, the respondent Bank is not favouring in permitting any extended period for payment of the balance amount due. 5. Eventhough interference on merits is not justified in view of the statutory remedy provided, I am inclined to show indulgence in permitting the petitioner to pay off the liability, in W.P(C) No.15826 of 2011-C 3 view of the relinquishment of challenges made. 6. Under the above mentioned circumstances, the writ petition is disposed of directing the respondent to keep in abeyance all further steps for publication of Ext.P7 and for dispossession and sale of the secured asset, provided the petitioner remits the entire amounts outstanding in all the loan accounts, along with interest and other charges if any due, in 6 (six) equal monthly instalments, falling due on or before 30.6.2011 and on or before the last day of succeeding months. 7. It is made clear that on the event of default in payment of any one of the instalments as directed above, the respondent will be free to proceed with further steps. It is further 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 ab