IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 3RD FEBRUARY 2011 / 14TH MAGHA 1932 WP(C).No. 92 of 2011(J) ----------------------- PETITIONER(S): --------------- 1. SEVEN SEAS SHIPPING SERVICE 12/42 MANTHRA ROAD, PALLAM LANE,MATTANCHERY, KOCHI,REP.BY ITS PROPRIETOR-DWARAKANATH PRABHU. 2. DWARAKANATH PRABHU,12/42 MANTHRA ROAD, PALLAM LANE,MATTANCHERY,KOCHI. 3. UMESH PRABHU,12/42 MANTHRA ROAD, PALLAM LANE,MATTANCHERY,KOCHI. BY ADV. SRI.V.V.ASOKAN SMT.RUKHIYABI MOHD KUNHI SMT.RUKHIYABI MOHD KUNHI SRI.R.JAIKRISHNA RESPONDENT(S): --------------- 1. STATE BANK OF MYSORE,PB NI.159,SURAJ COMPLEX,D.NO.8/1731A,MANTHRA ROAD, A.M.CROSS ROAD, KOOVAPADAM, KOCHI 682 002, REP.BY ITS MANAGER, KOOVAPADAM, KOCHI. 2. AUTHORISED OFFICER,CHIEF MANAGER (ADVANCES),STATE BANK OF MYSORE,KOCHI-682 002. ADV. SRI.K.K.JOHN FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.92 of 2011-J ---------------------------------------- Dated this the 3rd day of February, 2011. J U D G M E N T Consequent to default committed in repaying loan availed for business purposes from the respondent Bank, immovable properties belonging to the petitioners, which is the secured asset, was proceeded against. After taking over possession of the property through steps adopted under Section 13(4), proclamation for sale of the property was published as per Ext.P3. According to the petitioners, the coercive steps were pursued without acceding to their request to grant sufficient time to pay off the liability. 2. Considering the effective alternative remedy available, this Court was not inclined to interfere with the matter. However, sale published through Ext.P3 was directed to be deferred, subject to condition of the petitioners remitting a sum of Rs.12,50,000/-. It is reported that the amount has already been paid. 3. Heard; standing counsel appearing for W.P(C) No.92 of 2011-J 2 respondents 1 and 2. It is submitted that a total amount of Rs.40.79 lakhs was due as on 31.8.2010. Since the loan account was in continuous default, the respondents could not grant any extended period for payment of the balance, is the submission. 4. Learned counsel for the petitioners made an appeal to this Court to permit payment of the entire balance outstanding in a phased manner, on the basis of an undertaking that the petitioners are relinquishing all challenges against the proceedings and that they are not intending to invoke statutory remedy if any available. 5. Eventhough interference on merits is not possible, I am inclined to grant relief to the limited extent, as prayed for. Therefore the writ petition is disposed of directing the respondents to keep in abeyance all further steps initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) provided the petitioners remit the entire balance outstanding along with interest and expenses if any W.P(C) No.92 of 2011-J 3 due, in 6 (six) equal monthly instalments, falling due on or before 28.2.2011 and on or before the last day of succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments the respondents will be free to proceed with further steps. It is further made clear that the above relief is granted subject to the condition that the petitioners are precluded from raising any subsequent challenge against the proceedings. C.K.ABDUL REHIM JUDGE ab