IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 26TH NOVEMBER 2009 / 5TH AGRAHAYANA 1931 WP(C).No. 34158 of 2009(L) -------------------------------------- PETITIONER: ------------------- K.ANAND, MANLERYTHAZHATHU, KOVOOR, CHEVAYUR P.O., KOZHIKODE. BY ADVS. MR.V.M.KURIAN, MR.MATHEW B. KURIAN, MR.K.T.THOMAS. RESPONDENTS: ------------------------ 1. SOUTH INDIAN BANK, JAIL ROAD BRANCH, KOZHIKODE, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER, SOUTH INDIAN BANK, REGIONAL OFFICE, CHAKKORATHUKULAM, WEST HILL, KOZHIKODE-5. 3. SMT.M.K.JULIE, ADVOCATE COMMISSIONER, ADVOCATE, BAR ASSOCIATION, KOZHIKODE. R1 & R2 BY MR.K.K. JOHN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.34158 OF 2009 ------------------------------ Dated this the 26th day of November, 2009 J U D G M E N T ---------------------- 1. Petitioner has approached this court aggrieved by coercive steps initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed in repayment of housing loan availed by the petitioner from the 1st respondent Bank, steps were initiated against the immovable property, which is the secured asset. The respondents have invoked Section 14(1) of the SARFAESI Act and the Chief Judicial Magistrate had already appointed an Advocate Commissioner to take over possession of the property. Ext.P6 proceedings has now been issued requesting to hand over possession of the property, on 28.11.2009. 2. Eventhough various grounds against the proceedings are raised in this writ petition, learned counsel for the petitioner conceded that the petitioner is ready and willing to regularise the account by paying off the defaulted installments along with overdue interest and expenses if any liable, within a reasonable time. W.P.(C).34158/09-L 2 3. Heard standing counsel appearing for the respondent Bank. It is submitted that the loan account is in chronic default since more than 3 years. Under such circumstances the Bank is not favouring in permitting the petitioner to regularise the account. However it is noticed that the period of loan transaction is for 15 years and the loan was availed only in the year 2003. 4. Having considered facts and circumstances of the case, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioner to pay off the defaulted installments and to regularise the account. Accordingly the writ petition is disposed of directing the petitioner to make payment of the entire amount pertaining to the defaulted installments along with overdue interest and expenses if any liable, in 4 (four) equal monthly installments, on or before 15.1.2010 and on or before the 15th day of the three succeeding months. 5. The respondent Bank shall furnish a copy of the balance statement to the petitioner in order to facilitate such payments. Needless to say that if payments are made as directed above without any default, further steps of recovery shall be kept in abeyance by the respondents. If the defaulted amounts are cleared payment, as directed above, the W.P.(C).34158/09-L 3 respondents shall permit the petitioner to continue future repayments as per the original schedule. 6. It is made clear that on the event of default in payment of any of the installments as stipulated above, the respondents will be at liberty to take further steps pursuant to the notice already issued and on such event the petitioner will be precluded from raising any further challenge against such proceedings either before this court or before any other forum. C.K.ABDUL REHIM, JUDGE. okb