IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 28TH FEBRUARY 2011 / 9TH PHALGUNA 1932 WP(C).No. 1715 of 2011(L) ---------------------------------- CMP.4282/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ----------------------- NAINA MOHAMMED.S., AGED 45 YEARS, S/O.N.S.MUHIDEEN, RAHMATH, KP IV/157-C, PURAVOORKONAM, VAZHYILA, KARAKULAM P.O., THIRUVANANTHAPURAM. BY ADVS. SRI.ZAKEER HUSSAIN SMT.K.A.SANJEETHA RESPONDENT(S): ------------------------- 1. THE AUTHORIZED OFFICER, PNB HOUSING FINANCE LTD., 4TH FLOOR, CAPITOL TOWERS, STATUE JUNCTION, THIRUVANANTHAPURAM-695 001. 2. PNB HOUSING FINANCE LTD., 4TH FLOOR, CAPITOL TOWERS, STATUE JUNCTION, THIRUVANANTHAPURAM-695 001 REPRESENTED BY ITS BRANCH MANAGER. R2 BY ADVS. SRI.P.BALAKRISHNAN FOR SRI.N.SASI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs C.K.ABDUL REHIM,J. ------------------------------- WP(C).NO. 1715 of 2011 --------------------------------- Dated this the 28th day of February, 2011 JUDGMENT Consequent to default committed by the petitioner in payment of regular monthly instalments due under a housing loan availed by him from the respondent Bank, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) was initiated. Invoking Section 14(1) of the Act, the respondents had approached the Chief Judicial Magistrate Court and that court had appointed an Advocate Commissioner to take over possession of the property . According to the petitioner, the loan in question was availed in the year 2009 with repayment period extending to 180 months and the coercive steps are now being pursued without considering the request for permitting regularisation of the account, on the basis of an offer made to pay the defaulted amounts, within a short time. 2. It is noticed that, by virtue of an interim order issued by this court on 25.1.2011, the petitioner had remitted a sum of Rs.2,00,000/- . According to the petitioner, after WP(C).1715/2011 2 crediting such payment there is an outstanding amount overdue for payment to the extent around Rs.1,20,000/- 3. Considering the effective statutory remedy available under the SARFAESI Act, it may not be justified on the part of this court in interfering with the matter. Learned counsel for the petitioner submitted that the petitioner is relinquishing all challenges raised against the proceedings and also relinquishing rights if any available to invoke statutory remedy. On the other hand, a limited prayer is made to permit regularisation of the account on the basis of an offer that, payment of future monthly instalments will be continued without any default. 4. Considering the facts and circumstances as stated above I am of the view that, eventhough interference on merits is not warranted, indulgence can be shown in permitting regularisation of the account considering the fact that the petitioner is relinquishing all challenges, and the repayment period has not expired. 5. Accordingly, the writ petition is disposed of directing respondents to keep in abeyance dispossession and sale of the property provided the petitioner remits the amount outstanding in default (defaulted monthly instalments along with interest and WP(C).1715/2011 3 expenses if any due) on or before 31.3.2011 along with payment of regular monthly instalments due for the months of March and April, 2011. 6. If payment of the defaulted amounts is regularised as directed above, the respondents shall permit the petitioner to pay the future monthly instalments in accordance with the original schedule of repayment. 7. It is made clear that on the event of default committed in payment of any one of the instalments as stipulated above, or any future monthly instalments, the respondents will be free to proceed with further steps pursuant to notices already issued and on such event the petitioners will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K.ABDUL REHIM,JUDGE pmn/ WP(C).1715/2011 4