IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 1ST MARCH 2011 / 10TH PHALGUNA 1932 WP(C).No. 6459 of 2011(F) ------------------------- PETITIONER: ------------------ K.V.KRISHNAN, AGED 55 YEARS, S/O.LATE VELAYUDHAN, KAIPULLY HOUSE, P.O.ARIMBUR, THRISSUR. BY ADV. SRI.M.B.PRAJITH RESPONDENTS: --------------------- 1. THE THRISSUR DISTRICT CO-OPERATIVE BANK, AYYANTHOLE BRANCH, AYYANTHOLE, THRISSUR, PIN-680003, REP.BY ITS MANAGER. 2. THE AUTHORIZED OFFICER, THE THRISSUR DISTRICT CO-OPERATIVE BANK, H.O. SHAHAKARANASATHABTHI MANDIRAM, TUDA ROAD, KOVILAKATHUPADAM, THIRUVAMBADI.P.O., THRISSUR. PIN-680022. 3. THE ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES/ARBITRATOR CUM SALES OFFICER, THE THRISSUR DISTRICT CO-OPERATIVE BANK, H.O. SHAHAKARANASATHABTHI MANDIRAM, TUDA ROAD, KOVILAKATHUPADAM, THIRUVAMBADI.P.O., THRISSUR. PIN-680022. BY ADV. SRI.P.C.SASIDHARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.6459 of 2011 ------------------------------------------- Dated this the 1st day of March, 2011 J U D G M E N T ---------------------- Proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), consequent to default committed by the petitioner in repaying a loan availed from the respondent Bank, is the subject matter of this writ petition. Ext.P5 is the notice issued intimating steps taken under Section 13(4) of the Act. According to the petitioner, the coercive steps were pursued without considering the fact that an execution application is pending with respect to an award passed by the Arbitrator appointed under the provisions of the Co-operative Societies Act. It is also contended that such steps were being pursued without acceding to the request made by the petitioner to permit payment of the entire balance in a phased manner, within a reasonable time. 2. Heard; standing counsel appearing for the respondents. It is submitted on the basis of instructions that, after crediting all payments made by the petitioner, the balance outstanding will be around Rs.2.17 lakhs as on 12.10.2010, along with future interest and expenses due thereon. 3. Considering availability of effective alternative W.P.(C).6459/11 -2- remedy, it is not justified on the part of this court to interfere with the proceedings. However, learned counsel for petitioner submitted that the petitioner is not intending to pursue any statutory remedy and that he is relinquishing all the challenges against the proceedings. On the other hand, a limited prayer is made to permit payment of the entire balance within a reasonable time, in instalments. 4. Considering the facts and circumstances I am of the view that, even though interference on merits is not proper, indulgence can be shown in permitting the petitioner to pay off the entire liability in a phased manner within a reasonable time. However, it is left open to the petitioner to approach the Bank seeking waiver of interest, penal interest and expenses if any to the possible extent and also seeking details regarding statement of accounts. 5. Under the above circumstances the writ petition is disposed of directing the respondents to keep in abeyance all further coercive steps for dispossession and sale of the property in question, subject to condition of the petitioner remitting the entire balance outstanding along with interest and expenses if any due in 6 (six) equal monthly instalments, falling due on or before 31.3.2011 and on or before the last day of the succeeding months. W.P.(C).6459/11 -3- 6. It is made clear that on the event of default in payment of any one of the instalments the respondents will be at liberty to proceed with further steps and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM, JUDGE. okb