IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 22ND DECEMBER 2010 / 1ST POUSHA 1932 WP(C).No. 35446 of 2010(E) -------------------------- PETITIONER: ------------------- VARGHESE.V.A, S/O.V.M.ABRAHAM, VAYKARA HOUSE, P.O.KUNNACKAL, MUVATTUPUZHA. BY ADV. SRI.SHAJI JOSEPH RESPONDENTS: --------------------- 1. SYNDICATE BANK, BRANCH PERUMANOOR, PERUMANOOR P.O., KOCHI-682 015, REPRESENTED BY ITS MANAGER, PERUMANOOR P.O. 2. AUTHORISED OFFICER/CHIEF MANAGER, SYNDICATE BANK, PERUMANOOR P.O., KOCHI-682 015. 3. VARGHESE.A.AUGUSTINE, S/O.AUGUSTINE, PROPRIETOR, OLIVE TRANSPORTS, ERNAKULAM, KOCHI RESIDING AT ANGAMALY VELI HOUSE, AROOR P.O., CHERTHALA, PIN-688 534. BY ADV. SRI.R.S.KALKURA,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/12/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK C.K. ABDUL REHIM, J ------------------------------- WP(C) NO. 35446 OF 2010 ------------------------------------- Dated this the 22nd day of December, 2010 JUDGMENT Petitioner is challenging the proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner is a surety with respect to loan availed by the 3rd respondent from the first respondent Bank. This Writ Petition is filed when the first respondent Bank had published Ext.P5 notice intimating steps taken as contemplated under Section 13 (4). 2. Considering availability of effective statutory remedy, this Court was not inclined to entertain this Writ Petition. However, as a gesture of indulgence, dispossession was stayed subject to condition of the petitioner remitting a sum of Rs.10 lakhs within three weeks from 01.12.2010. 3. It is stated that the petitioner could not comply 2 WP(C) No. 35446/2010 with the conditions stipulated. However it is stated that the 3rd respondent had already approached the Debt Recovery Tribunal invoking Section 17 (1) of the Act. Under the above circumstances, I am not inclined to entertain this Writ Petition any further. 4. Accordingly, the Writ Petition is dismissed without prejudice to rights of the petitioner to pursue statutory remedies if any available under law. C.K. ABDUL REHIM JUDGE dnc