IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 14TH OCTOBER 2010 / 22ND ASWINA 1932 WP(C).No. 29994 of 2010 (Y) -------------------------- PETITIONER: ------------------- ROJI MATHEW, C/O.JOSEPH MATHEW, `SANGAMAM', H.NO.V/590, ILLATH ROAD, AROOR P.O., ALAPPUZHA DISTRICT, THROUGH HIS FATHER AND POWER OF ATTORNEY HOLDER JOSEPH MATHEW. BY ADV. SRI.R.MURALIDHARAN (AROOR) RESPONDENTS: ------------------------ 1. HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED, HDFC HOUSE, RAVIPURAM JUNCTION, M.G.ROAD, ERNAKULAM KOCHI-15, REPRESENTED BY ITS BRANCH MANAGER. 2. R.SHERINA, THE ADVOCATE COMMISSIONER IN CMP NO.4011 OF 2010, CHEIF JUDICIAL MAGISTRATE'S COURT, ALAPPUZHA 688506 BY ADVS. SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE SRI.A.S.SAJUSH PAUL, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK C.K.ABDUL REHIM, J --------------------------- W.P(C) No. 29994 of 2010-Y ---------------------------- Dated this the 14th day of October, 2010. J U D G M E N T Consequent to default committed in regular payment of monthly instalments with respect to a housing loan availed by the petitioner from the respondent Bank, proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated. Invoking the provisions under Section 14(1), the respondent Bank had approached the Chief Judicial Magistrate Court and an Advocate Commissioner was appointed to take over possession of the immovable property, which is the secured asset. 2. According to the petitioner, eventhough he had approached the Bank seeking permission for payment of the defaulted amount and to regularize the account, the same was not considered. Hence aggrieved by the coercive steps of dispossession now being threatened, this writ petition is filed. 3. Considering the statutory remedy available to the petitioner, I am not inclined to entertain this writ petition on merits. W.P(C) No. 29994 of 2010-Y 2 However, learned counsel for the petitioner submitted that the petitioner is not intending to pursue any such remedies nor he is pursuing the challenges against the impugned proceedings. On the other hand indulgence was sought for in permitting payment of the defaulted amounts and to continue payment of future instalments in accordance with the loan agreement. 4. Learned counsel appearing for the respondent Bank, on the basis of instructions, submitted that the defaulted amount itself will come to more than Rs.3,00,000/- and that the petitioner had committed default in payment of monthly instalments on a consecutive basis. 5. Having considered the facts and circumstances, I am of the opinion that the petitioner can be permitted to regularise the account, eventhough interference on merits is not warranted. 6. In the result, the writ petition is disposed of directing the respondents to keep in abeyance all further steps for dispossession and sale of the property, provided the petitioner remits the entire overdue amounts (defaulted instalments along with interest and expenses if any due) in 4 (four) equal monthly instalments, falling due on or before 10.11.2010 and on or before 10th day of W.P(C) No. 29994 of 2010-Y 3 succeeding months. It is made clear that the petitioner shall also remit the regular EMIs due from November 2010 onwards, along with such payments. 7. If payment of defaulted amounts is regularised as directed above, the respondent shall permit the petitioner to continue payment of future monthly instalments, in accordance with the original schedule of repayment. 8. 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 pursuant to the orders already issued by the Chief Judicial Magistrate Court. It is further made clear that the above relief is granted subject to the condition that the petitioner is precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM JUDGE ab