IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 19TH NOVEMBER 2010 / 28TH KARTHIKA 1932 WP(C).No. 30136 of 2010(N) -------------------------- PETITIONER: ------------------- BRUCE BABU, AZHEEKKAL HOUSE, ANDHAKARANAZHY, CHERTHALLAI, ALAPPUZHA DISTRICT. BY ADV. SRI.P.S.GEORGE RESPONDENTS --------------------- 1. THE CHIEF MANAGER, (AUTHORISED OFFICER), STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE, BEACH ROAD, ALAPPUZHA DISTRICT - 688 011. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, ARTHUNKAL BRANCH, ALAPPUZHA DISTRICT - 688 011. BY ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/11/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK C.K. ABDUL REHIM, J ------------------------------- WP(C) NO. 30136 OF 2010 ------------------------------------- Dated this the 19th day of November, 2010 JUDGMENT Proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is under challenge in this Writ Petition. Consequent to default committed by the petitioner in repayment of loan availed from the respondent Bank, the immovable property which is the secured asset was proceeded against. Invoking provisions contained under Section 14 (1), the respondent had approached the Chief Judicial Magistrate Court and an Advocate Commissioner was appointed to take over possession of the property. 2. According to the petitioner, he had approached the Bank expressing willingness to close the loan account within a period of six months. But coercive steps were proceeded without accepting such request. Hence the Writ Petition is filed seeking interference by this Court. 2 WP(C) No. 30136/2010 3. As a gesture of indulgence this Court granted an interim stay against dispossession, subject to condition of the petitioner remitting a sum of Rs.3 lakhs within one month from 30.09.2010. Subsequently the petitioner filed an interlocutory application seeking extension of time for compliance of the stipulations. Time for payment was extended till 18.11.2010. It is submitted that the petitioner has not complied with the conditions stipulated, till date. 4. Taking note of the decision of the Hon’ble Supreme Court in United Bank of India Vs. Satyawati Tondon and others [2010 (8) SCC 110]. It is not proper on the part of this Court to stay the proceedings initiated under the SARFAESI Act in a writ petition filed, without invoking the statutory remedy available under Section 17 (1). Therefore I am not inclined to entertain this Writ Petition, any further. However rights if any available to the petitioner to invoke the statutory remedy can be left open. 4. Therefore the Writ Petition is dismissed without 3 WP(C) No. 30136/2010 prejudice to rights if any available to the petitioner to invoke the statutory remedy before the appropriate authority. C.K. ABDUL REHIM JUDGE dnc