IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 1ST NOVEMBER 2010 / 10TH KARTHIKA 1932 WP(C).No. 32084 of 2010(I) --------------------------------- PETITIONER(S): ------------------- K.PRADEEPAN, AGED 42 YEARS, S/O.LATE SANKARAN, KOROTH HOUSE, P.O.KOORARA, VIA CHAMPAD- 670 694, KANNUR DISTRICT. BY ADV. SRI.C.P.PEETHAMBARAN RESPONDENT(S): -------------------- 1. INDIAN BANK, KANNUR BRANCH, FORT ROAD, KANNUR, REPRESENTED BY ITS MANAGER, KANNUR P.O., 670 001. 2. THE AUTHORIZED OFFICER, INDIAN BANK, KANNUR BRANCH, FORT ROAD, KANNUR.P.O., 670 001. R1 & R2 BY ADV.SRI.S.EASWARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/11/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs/ C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.32084 of 2010-I ---------------------------------------- Dated this the 1st day of November, 2010. J U D G M E N T Coercive steps initiated under Section 13(4) of the Securitization 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 a housing loan availed from the respondent Bank, the impugned proceedings was initiated. Eventhough various contentions are raised in this writ petition, the petitioner is only seeking a permission for regularising the loan account, on the promise that he will pay off the defaulted amounts within a short period. 2. Having considered the fact that the petitioner had not availed any of the statutory remedies provided under the SARFAESI Act, I am not inclined to entertain this writ petition. However, learned counsel for the petitioner submitted that the petitioner is relinquishing all challenges W.P(C) No.32084 of 2010-I 2 against the proceedings and that he is not intending to invoke any statutory remedy. On the other hand indulgence is sought for in permitting payment of the outstanding arrears within a short time in instalments. 3. Learned standing counsel appearing for the respondent Bank on the basis of instructions submitted that the arrears outstanding itself will come to around Rs.81,000/-. However, it is conceded that if the petitioner remits the said amount along with interest and other expenses if any due, within a short time, he can be permitted to pay the future instalments in accordance with the original schedule. 4. Under the above circumstances, the writ petition is disposed of directing the respondents to keep in abeyance further steps of recovery pursuant to Exts.P2 and P3 notices, provided the petitioner remits the outstanding arrears (defaulted instalments along with interest and expenses if any due) in 3 (three) equal monthly instalments falling due on or before 30.11.2010 and on or before the last W.P(C) No.32084 of 2010-I 3 day of succeeding two months. 5. It is made clear that along with said payments, the petitioner shall also remit regular EMIs due for the respective months. 6. It is made clear that on the event of default in payment of any of the instalments, the respondents will be free to proceed with further steps pursuant to Exts.P2 and P3 notices. 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. Sd/- C.K.ABDUL REHIM JUDGE //True Copy// P.A to Judge ab