IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 7TH APRIL 2011 / 17TH CHAITHRA 1933 WP(C).No. 6134 of 2011(N) ------------------------- PETITIONER(S): --------------- MR.BALAKRISHNAN, AGED 49 YEARS, S/O.LATE PARAMESHWARAN KARTHA, KALLARACKAL HOUSE, THEKKUMBAGAM, THRIPUNITHURA P.O., PIN - 682 301. BY ADV. SRI.M.A.SHIHAB RESPONDENT(S): --------------- 1. AUTHORIZED OFFIER, BANK OF INDIA, ERNAKULAM BRANCH, KANNANKERI ESTATE, SHANMUGAM ROAD, ERNAKULAM DISTRICT-682 011. 2. BRANCH MANAGER, BANK OF INDIA, ERNAKULAM BRANCH-682 011 . BY ADV. SRI.P.P.JOYI FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/04/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ami/ C.K.ABDUL REHIM, J. ------------------------------- W.P.(C).No.6134 of 2011 ------------------------------- Dated this the 7th day of April, 2011. J U D G M E N T Consequent to default committed in repayment of a 'mortgage loan' availed by the petitioner from the respondent Bank, steps under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated. Invoking Section 14(1) of the Act, the respondents have proceeded against the immovable property, which is the secured assets. The Chief Judicial Magistrate Court had appointed an Advocate Commissioner to take over possession of the property and Ext.P3 notice was issued by the Advocate Commissioner requiring the petitioner to hand over possession of the property. 2. According to the petitioner, the coercive steps were initiated without considering his request for regularising the account or for permitting payment of the amounts in a phased manner, within a reasonable time. 2 W.P.(C).No.6134 of 2011 3. Consequent to a conditional interim order of stay granted against the dispossession, the petitioner had remitted a sum of Rs.3 lakhs. Learned Standing Counsel appearing for respondent Bank, on the basis of instructions, submitted that, the period of repayment will expire only in the year 2013. But repayments in the loan account was defaulted and even the amount overdue for payment itself will come around Rs.4.25 lakhs. 4. Considering availability of an effective statutory remedy, it is not justified on the part of this Court to interfere with the proceedings. However, learned counsel for the petitioner made an appeal to this Court to permit regularisation on the basis of an offer that the amount in default will be paid within a short period. It is also undertaken that the petitioner is relinquishing all challenges and also rights if any available to invoke statutory remedy. 5. Eventhough interference on merits is not warranted, I am of the opinion that the limited prayer made 3 W.P.(C).No.6134 of 2011 can be considered in view of the fact that the petitioner had relinquished all challenges and also in view of the fact that the repayment period will expire only in the year 2013. 6. Accordingly, the writ petition is disposed of directing the respondents to keep in abeyance all further coercive steps for dispossession and sale of the property, subject to condition of the petitioner remitting the amount remaining overdue for payment (defaulted instalments along with interest and expenses if any due) in 3 (three) equal monthly instalments, falling due on or before 30.4.2011 and on or before last day of the succeeding months, along with payment of regular monthly instalments due for the respective months. 7. If payment of amounts in default is regularised as directed above, the respondents shall permit the petitioner to make payment of the 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 as stipulated above 4 W.P.(C).No.6134 of 2011 or any future monthly instalments, the respondents will be free to proceed with further steps, on the basis of the notice already issued and on such event the petitioner will be precluded from raising any subsequent challenge. C.K.ABDUL REHIM, Judge ami/