IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 10TH NOVEMBER 2010 / 19TH KARTHIKA 1932 WP(C).No. 33158 of 2010(T) -------------------------- (CRMP.2764/2010 of C.J.M.PALAKKAD) .................... PETITIONER: ------------------ GOPAKUMAR, S/O.SUBRMANIAN, AGED 37 YEARS, MELE HOUSE, G.V.C.ROAD, THORAPALAYAM, PALAKKAD-678001 BY ADV. SRI.RAJESH SIVARAMANKUTTY RESPONDENTS: ----------------------- 1. HOUSING DEVELOPMENT FINANCE CORPORTION LTD, HDFC HOUSE,NO.29, KAMARAJ ROAD, COIMBATORE-641018, REP. BY ITS MANAGER 2. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, RAMON HOUSE, 169 BACK BAY RELAMATION, MUMBAI-400 020, REP. BY THE AUTHORIZED OFFICER, E.L.DANIEL, HDFC HOUSE, NO.29, KAMARAJ ROAD, COIMBATORE-641 018. 3. THE VILLAGE OFFICER, PUTHUR VILLAGE, PUTHUR, PALAKKAD. BY GOVERNMENT PLEADER, SRI.BEJOY CHANDRAN BY SRI.K.K.CHANDRAN PILLAI, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/11/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK C.K. ABDUL REHIM, J ------------------------------- WP(C) NO. 33158 OF 2010 ------------------------------------- Dated this the 10th day of November, 2010 JUDGMENT Aggrieved by proceedings initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), this Writ Petition is filed. 2. Consequent to default committed in repayment of a housing loan availed by the petitioner from the respondents 1 and 2, steps as contemplated under 14(1) of the SARFAESI Act was initiated and the Chief Judicial Magistrate had already issued Ext.P2 order. According to the petitioner, inspite of expressing willingness to repay the amounts due in the loan account in instalments, the respondents are proceeding with coercive steps. Hence this Writ Petition is filed. 3. Considering the fact that effective remedy is provided under the statute and also considering fact that the petitioner had not chosen to avail any such remedy at 2 WP(C) No. 33158/2010 the stage of demand under Section 13(2) and also at the stage of steps initiated under section 13(4), I am not inclined to entertain this Writ Petition on merits. However learned counsel for the petitioner submitted that the petitioner is not intending to pursue any such statutory remedies and that he is relinquishing all challenges against the proceedings initiated under the SARFAESI Act. On the other hand limited relief sought for by the petitioner is to permit payment of the entire balance amount in a phased manner within a short period. 4. Heard learned counsel appearing for respondents 1 and 2. It is submitted that the total amount outstanding will be around Rs.2.5 lakhs. It is noticed that by virtue of an interim order issued by this Court on 01.11.2010 the petitioner had already remitted an amount of Rs.50,000/- on 04.11.2010. Under such circumstances, eventhough interference on merits is not possible, I am inclined to permit the petitioner to pay off the balance within a 3 WP(C) No. 33158/2010 reasonable time, in instalments. 5. Accordingly, the Writ Petition is disposed of directing respondents 1 and 2 to keep in abeyance further steps for recovery by way of dispossession and sale of the property, which is initiated pursuant to Ext.P2 order, provided the petitioner remits the entire balance outstanding along with interest and expenses if any due, within a period of six months in equal monthly instalments falling due on or before 30.11.2010 and on or before the last day of the succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments, the respondents will be at liberty to proceed with further steps pursuant to the order already issued by the Chief Judicial Magistrate Court. It is also made clear that the relief granted above is subject to condition that the petitioner is precluded from raising any subsequent challenge against such proceedings. 7. Disposal of this Writ Petition with the above 4 WP(C) No. 33158/2010 directions will not stand in the way of the petitioner approaching respondents 1 and 2 seeking waiver of interest/penal interest and expenses to the possible extent. If any such approach is made the respondents 1 and 2 shall consider the same and take appropriate decision thereof. C.K. ABDUL REHIM JUDGE dnc