IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 8TH OCTOBER 2010 / 16TH ASWINA 1932 WP(C).No. 30603 of 2010(A) --------------------------------- PETITIONER(S): ------------------- KRISHNAN N.K., S/O.KORAN, NEELIPARAMBU HOUSE, PARUTHYPULLY, PALAKKAD. BY ADV. SRI. C. VINOD KUMAR RESPONDENT(S): -------------------- 1. THE MANAGER, HDFC, MISSION SCHOOL JUNCTION, PALAKKAD-14. 2. AUTHORISED OFFIER, HDFC, MISSION SCHOOL JUNCTION, PALAKKAD-14. R1 & R2 BY SRI. A.S. SAJEESH PAUL, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/10/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SVS/ C.K. ABDUL REHIM, J ------------------------------ WP(C) NO. 30603 OF 2010 ------------------------------------- Dated this the 8th day of October, 2010 JUDGMENT Challenge in this Writ Petition is against proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The secured creditor, the respondents herein, had already invoked Section 14 (1) and by virtue of an order of the Chief Judicial Magistrate Court the property has already been taken over possession. Now the petitioner apprehends that steps for sale of the property will be pursued within no time. Since the petitioner had failed to resort to any of the remedies provided under the Act, this Writ Petition at the fag end of the proceedings could not be entertained on merits. 2. However, learned counsel for the petitioner submitted that the petitioner is relinquishing all challenges against the proceedings and that he is not 2 WP(C) 30603/2010 proposing to approach any statutory authority. On the other hand, appeal is made to this Court for an indulgence in permitting payment of the entire outstanding within a reasonable time, in instalments, and till such time to direct the respondents to keep in abeyance further steps for sale. 3. Eventhough interference on merits is not at all warranted, since the petitioner conceded that he is relinquishing all challenges, I am of the view that on the basis of equity the petitioner can be permitted to pay off the liability. 4. Under the above circumstances, the Writ Petition is disposed of directing the respondents to keep in abeyance further proceedings for sale of the property, provided the petitioner remits entire outstanding along with future interest if any due, in 'six' (6) equal monthly instalments falling due on or before 30.10.2010 and on or before the last day of the succeeding months. 5. On payment of first monthly instalment as 3 WP(C) 30603/2010 directed above, the respondents will permit the petitioner to occupy the house situated in the property only for the purpose of residence of his family, without prejudice to any of the rights of the Bank to have legal possession of the property and without prejudice to its rights to evict the petitioner without recourse to any legal proceedings, on the event of default in payment of any of the future instalments, if necessary by seeking police help. 6. It is made clear that on the event of default in payment of any of the instalments, the respondent will be free to proceed with further steps. It is also made clear that the relief granted above is subject to the condition that the petitioner is precluded from raising any challenge against such proceedings in future. C.K. ABDUL REHIM JUDGE dnc