IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 17TH DECEMBER 2009 / 26TH AGRAHAYANA 1931 WP(C).No. 32787 of 2009(P) -------------------------------------- PETITIONER: ------------------- M.N.REGHUKUMAR, AGED 49, S/O.M.N.NARAYANA PILLAI, HAVING AT PERMANENT ADDRESS AT MULLAPPALLIL HOUSE, THUKALASSERY, THIRUVALLA P.O., PATHANAMTHITTA AND NOW RESIDING AT BETHEL, MELOORKONAM, KOWDIAR P.O. THIRUVANANTHAPURAM-3. BY ADV. MR.A.B.MOHANA KUMAR. RESPONDENT: ---------------------- THE AUTHORISED OFFICER, I.C.I.C.I. BANK LTD., RETAIL ASSETS DIVISION, FELICITY SQUARE, OPP.AG'S OFFICE, THIRUVANANTHAPURAM-1. BY ADVS. MR. K.K.M.SHERIF, MR.LAL K.JOSEPH, MR.A.A.ZIYAD RAHMAN, MR.V.R.REKESH. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 17/12/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.32787/2009-P: APPENDIX PETITIONERS' EXHIBIT: EXT.P.1: COPY OF THE NOTICE DTD. 21/04/2009 TO THE PETITIONER U/S. 13(2) OF THE SERFAESI ACT. RESPONDENTS' EXHIBIT: //TRUE COPY// P.A. TO JUDGE. Prv. C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 32787 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 17th day of December, 2009 J U D G M E N T 1. Petitioner is challenging the coercive steps being persued against him under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), pursuant to Ext.P1 notice issued under Section 13 (2) of the said Act. The impugned proceedings are initiated consequent to default committed by the petitioner in repayment of loan availed by him from the respondent. Eventhough this court could not entertain any adjudication on merits of the contentions raised against the proceedings under the SARFAESI Act in view of the alternate remedy available, counsel for the petitioner sought indulgence for permitting regularisation of the account by paying the defaulted amounts. 2. Learned standing counsel appearing for the W.P.(C)No. 32787 of 2009 -2- respondent submitted that the loan account is in chronic default and the amounts in arrears as per Ext.P1 is Rs.5,79,557.45/-. The respondent is not favouring in permitting any extended period for payment of the defaulted installments. 3. Having considered facts and circumstances, I am of the view that the petitioner can be provided with a chance to regularize the account by paying the arrears. If the petitioner makes payment of the entire amounts pertaining to the default installments, along with interest and expenses if any liable, in two (2) equal monthly installments falling due on or before 20.01.2010 and 20.02.2010, along with the regular installments due for the month of January and February 2010, then the respondent shall permit him to continue payment of the future installments in accordance with the original schedule of repayment. 4. It is made clear that on the event of failure to pay any of the installments as stipulated as above, the W.P.(C)No. 32787 of 2009 -3- respondent will be free to proceed with further steps pursuant to the notice already issued, and on any such event the petitioner will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/