IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 16TH DECEMBER 2009 / 25TH AGRAHAYANA 1931 WP(C).No. 28288 of 2009(E) ---------------------------------------- PETITIONER(S): ------------------------- T.K.NAGENDRAN, AGED 68, S/O.T.K.KUTTY, VISHALA BHAVAN, P.D.ROAD, PALLURUTHY. BY ADV. MR.N.K.MOHANLAL RESPONDENT(S): ------------------------- AUTHORISED OFFICER, STATE BANK OF HYDERABAD, ERNAKULAM, KOCHI-35. ADV. MR.G.SHRIKUMAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 16/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.28288/2009 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE ISSUED UNDER SECTION 13(2) OF SARFAESI ACT DTD. 28.2.2009. P2:- COPY OF THE POSSESSION NOTICE DTD. 5.9.09. P3:- COPY OF THE RECEIPT DTD. 6.4.09 FOR S. 40,000/-. P4:- COPY OF THE RECEIPT DTD. 14.9.2009 FO RS. 15,000/-. P5:- COPY OF THE RECEIPT DTD. 22.9.09 FOR RS. 25,000/-. TRUE COPY P.A. TO JUDGE tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 28288 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 16th day of December, 2009 J U D G M E N T 1. This writ petition is filed challenging proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated consequent to default committed in repayment of a housing loan availed by the petitioner from the respondent, to the tune of Rs.7 lakhs, as early as in the year 2005. It is stated that the petitioner had effected a total payment of Rs.6,81,000/-,. Still the coercive steps of dispossession is being threatened is the complaint. It is stated that the petitioner is a person aged 68 years and the property against which the proceedings is initiated is his residential house. 2. This court by an interim order dated 08.10.2009 had stayed dispossession of the petitioner from the property. In counter affidavit filed by the respondents it is W.P.(C)No. 28288 of 2009 -2- revealed that the proceedings under the SARFAESI Act was initiated on an earlier occasion also, during the year 2007 and the petitioner had approached this court at that time in W.P.(C) No.3773/2008. This court had shown indulgence in permitting the petitioner to regularise the account by paying an amount of Rs.2,50,000/- which the petitioner had paid on 20.02.2008. But it is stated that regular remittance of installments were defaulted again. The net balance outstanding in the account is Rs.5,79,185/-. It is further stated that for regularising the account the petitioner has to pay a sum of Rs.79,222/-. 3. Having considered the fact that the petitioner had concealed about the earlier proceedings, I am not at all inclined to interfere with the matter. It is also noticed that the petitioner has not submitted any objection on receipt of notice issued under Section 13 (2), nor he had approached the appellate authority challenging any further proceedings. 4. However learned counsel appearing for the petitioner submitted that the non-revealing of earlier writ W.P.(C)No. 28288 of 2009 -3- petition was not intentional, since the petitioner is an aged man. It is further submitted that the petitioner is ready and willing to pay off the entire amount in default within a short period in order to regularise the account. Having considered the special circumstances existing, I am of the opinion that indulgence can be shown once again, to provide a further chance to regularise the account. 5. Under the above circumstances the writ petition is disposed of directing the respondent to refrain from coercive steps of dispossession and sale of the property, if the petitioner makes payment of the entire defaulted amount on or before 31.01.2010. If the remittance as directed above is made, the petitioner shall be permitted to continue payment of the future installments as per the original schedule of repayment. 6. It is made clear that on the event of default the respondent will be free to proceed with further steps pursuant to the notices already issued, and on any such event the petitioner will be precluded from raising any W.P.(C)No. 28288 of 2009 -4- subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/