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. 29784 of 2009(P) -------------------------------------- PETITIONER(S): ---------------------- 1. M.K. ABDUL RAHIMAN, AGED 40 YEARS, S/O.IBRAHIM KUNHI HAJI, R/AT BALLOOR HOUSE, P.O.BERIPADAVU, UPPALA VIA, KASARAGOD DISTRICT. 2. BADARUNNISA, W/O.M.K. ABDUL RAHIMAN, R/AT BALLOOR HOUSE, P.O.BERIPADAVU, UPPALA VIA, KASARAGOD DISTRICT. BY ADV. MR.KODOTH SREEDHARAN RESPONDENT(S): ------------------------- 1. AIG HOMES INDIA LTD., REPRESENTED BY ITS MANAGER, (FORMERLY KNOWN AS WEIZMANN HOMES LTD.), NO.28, 4TH FLOOR, CENTENARY BUILDING, M.G.ROAD, BANGLORE-560 001. 2. AUTHORIZED OFFICER, AIG HOMES INDIA LTD. (FORMERLY KNOWN AS WEIZMANN HOMES LTD.) NO.28, 4TH FLOOR, CENTENARY BUILDING, M.G.ROAD, BANGLORE-560 001. R1 & R2 BY ADV. MR.RAJESH THOMAS, MR.K.RAJESH (AROOR), SMT.PREETHA S CHANDRAN. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 16/12/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO. 29784/2009-P APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE POSSESSION CERTIFICATE DATED 27/06/2008 BY THE VILLAGE OFFICER, BAYAR. EXT.P2: COPY OF THE DEMAND NOTICE DATED 06/08/2009 BY THE 2ND RESPONDENT TO THE PETITIONER. RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A. TO JUDGE rs. C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 29784 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 16th day of December, 2009 J U D G M E N T 1. Challenge in this writ petition is against Ext.P2 notice issued under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Since the petitioners entitled to file objections against the demand made therein, the writ petition is highly premature. It is further noticed that any coercive steps if proceeded with, the petitioners have got an effective remedy of appeal under Section 17 (1). 2. However, learned counsel for the petitioners submitted that the petitioners are confining their prayer only to the limited extent of permitting regularisation of the defaulted installments, within a reasonable time. Learned standing counsel for the respondents submitted that the loan account is in chronic default since the last more than W.P.(C)No. 29784 of 2009 -2- one year and the arrears pertaining to the defaulted installments, along with interest and expenses itself will come to around Rs.3.72 lakhs. Therefore the respondents are not favouring in granting any extended period for regularising the account. 3. Having considered the facts and circumstances and submissions on both sides, I am of the view that some indulgence can be shown in the matter of permitting the petitioners to regularise the account within a reasonable time. 4. Accordingly the writ petition is disposed of directing the petitioners to make payment of the entire amounts pertaining to the defaulted installments, along with interest/penal interest and expenses if any liable, in three (3) equal monthly installments falling due on or before 15.01.2010 and on or before the 15th day of the succeeding two (2) months. The petitioners shall make payment of the regular installments due from January 2010 onwards, along with the above said payments. In case the amount as W.P.(C)No. 29784 of 2009 -3- stipulated above is paid without any default the respondents shall permit the petitioners to continue future repayments as per the original schedule. 5. It is made clear that on the event of failure to pay any of the installments as stipulated above, the respondents will be free to proceed with further steps pursuant to the notices already issued, and on any such event the petitioners 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/