IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 14TH JUNE 2011 / 24TH JYAISHTA 1933 WP(C).No. 10016 of 2007(P) ---------------------------------- PETITIONER(S): ------------------- BINU ALEX THOMAS, S/O.K.THOMAS, VALIYAPARAMBIL, 16/1422 A, MARKET ROAD, THOPPUMPADY, KOCHI-682 005. BY ADVS. SRI.ABRAHAM MATHEW (VETTOOR) SMT.A.A.GEETHA RESPONDENT(S): -------------------- 1. THE DISTRICT COLLECTOR, ERNAKULAM. 2. THE TALUK TAHASILDAR, KANAYANNOOR TALUK, KOCHI. 3. THE CHIEF MANAGER, FEDERAL BANK LTD., ERNAKULAM BROADWAY BRANCH, CATHOLIC CENTRE, BROADWAY, KOCHI-682 031. 4. MR.JACOB KURIAN, KANIYANTHARA, VIKAS NAGAR, PONOTH TEMPLE ROAD, KADAVANTHARA. 5. M/S.CHERIAN & KURIAN, NO.7, MOOLAMANNIL CHAMBERS, DIAMOND TOWERS, P.K.ROAD, PERUMANOOR P.O., KOCHI-682 015. R1 & R2 BY GOVT. PLEADER SRI. ANTONY MUKKATH R3 BY ADV. SRI.V.JAYAPRADEEP, SC, FEDERAL BANK THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 14/06/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 10016/2007 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE INCOMPLETE PROMISSORY NOTE DATED 28/08/2005 P2: COPY OF THE INCOMPLETE BANK GUARANTEE AGREEMENT ON ENGROSSED ONE HUNDRED RUPEES STAMP PAPER. P3: COPY OF THE COMCMCUCNICATION ISSUED BY THE 3RD RESPONDENT DATED 02/09/2006. P4: COPY OF THE LETTER ISSUED BY THE PETITIONER TO THE 3RD RESPONDENT DATED 16/10/2006. RESPONDENT'S EXHIBITS: R3(a):COPY OF THE PROMISSORY NOTE DATED 26/05/2005 EXECUTED BY THE PETITIONER ALONG WITH RESPONDENTS 4 & 5. R3(b):COPY OF THE CONFIRMATION OF BALANCE OUTSTANDING IN THE CASH CREDIT ACCOUNT AND BANK GUARANTEE OF THE 5TH RESPONDENT SIGNED BY THE PETITIONER DATED 26/05/2005. R3(c):COPY OF THE LETTER OF TRUST DATED 26/05/2005 SIGNED BY THE PETITIONER. R3(d):COPY OF THE HYPOTHECATION AGREEMENT DATED 26/05/2005. R3(e):COPY OF THE LETTER OF THE PETITIONER DATED 30/05/2005. R3(f):COPY OF THE SECTION 13(2) NOTICE DATED 18/01/2007. R3(g):COPY OF THE DELIVERY CERTIFICATE DATED 21/03/2007 ISSUED FROM THE POSTAL DEPARTMENT. /TRUE COPY/ P.A. TO JUDGE. svs S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 10016 of 2007 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 14th day of June, 2011. J U D G M E N T The petitioner in this writ petition, a defaulter in repayment of loan amounts due from him to the Federal Bank Ltd., challenges the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated against the security interest mortgaged by him as security for the due repayment of the loan. 2. Although the writ petition was admitted on 23.3.2007, no interim orders were passed. Consequently, the proceedings initiated by the bank must have resulted in its logical conclusion. Even otherwise, the Supreme Court has repeatedly held that this Court should not entertain challenge against proceedings initiated by financial institutions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act under proceedings under Article 226 and the aggrieved persons should be relegated to the appellate remedy provided under the Act itself. In the above circumstances, there is no merit in this writ petition and accordingly the same is dismissed. Sd/- S. Siri Jagan, Judge. Tds/