IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 20TH NOVEMBER 2009 / 29TH KARTHIKA 1931 WP(C).No. 30406 of 2009(U) -------------------------- PETITIONER(S): --------------- VAMADEVAN PILLAI,S/O.NARAYANA PILLAI, VAZHAYIL PADINJATTATHIL VEEDU,(LIJU BHAVAN), AYIKUNNAM,SASTHAMCOTTA P.O. BY ADVS. SRI. SIJU KAMALASANAN SRI.S.SUDHEESHKAR SRI.PRATHEESH.P RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE,REGION-V, ZONAL OFFICE,THIRUVANANTHAPURAM-1. 2. MANAGER,STATE BANK OF TRAVANCORE, SASTHAMCOTTA BRANCH,KOLLAM. BY ADV. SRI. R.S. KALKURA, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 30406 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 20th day of November, 2009 J U D G M E N T 1. Petitioner has approached this court aggrieved by action initiated by the respondents under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed in repayment of loan availed by the petitioner, Ext.P1 notice under Section 13 (2) of the SARFAESI Act was issued. When the respondents proceeded with further steps the petitioner approached the Bank with Ext.P3 offer expressing willingness to regularise the account by brining down the balance within the limits, and also requesting to permit continued operations in the loan account by treating the loan out of the category of Non-Performing Assets. Since such request was not W.P.(C)No. 30406 of 2009 -2- acceded to by the respondents, this writ petition is filed. 2. It is for the petitioner to persue the respondents in the matter and while taking a decision the respondents need to consider various aspects regarding business activities of the petitioner as well as feasibility of revival of the loan transaction based on various parameter prescribed under circulars of the Reserve Bank of India. Therefore I am of the opinion that the petitioner can be relegated to the respondents to persue such remedies. However, the petitioner seeks indulgence of this court to restrain the respondents from taking any immediate coercive steps, in order to facilitate the petitioner to persue remedies as stated above. 3. Under the above mentioned circumstances it is hereby directed that the respondents shall keep further coercive steps in abeyance for a period of six (6) weeks in order to facilitate consideration of the petitioner's request W.P.(C)No. 30406 of 2009 -3- for revival, on condition the petitioner remitting an amount of Rs.2,00,000/- (Rupees Two lakhs only) within a period of three weeks from today. C.K. ABDUL REHIM JUDGE shg/