IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 30TH NOVEMBER 2010 / 9TH AGRAHAYANA 1932 WP(C).No. 25045 of 2010(E) --------------------------------- CMP.2301/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ------------------- 1. SUDHAKARAN PILLAI, NADHANAM, MUNDELA P.O., VELLANADU, THIRUVANANTHAPURAM. 2. MINIMOL S.S., W/O.SUDHAKARAN PILLAI, NADHANAM, MUNDELA P.O., VELLANADU, THIRUVANANTHAPURAM. BY ADV. SRI.BIJU BALAKRISHNAN RESPONDENT(S): -------------------- 1. THE CENTRAL BANK OF INDIA, MAIN BRANCH, M.G.ROAD, THIRUVANANTHAPURAM, REP. BY ITS MANAGER, PIN-695001. 2. THE AUTHORIZED OFFICER, CENTRAL BANK OF INDIA, MAIN BRANCH, M.G.ROAD, THIRUVANANTHAPURAM, PIN-695001. R1 & R2 BY ADV. SRI.DEVAN RAMACHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/11/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs/ C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.25045 of 2010-E ---------------------------------------- Dated this the 30th day of November, 2010. J U D G M E N T Consequent to default committed in repayment of a housing loan availed by the petitioners, the respondent Bank had initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Invoking provisions contained in Section 14(1), the Chief Judicial Magistrate Court was approached and that Court had appointed an Advocate Commissioner to take over possession of the property. 2. It is noticed that the petitioners have not chosen to challenge the proceedings at any of its earlier stages by invoking statutory remedies. Therefore it is not just and proper for this Court to interfere with this matter. 3. However, as a gesture of indulgence the respondent was directed to maintain status quo with respect to dispossession, subject to condition of the W.P(C) No.25045 of 2010-E 2 petitioners remitting a sum of Rs.3 lakhs. It is submitted that the petitioners had already remitted the amount in compliance with the interim order. The petitioners seek further indulgence of this Court in directing the respondents to permit payment of the future monthly instalments in accordance with the original schedule, on the basis of an undertaking that the petitioners are relinquishing all challenges against the proceedings initiated under the SARFAESI Act and that they are not intending to pursue any of the statutory remedies. 4. Considering the facts and circumstances, I am of the view that eventhough interference on merits is not desirable, the petitioners can be permitted to continue repayment of the loan amount as per the original schedule, in view of the fact that the repayment period of the loan will expire only long after. 5. Therefore, the writ petition is disposed of directing the respondents to keep in abeyance all further proceedings pursuant to the orders issued by the Chief Judicial Magistrate Court, provided the petitioners remit the W.P(C) No.25045 of 2010-E 3 balance of arrears if any due (defaulted monthly instalments along with interest and expenses if any due) on or before 31.12.2010. The petitioners shall also make payment of the regular monthly instalment due for the month of December 2010. 6. If the defaulted amount is regularized as directed above, the respondents shall permit the petitioners to continue payment of future monthly instalments in accordance with the original schedule of repayment. 7. It is made clear that on the event of default in payment of the amount stipulated or any future monthly instalments, the respondents will be free to proceed with further steps pursuant to the orders already issued by the Chief Judicial Magistrate Court. It is made clear that the above relief is granted subject to condition that the petitioners are precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM JUDGE ab