IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 4TH MARCH 2011 / 13TH PHALGUNA 1932 WP(C).No. 1289 of 2011(I) ------------------------- PETITIONER:- ------------------ A.ABOOBACKER, S/O.BAPPUTTY HAJI, ATHANIKKAL HOUSE, EZHUVATHIRUTHY, PONNANI.P.O., MALAPPURAM DISTRICT. BY ADV. SRI.P.VENUGOPAL (1086/92) RESPONDENTS:- --------------------- 1. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., PONNANI BRANCH, MALAPPURAM DISTRICT, REPRESENTED BY ITS MANAGER. 2. MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM, REPRESENTED BY ITS AUTHORISED OFFICER/GENERAL MANAGER, HEAD OFFICE, UPHILL MALAPPURAM-676 505. BY STANDING COUNSEL SRI.V.KRISHNA MENON. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. = = = = = = = = = = = = = WP(C).No.1289 of 2011-I. = = = = = = = = = = = = = Dated this the 4th March, 2011. J U D G M E N T Consequent to default committed by the petitioner in repaying a loan availed from the respondent Bank, the immovable property, which is the secured asset was proceeded against under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Invoking Section 14(1) of the Act, the Chief Judicial Magistrate Court was approached and that court had appointed an Advocate Commissioner to take over possession of the property. Ext.P2 is the notice issued by the Advocate Commissioner requiring the petitioner to hand over possession. 2. Contention of the petitioner is that the coercive steps are being pursued without acceding to his request to permit payment of the amount due in a phased manner within a reasonable time. WP(C).No.1289 of 2011-I. 2 3. Even though this court was not inclined to entertain the writ petition, considering the effective statutory remedy available, dispossession of the petitioner from the property was stayed subject to condition of the petitioner remitting a sum of Rs.50,000/-. It is reported that the said amount has already been paid. Learned counsel for the respondent Bank submitted that, after crediting such payment, an amount of more than Rs.1.60 lakhs is the outstanding balance as on today. 4. Learned counsel for the petitioner makes an appeal for indulgence of this court in permitting to pay off the entire arrears in a phased manner, within a reasonable time, on the basis of an undertaking that the petitioner is relinquishing all challenges raised against the proceedings and that he is not proceeding with any statutory remedy, even if available. Even though interference on merits is not justified on the basis of the effective statutory remedy available, I am of the view that the petitioner can be permitted to pay the balance outstanding in a phased manner in a reasonable time. WP(C).No.1289 of 2011-I. 3 5. Accordingly, the writ petition is disposed of directing the respondents to keep in abeyance all further steps for dispossession and sale of the property, subject to condition of the petitioner remitting the entire amounts outstanding, including interest and expenses if any due, in 8 (eight) equal monthly instalments falling due on or before 15.4.2011 and on or before the 15th day of every succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments as stipulated above, the respondents will be free to proceed with further steps pursuant to the notice already issued. It is also made clear that the above relief is granted subject to condition that the petitioner is precluded from raising any subsequent challenges against the proceedings. C.K.ABDUL REHIM, (Judge) Kvs/-