IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 13TH JANUARY 2011 / 23RD POUSHA 1932 WP(C).No. 38109 of 2010(K) -------------------------- PETITIONER:- ------------------ S.USMAN, S/O.MOIDEEN, SAIDUVALAPPIL HOUSE, KANNATHUPARA DOWN HILL P.O., MALAPPURAM DISTRICT. BY ADV. SRI.P.VENUGOPAL (1086/92) RESPONDENTS:- --------------------- 1. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM BRANCH, MALAPPURAM DISTRICT, REPRESENTED BY ITS MANAGER - 676 001. 2. MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS AUTHORISED OFFICER/DEPUTY GENERAL MANAGER (P&D) HEAD OFFICE, UPHILL, MALAPPURAM - 676 001. BY STANDING COUNSEL SRI.V.KRISHNA MENON. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. = = = = = = = = = = = = WP(C).No.38109 of 2010-K. = = = = = = = = = = = = Dated this the 13th January, 2011. J U D G M E N T Challenge in this writ petition is against proceedings initiated under the Securitisation 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 from the respondent Bank, proceedings was initiated against the immovable property, which was the secured asset. Invoking Section 14(1) the respondents have approached the Chief Judicial Magistrate Court, Manjeri and that an Advocate Commissioner was appointed to take over possession of the property. Ext.P3 is the notice issued by the Advocate Commissioner requesting to hand over possession of the property in question. 2. According to the petitioner, the coercive steps are now being pursued without considering request made by WP(C).No.38109 of 2010-K. 2 him to permit payment of the balance amount in a phased manner. Hence the petitioner seeks interference of this Court to interdict the coercive steps initiated. 3. Considering availability of the effective alternative remedy under Sec.17(1) of the Act and also considering the fact that the petitioner has not raised any objection at any point of time, this Court is not inclined to interfere on the merits of the writ petition. However, as a gesture of indulgence, dispossession of the petitioner was stayed by virtue of an interim order issued on 23.1.2010, subject to condition stipulated for payment of an amount of Rs.75,000/- on or before 10.1.2011. It is reported that the stipulation has already been complied with. 4. Learned counsel for the petitioner submits that, the petitioner is not intending to pursue statutory remedies if any available and that he is relinquishing all challenges raised against the SARFAESI proceedings. On the other hand, limited prayer is only to permit the petitioner to pay WP(C).No.38109 of 2010-K. 3 balance amount within a reasonable time, in instalments. 5. Learned counsel for the respondent bank submitted that the balance outstanding will be around to Rs.3,97,000/-. Even though interference on merits is not desirable, I am of the opinion that indulgence can be shown in permitting the petitioner to pay off the entire liability within a reasonable time, in instalments, considering the fact that he had relinquished all challenges. 6. Accordingly, the writ petition is disposed of directing the respondents to keep in abeyance all further coercive steps for dispossession and sale of the property, subject to condition of the petitioner remitting the entire balance outstanding, along with interest and expenses if any due, in eight equal monthly instalments falling due on or before 10.4.2011 and on or before the 10th day of the succeeding months. 7. It is made clear that on the event of default in payment of any one of the instalments as stipulated above, WP(C).No.38109 of 2010-K. 4 the respondents will be free to proceed with further steps pursuant to the notices 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 challenge against the proceedings. C.K.ABDUL REHIM, (Judge) Kvs/-