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. 30038 of 2010(D) -------------------------- PETITIONER:- ------------------ JALALUDEEN, S/O.MUHAMMED MUSTHAFA, AGED 50 YEARS, PANGANVILLA VEEDU, VAZHODU, NILAMEL P.O., PUNALUR, KOLLAM-691 535. BY ADV. SRI.SREEKANTH S.NAIR RESPONDENT:- ------------------- THE AUTHORISED OFFICER, ING VYSYA BANK, POOVAR BRANCH, BROTHER'S COMPLEX, OPP.BUS STAND, POOVAR P.O., THIRUVANANTHAPURAM-695 525. BY SRI.R.S.KALKURA, STANDING COUNSEL. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/11/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. = = = = = = = = = = = = = = WP(C).No.30038 of 2010-D. = = = = = = = = = = = = = = Dated this the 30th day of November, 2010. J U D G M E N T The challenge in this writ petition is against the proceedings initiated by the respondent under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent default committed in repayment of housing loan availed by the petitioner and his wife from the respondent Bank, proceedings were initiated against the immovable property by invoking Section 14(1) of the SARFAESI Act . The Chief Judicial Magistrate, Kollam had appointed an Advocate Commissioner for taking over physical possession of the property. 2. Considering the fact that the petitioner has not invoked any of the statutory remedies available, at any earliest stage of the proceedings, it is not justified for this Court to interfere with the proceedings on the basis of WP(C).No.30038/2010-D. 2 merits of the contentions raised. However, this Court had stayed dispossession of the property subject to condition of payment of a sum of Rs.2,50,000/-. It is reported that the petitioner had complied with the condition. 3. On the basis of the payment already effected, the petitioner seeks indulgence of this Court to permit regularisation of the account, on the promise that he will pay off the future monthly instalments in accordance with the schedule of repayment and that the petitioner is relinquishing all challenges raised against the proceedings. Learned counsel appearing for the respondent Bank submitted that, by virtue of the payment effected on the basis of interim order issued by this Court, the default in the loan account stands cleared. In such circumstance, if the petitioner makes regular payment of future monthly instalments without any default, he can be permitted to continue under the terms of the loan agreement, is the submission. WP(C).No.30038/2010-D. 3 4. Under the above circumstance, the writ petition is disposed of directing the respondent to keep in abeyance further coercive steps initiated under the provisions of the SARFAESI Act, subject to condition of the petitioner remitting monthly instalments due in accordance with the original schedule of repayment, from December, 2010 onwards, without any default. 5. It is made clear that if there is any default in payment of future instalments under the loan account, the respondent will be at liberty to proceed further steps under the SARFAESI Act. It is also made clear that the petitioner will be precluded from raising any subsequent challenges, on any such event. C.K.ABDUL REHIM, (Judge) Kvs/-