IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 28TH JANUARY 2011 / 8TH MAGHA 1932 WP(C).No. 448 of 2011(E) ------------------------ PETITIONER: ------------------ SMT. MADHAVI AMMA, TC 3/535, VALIYA MANACADU VEEDU, MUTTADA P.O., THIRUVANANTHAPURAM. BY ADV. SRI.A.AHZAR RESPONDENT: -------------------- THE ANANTHASAYANAM CO-OPERATIVE BANK, POST OFFICE LANE, PUTHENCHANTHAI, THIRUVANANTHAPURAM, REPRESENTED BY ITS AUTHORISED OFFICER, PIN 695001. BY ADV. SRI.R.S.MOHANAN NAIR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: VK C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.448 of 2011 ------------------------------------------- Dated this the 28th day of January, 2011 J U D G M E N T ---------------------- This writ petition is filed aggrieved by the coercive steps initiated under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed by the petitioner in repaying a loan availed from the respondent Bank, proceedings were initiated against the mortgaged property, which is the secured asset. Invoking Section 14(1), the Chief Judicial Magistrate Court was approached for physical dispossession of the petitioner. 2. According to the petitioner, such coercive steps were initiated without acceding to her request for permitting regularization. Hence interference of this court is sought for. 3. Eventhough this court was not inclined to entertain the writ petition considering the effective alternative remedy available, as a gesture of indulgence an interim stay was granted against dispossession subject to condition of the W.P.(C).448/11 -2- petitioner remitting a sum of Rs.40,000/-. It is reported that the amount has already been paid. 4. Learned counsel for the respondent Bank submitted that the balance amount in default comes around Rs.52,570/- and that if the petitioner makes payment of the defaulted amount within a short time, the loan account can be regularized. 5. Under the above circumstances, eventhough interference on merits is not proper, I am of the view that the petitioner can be permitted to regularize the account by paying the amounts in default, within a short period. 6. Accordingly the writ petition is disposed of directing the respondents to keep in abeyance all further steps for dispossession and sale of the property in question, provided the petitioner remits the amounts in default, (defaulted monthly instalments along with interest and expenses if any due) in 2 (two) equal monthly instalments falling due on or before 28.2.2011 and on or before 31.3.2011. The petitioner shall also make payment of the regular instalments due for the months of February and March 2011 respectively, along with the said payment. 7. If payment of amounts in default is regularised as W.P.(C).448/11 -3- directed above, the respondent shall permit the petitioner to remit the future monthly instalments in accordance with the original schedule of repayment. 8. It is made clear that on the event of default in payment of any one of the instalments as directed above or in future, the respondents will be at liberty to proceed with further steps and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM, JUDGE. okb