IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 14TH MARCH 2011 / 23RD PHALGUNA 1932 WP(C).No. 4693 of 2011(J) ----------------------------------- PETITIONER: ------------------- ABDUL HASSAN, HASSAN BROTHERS BUILDING, NAMBIYARUKULAM, KANIYAPURAM, THIRUVANANTHAPURAM. BY ADV. SRI.SHAJIN S.HAMEED RESPONDENTS: ----------------------- 1. THE AUTHORIZED OFFICER, REGIONAL MANAGER, CENTRAL BANK OF INDIA, REGIONAL OFFICE, THAMPANOOR, THIRUVANANTHAPURAM-695001. 2. THE BRANCH MANAGER, CENTRAL BANK OF INDIA, KANIYAPURAM BARANCH, SALAMIYA BUILDING, NEAR RAILWAY STATION, KANIYAPURAM, THIRUVANANTHAPURAM DISTRICT-695033. BY ADV.SRI.DEVAN RAMACHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: KRK C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.4693 of 2011 ------------------------------------------- Dated this the 14th day of March, 2011 J U D G M E N T ---------------------- Proceedings initiated under Section 14(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and Ext.P2 order issued by the Chief Judicial Magistrate Court, are the subject matter of challenge in this writ petition. Consequent to default committed in repayment of a personal loan availed from the respondent Bank, the above said proceedings was initiated. According to the petitioner, the coercive steps are now being pursued without considering his request to allow time for payment of the amounts in arrears. 2. Learned counsel appearing for the respondent Bank submitted that the personal loan in question was availed in the year 2006 and the repayment period will expire in June 2011. It is submitted that the total amount due is nearly about Rs.8 lakhs. W.P.(C).4693/11-J -2- 3. Pursuant to an interim order issued by this court on 18.2.2011, it is reported that the petitioner had remitted a sum of Rs.1,50,000/-. Considering the effective alternative remedy available under the statute, I am of the view that interdiction of the proceedings in exercise of jurisdiction under Article 226 is not at all justified. However, learned counsel for petitioner made an appeal to this court to permit payment of the entire amount in a phased manner, within a reasonable time, on the basis of an undertaking that the petitioner is relinquishing all challenges. Eventhough interference on merits is not proper and justified, I am of the view that indulgence can be shown in permitting the petitioner to wipe off the entire liability in instalments within a reasonable time. 4. 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 amount due along with interest and expenses if any, in 7 (seven) equal monthly instalments falling due on or before 31.3.2011 and on or before the last day of the succeeding months. 5. It is made clear that on the event of default in W.P.(C).4693/11-J -3- payment of any one of the instalments 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