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. 4906 of 2011(K) ------------------------- CMP.60/2011 of C.J.M.,KOZHIKODE .................... PETITIONER:- ------------------ SAKEENA, W/O.MUHAMMED ASHRAF, KANDIYOTH HOUSE, NENMINDA POST, BALUSSERY, KOZHIKODE. BY ADV. SRI.K.M.FIROZ SMT.M.SHAJNA RESPONDENTS:- ---------------------- 1. AIG HOME FINANCE INDIA LTD., FIRST FLOOR, AARPEES ARCADE, YMCA ROAD, KOZHIKODE, REPRESENTED BY ITS AUTHORISED OFFICER. PIN-673 001. 2. UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING & INSURANCE) DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI-110 001. ADV. SRI.RAJESH THOMAS FOR R1 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.4906 of 2011-K. = = = = = = = = = = = = = Dated this the 4th March, 2011. J U D G M E N T Consequent to default committed by the petitioner in remitting monthly instalments due with respect to a housing loan availed from the first respondent Bank, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated. The immovable property which is the secured asset was proceeded against invoking Section 14(1) of the Act, and an Advocate Commissioner appointed by the Chief Judicial Magistrate Court had issued Ext.P4 notice requiring the petitioner to hand over possession of the property. 2. According to the petitioner, the loan in question was availed in the year 2006 and the repayment period is not yet over. It is stated that the coercive steps were being pursued without considering requests made by the WP(C).No.4906 of 2011-K. 2 petitioner to permit regularisation of the account. 3. Learned counsel for the first respondent Bank submitted that the total outstanding is more than Rs.3.26 lakhs and even the over due amount, which is the defaulted payments itself will come to more than Rs.80,000/-. 4. Confronted with the above position, learned counsel for the petitioner submitted that, the petitioner is not intending to pursue any statutory remedy and that she is relinquishing all challenges against the proceedings. On the other hand, a limited prayer is made to permit regularisation of the account on the basis of an offer to make payment of the amounts in default within a short period. 5. Considering the effective statutory remedy available, it is not justified to entertain this writ petition. But I am of the view that indulgence can be shown for permitting the petitioner to regularise the account since the repayment period is not yet over and since the petitioner had relinquished the challenges. WP(C).No.4906 of 2011-K. 3 6. Therefore, the writ petition is disposed of directing the first respondent to keep in abeyance all further steps for dispossession and sale of the property, subject to condition of the petitioner remitting the entire amount over due for payment (defaulted instalments along with interest and expenses if any due) in 3 (three) equal monthly instalments falling due on or before 30.4.2011 and on or before the last day of two succeeding months, along with payment of the regular instalments due for the respective months. 7. If payment of amounts in default is regularised as directed above, the first respondent shall permit the petitioner to continue the payments of future monthly instalments in accordance with the original schedule of payment. 8. It is made clear that on the event of default of payment in any one of the instalments as stipulated above, or any of the future monthly instalments, the respondents will be free to proceed with further steps pursuant to the WP(C).No.4906 of 2011-K. 4 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 challenges against the proceedings. C.K.ABDUL REHIM, (Judge) Kvs/-