IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 15TH SEPTEMBER 2010 / 24TH BHADRA 1932 WP(C).No. 23712 of 2010(L) --------------------------------- (CMP.1444/2010 of C.J.M.,TRIVANDRUM) .................... PETITIONER(S): ------------------- 1. K.RAJENDRAN, VATAVILA PUTHEN VEEDU VAZHUTHOOR, NEYYATTINKARA PO, NEYYATTINKARA TALUK THIRUVANANTHAPURAM DIST. 2. THANKAM, VATTAVILA PUTHEN VEEDU VAZHUTHOOR, NEYYATTINKARA PO, NEYYATTINKARA TALUK THIRUVANANTHAPURAM DIST. BY ADV. SRI.R.V.SREEJITH RESPONDENT(S): -------------------- 1. AUTHORISED OFFICER, THE CHIEF MANAGER THE FEDERAL BANK LTD REGIONAL OFFICE, FEDERAL TOWERS STATUE, THIRUVANANTHAPURAM. 2. SINUKUMAR M.K ADVOCATE, C/O.S.A. SUNDER, OPP OLD COLLECTORATE VANCHIYOOR, THIRUVANANTHAPURAM 695 035. R1 BY ADVS. SRI.GEORGE VARGHESE (MANACHIRACKEL) SRI.P.R.MILTON THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 15/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SVS/ WP(C).No. 23712 of 2010(L) APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE C.M.P.NO.1444/2010 FILED BY THE 1ST RESPONDENT BEFORE THE CHIEF JUDICIAL MAGISTRATE'S COURT, THIRUVANANTHAPURAM. P2: COPY OF THE NOTICE DATED 03/07/2010 ISSUED BY THE ADVOCATE COMMISSIONER TO THE SUB INSPECTOR OF POLICE, NEYYEATTINKARA AND COPIED TO THE 1ST PETITIONER. P3: COPY OF THE NOTICE DATED 03/07/2010 ISSUED BY THE ADVOCATE COMMISSIONER TO THE SUB INSPECTOR OF POLICE, NEYYATTINKARA AND COPIED TO THE 2ND PETITIONER. RESPONDENT'S EXHIBITS NIL /TRUE COPY/ P.A.TO JUDGE SVA/ C.K. ABDUL REHIM, J ------------------------------ WP(C) NO. 23712 OF 2010 ------------------------------------- Dated this the 15th day of September, 2010 JUDGMENT Challenge in this Writ Petition is against proceedings initiated by the first respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed in repayment of 'overdraft cash credit facility' availed by the petitioner from the first respondent Bank, proceedings against the immovable property which is the secured asset with respect to the loan transaction, was initiated. On invoking Section 14 (1) of the Act, the first respondent had approached the Chief Judicial Magistrate Court. An Advocate Commissioner was appointed to take over possession of the immovable property. Exts.P2 and P3 are the notices issued by the Advocate Commissioner, the second respondent herein. 2. Considering the effective alternate remedies 2 WP(C) No. 23712/2010 available under the statute and also considering the fact that the petitioners have not chosen to avail any such remedies, this Writ Petition cannot be entertained. However, based on a submission that the petitioner is ready and willing to pay off the liability, an interim order was issued by this Court on 29.07.2010, directing payment of a sum of Rs.1 lakh. It is conceded by both sides that the said amount was paid in compliance with the stipulation. 3. Learned counsel appearing for the first respondent Bank submitted that the balance outstanding after crediting all payments will be around Rs.1.82 lakhs as on 31.08.2010. 4. Learned counsel for the petitioner made a request to this Court for permitting payment of the entire balance within a short time, in instalments, on the specific understanding that the petitioner is relinquishing all challenges against the proceedings and that he is not intending to avail any of the statutory remedies available. 3 WP(C) No. 23712/2010 Having considered the facts and circumstances, I am inclined to show indulgence in permitting the petitioner to pay off the entire balance, within a short period. 5. In the result, the Writ Petition is disposed of directing the respondents to keep all further proceedings pursuant to Exts.P2 and P3 notices in abeyance, provided the petitioner remits the entire balance outstanding in 4 (four) equal monthly instalments, falling due on or before 20.10.2010 and on or before the 20th day of the succeeding months. 6. It is made that on the event of default in payment of any of the instalments the respondents will be free to proceed with further steps pursuant to Exts.P2 and P3. It is also made clear that the above benefit is granted subject to the condition that the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K. ABDUL REHIM JUDGE dnc