IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 2ND FEBRUARY 2011 / 13TH MAGHA 1932 WP(C).No. 686 of 2011(I) ------------------------ PETITIONER(S): --------------- ELIZABETH MEENAS, D/O. SOLOMAN MEENAS, VICTORIA GARDENS, KOTHAPARAMBU P.O., KODUNGALLUR, THRISSUR DISTRICT. BY ADV. SMT.E.V.MOLY RESPONDENT(S): --------------- PUNJAB NATIONAL BANK, CIRCLE OFFICE, 40/1461, MARKET ROAD, ERNAKULAM, COCHIN-682 011, REPRESENTED BY ITS AUTHORIZED OFFICER. ADV. SRI.R.S.KALKURA SRI.M.S.KALESH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.686 of 2011-I ---------------------------------------- Dated this the 2nd day of February, 2011. J U D G M E N T The petitioner is aggrieved by the coercive steps initiated for sale of immovable property, which is the secured asset with respect to a housing loan availed by her from the respondent Bank. Pursuant to steps initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), the property in question was proclaimed for sale as per Ext.P3 notice. According to the petitioner the loan was availed in the year 2006 with a repayment period of 10 years and the coercive steps was pursued without permitting the petitioner to make payment of the defaulted amounts and to regularise the account. 2. Considering the effective alternate remedy available and in view of the dictum laid by the Hon'ble Supreme Court in United Bank of India V Sathyawati Tondon & others (2010 (8) SCC 110), this Court was not inclined to entertain this writ petition. However, confirmation of sale if any was stayed through an interim order, subject to condition of the petitioner W.P(C) No.686 of 2011-I 2 remitting a sum of `1,50,000/-. It is submitted that the condition has already been complied with. 3. Standing counsel appearing for respondent Bank submitted that, after crediting payments made, the arrears outstanding will come around `2.5 lakhs. Learned counsel for the petitioner made an appeal to this Court to permit regularisation, on the basis of an undertaking that the arrear amount will be cleared payment within a short time. It is also undertaken on behalf of the petitioner that she is relinquishing all challenges against the proceedings and that she is not intending to approach the statutory authority under Section 17 (1). 4. Eventhough interference on merits is not proper, I am of the view that considering relinquishment of the challenges and also considering the fact that the period of repayment is 10 years, I am inclined to grant permission to the petitioner to regularise the account by paying the amount in default, within a short period. 5. Accordingly, the writ petition is disposed of directing the respondent to keep in abeyance all further coercive steps under the SARFAESI Act, subject to condition of the petitioner W.P(C) No.686 of 2011-I 3 remitting the amount in default (defaulted monthly instalments along with interest and expenses if any due), in 3 (three) equal monthly instalments falling due on or before 28.2.2011 and on or before the last day of succeeding months. The payments should be made along with regular monthly instalments due for the respective months. 6. If payments of defaulted amounts is cleared as per the stipulations contained above, the respondent shall permit the petitioner to continue payment of future monthly instalments in terms of the original schedule. 7. It is made clear that on the event of default in payment of any one of the instalments, the respondent will be free to proceed with further steps. It is also made clear that the above relief is granted subject to condition that the petitioner is precluded from raising any subsequent challenge against the proceedings. Sd/- C.K.ABDUL REHIM JUDGE //True Copy// P.A to Judge