IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 10TH NOVEMBER 2010 / 19TH KARTHIKA 1932 WP(C).No. 32735 of 2010(N) ---------------------------------------- PETITIONER(S): ------------------------ MRS. JULIET LIVERA,W/O.IMMANUEL LIVERA, MANTHARA HOUSE, KATTASSERY ROAD, NEAR KWA PROJECT HOUSE, OCHANTHURUTH PO, VYPEEN. BY ADV. SRI.SAIBY JOSE KIDANGOOR RESPONDENT(S): --------------------------- THE AUTHORIZED OFFICER, THE CATHOLIC SYRIAN BANK LTD, BANERJI ROAD, ERNAKULAM, KOCHI-682 031. BY ADV. MR.B.S. KRISHNAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/11/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.32735 of 2010 ------------------------------------------- Dated this the 10th day of November, 2010 J U D G M E N T ---------------------- Petitioner is aggrieved by the proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Consequent to default committed in repayment of a housing loan availed by the petitioner from the respondent Bank, the property which is mortgaged for securing the loan was proceeded against. Ext.P1 is the notice of demand issued under Section 13(2) of the Act. 2. According to the petitioner, the repayment period of the loan will expire only in the year 2023. It is stated that even though the petitioner had approached the respondent Bank offering payment of the defaulted arrears and seeking regularisation, the respondent is proceeding with further coercive steps without considering such requests. 3. It is noticed that under the provisions of statute the petitioner has got an effective remedy against the notice of demand issued under Section 13(2). But without resorting to such remedy the petitioner has approached this W.P.(C).32735/10-N -2- court in this writ petition. Considering the fact that effective alternate remedy is available to the petitioner, I am not inclined to entertain this writ petition on merits. 4. However, learned counsel for the petitioner submitted that the petitioner is not intending to pursue any such statutory remedy and that she is relinquishing challenges against the SARFAESI proceedings initiated. On the other hand, limited prayer of the petitioner is to permit to regularise the account by paying the defaulted arrears. 5. Learned counsel appearing for the respondent Bank submitted that the defaulted arrears itself will come to more than Rs.2 lakhs. If the petitioner remits the said amount immediately the loan account can be regularised, is the submission. 6. Having considered the facts and circumstances, I am of the view that even though interference on merits is not possible, indulgence can be shown in the matter of permitting the petitioner to regularise the account by paying the defaulted arrears. 7. Therefore the writ petition is disposed of directing the respondent Bank to keep in abeyance further coercive steps W.P.(C).32735/10-N -3- pursuant to Ext.P1 notice, provided the petitioner remits the entire defaulted amount (defaulted installments along with interest and expenses if any due) in 4 (four) equal monthly installments falling due on or before 15.12.2010 and on or before the 15th day of the succeeding months. Petitioner shall also make payment of the regular installments due from December 2010 onwards along with the above said payments. 8. If payment of the defaulted amount is regularised as directed above, the respondent shall permit the petitioner to continue payment of the future monthly installments in accordance with the original schedule of repayment. 9. It is made clear that on the event of default in payment of any one of the installments as stipulated above, the respondents will be free to proceed with further steps on the basis of notices already issued. It is also made clear that the relief granted above is subject to condition that the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM, JUDGE. okb