IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 4TH JUNE 2008 / 14TH JYAISHTA 1930 WP(C).No. 11027 of 2008(K) -------------------------- PETITIONER: ------------ A.M. PREMBUSHAN, AGED 51 S/O.LATE A.P.MADHAVAN, ARAYAPARAMBIL HOUSE VALAPPAD BEACH P.O., THRISSUR DISTRICT. BY ADV. SRI.RAJIT SRI.RANJIT BABU RESPONDENTS: ------------- 1. THE AUTHORIZED OFFICER TRICHUR URBAN CO-OPERATIVE BANK LTD.NO.87 HEAD OFFICE, MISSION QUARTERS, THRISSUR-1. 2. TRICHUR URBAN CO-OPERATIVE BANK LTD. NO.87, HEAD OFFICE, MISSION QUARTERS, THRISSUR-1 REPRESENTED BY ITS GENERAL MANAGER. BY ADV. SRI.DEVAPRASANTH.P.J. FOR R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P.(C).No.11027 OF 2008 ------------------------------------------- Dated this the 4th day of June, 2008 JUDGMENT The second respondent invoked the provisions of the SARFAESI Act to effect recovery on account of default of a loan transaction. The petitioner is a guarantor and has also an arbitration case pending on that issue. The initiation of securitisation proceedings is with jurisdiction and there is also no challenge to the jurisdictional aspect of the issue. The plea is only regarding the attempt of the petitioner to raise the amounts and pay off the outstandings and further that the property in question may fetch very high price. The aforesaid will show that there is no ground to interfere with the impugned proceedings in exercise of jurisdiction under Article 226 of the Constitution of India. The petitioner has also an alternate efficacious remedy before the Debts Recovery Tribunal, if he is aggrieved on any issue referable to any measure taken under the SARFAESI Act. In view of the offer of the petitioner to pay off the entire WPC.11027/08 Page numbers outstandings, an interim order was issued on 1.4.2008, granting stay for one month on condition of deposit. However, learned counsel for the Bank reports that even that amount has not been deposited. In such circumstances, the writ petition is only to be dismissed. In the result, the writ petition fails. The same is accordingly dismissed. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.4/6.