IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 24TH JANUARY 2011 / 4TH MAGHA 1932 WP(C).No. 169 of 2011(U) ------------------------ PETITIONER(S): --------------- KUTTIKKARI K.C., S/O. KEERAN, KOCHIRAMCHALIL HOUSE, KOVILAKOMKUNDU, MANJERI, MALAPPURAM DISTRICT. BY ADV. SRI.P.SAMSUDIN RESPONDENT(S): --------------- 1. THE MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY ITS AUTHORISED OFFICER, HEAD OFFICE, UP HILL, MALAPPURAM-679 505. 2. THE GENERAL MANAGER, MALAPPURAM DISTRICT CO-OPERATIVE BANK HEAD OFFICE, UP HILL, MALAPPURAM-679 505. BY SRI.V.KRISHNA MENON - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.169 of 2011-U ---------------------------------------- Dated this the 24th day of January, 2011. J U D G M E N T Aggrieved by coercive steps initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), this writ petition is filed. Consequent to default committed by the petitioner in repaying a housing loan availed from the respondent Bank, steps were initiated against the immovable property, which is the secured asset. Invoking Section 14(1), the respondent had approached the Chief Judicial Magistrate Court and an Adocate Commissioner was appointed by that Court to take over possession of the immovable property. Ext.P3 is the notice issued by the Advocate Commissioner. 2. According to the petitioner the coercive steps were initiated without crediting payment of an amount of Rs.1 lakh effected by the petitioner and that the steps in question were pursued without considering his request to permit payment of the balance amount in instalments. 3. Heard; standing counsel appearing for the respondents. W.P(C) No.169 of 2011-U 2 It is stated that the amount remitted has already been given credit and after crediting such amount, the balance outstanding as on 4.1.2011 is Rs.2,33,799/-. 4. Considering the rival contentions, I am of the view that the petitioner has not chosen to dispute correctness of the amount demanded, when notice under Section 13(2) was issued, nor he had chosen to avail the remedy provided under Section 17 (1) when steps as contemplated under Section 13(4) was adopted. Under such circumstances, it is not justified on the part of this Court to interdict with the proceedings. It is also noticed that the petitioner has failed to comply with the stipulations imposed by this Court while granting interim stay. 5. However, learned counsel for the petitioner submitted that, he is not intending to pursue any of the challenges raised against the proceedings nor he is intending to invoke the statutory remedy. On the other hand, the limited prayer is only to permit the petitioner to make payment of the entire amounts in default, in a phased manner, within a short time. 6. Eventhough interference on merits is not desirable, in view of the fact that the petitioner had relinquished all challenges, I am of the view that he can be permitted to pay off W.P(C) No.169 of 2011-U 3 the entire liability in instalments, within a reasonable time. 7. Accordingly, the writ petition is disposed of directing the respondents to keep in abeyance dispossession and sale of the property in question, subject to condition of the petitioner remitting the entire balance outstanding along with interest if any due, in 8 (eight) equal monthly instalments, falling due on or before 15.2.2011 and on or before the 15th day of succeeding months. 8. It is made clear that on the event of default in payment of any one of the instalments the respondents will be free to proceed with further steps initiated on the basis of the orders already issued by the Chief Judicial Magistrate Court. It is further made clear that the above relief is granted subject to the condition that the petitioner is precluded from raising any subsequent challenge against the proceedings. C.K.ABDUL REHIM JUDGE ab