IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 27TH JUNE 2011 / 6TH ASHADHA 1933 WP(C).No. 15996 of 2011(Y) -------------------------- PETITIONER:- ------------------ BIJU K.S., KANATHIL HOUSE, MELUKAVU MATTAM BRANCH, KOTTAYAM DISTRICT. BY ADV. SMT.E.V.MOLY RESPONDENT:- -------------------- STATE BANK OF TRAVANCORE, MELUKAAVU MATTAM BRANCH, KOTTAYAM - 686652 REPRESENTED BY ITS AUTHORIZED OFFICER. BY STANDING COUNSEL SRI.K.S.DILIP. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/06/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 15996 of 2011(Y) APENDIX PETITIONER'S EXHIBITS:- P1: COPY OF RELEVANT PAGES OF LOAN PASS BOOK. P2: COPY OF THE 13(2) NOTICE PUBLISHED IN NEW INDIAN EXPRESS DAILY DATED 11.4.2011. RESPONDENT'S EXHIBITS:- NIL. ( TRUE COPY ) P.A. TO JUDGE. Kvs/- C.K.ABDUL REHIM, J. = = = = = = = = = = = = = = WP(C).No.15996 of 2011-Y. = = = = = = = = = = = = = = Dated this the 27th June, 2011. J U D G M E N T Ext.P2 demand notice issued under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), is challenged in this writ petition. In view of remedy provided under section 13(3A) and also the statutory appeal provided under section 17(1) of the Act, this court was not inclined to entertain this writ petition. However, learned counsel for the petitioner made appeal to this court to permit payment of amounts due in a phased manner on the basis of an undertaking that the petitioner is relinquishing all challenges. As directed by this court, an affidavit was filed by the petitioner wherein it is undertaken that the petitioner is not intending to challenge the proceedings initiated before the statutory authority and that all challenges against the proceeding is relinquished. 2. Taking note of the undertaking filed before this WP(C).No.15996/2011-Y. 2 court, even though interference on merit is not called for, I am inclined to permit the petitioner to wipe off the liability in instalments within a reasonable time. 3. Accordingly, the writ petition is disposed of directing the respondents to keep in abeyance all further coercive steps initiated pursuant to Ext.P2, provided the petitioner remits the entire balance amounts along with interest and expenses if any due, in (8) eight equal monthly instalments falling due on or before 15.7.2011 and on before the 15th of every succeeding months. 4. It is made clear that on the event of default in payment of any one of the instalments as stipulated above, the respondents 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 challenges against the proceedings. C.K.ABDUL REHIM, (Judge) Kvs/-