IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 20TH JUNE 2011 / 30TH JYAISHTA 1933 WP(C).No. 4371 of 2011(V) -------------------------------- PETITIONER(S): ------------------- SUDHA MOHAN 'MAYA'HOUSE NO,.5,KAIVALI NAGAR, T.C.7/221,KANJIRAMPARA,VATTIYORKAVU, THIRUVANANTHAPURAM. BY ADVS. SRI.M.R.ANANDAKUTTAN SMT.M.A.ZOHRA SRI.R.S.MADHU SRI.MAHESH ANANDAKUTTAN RESPONDENT(S): -------------------- 1. THE AUTHORISED OFFICER, PNB HOUSING FINANCE LTD, THIRUVANANTHAPURAM BRANCH, 4TH FLOOR, CAPITAL TOWERS, STATUE JN, THIRUVANANTHAPURAM - 695 001. 2. THE MANAGER, PNB HOUSING FINANCE LTD, THIRUVANANTHAPURAM BRANCH, 4TH FLOOR, CAPITAL TOWERS, STATUE JN, THIRUVANANTHAPURAM - 695 001. R1 BY ADV. SRI.R.S.MOHANAN NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/06/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs W.P.(C). NO. 4371/2011 APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE ACCOUNT STATEMENT. P2: COPY OF THE NOTICE DATED 05/08/2010 RESPONDENT'S EXHIBITS: R1(a):COPY OF THE NOTICE DATED 05/08/2010. R1(b):COPY OF POSSESSION NOTICE 31/12/2010. R1(c):COPY OF STATEMENT OF LOAN ACCOUNT. R1(d):COPY OF REPRESENTATION BY THE 1ST RESPONDENT TO THE PETITIONER DATED 27/02/2011. /TRUE COPY/ P.A. TO JUDGE. svs C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.4371 of 2011 ------------------------------------------- Dated this the 20th day of June, 2011 J U D G M E N T ---------------------- Petitioner is challenging the proceeding initiated by the respondents, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner had defaulted payment of monthly instalments due in a housing loan account, which was availed by her from the respondents during the year 2009, to the tune of Rs.20 lakhs. Under the impugned proceedings, property belonging to the petitioner containing residential house, which is the secured asset as far as the loan transaction is concerned, was taken over possession. Petitioner is seeking direction from this court to permit for arranging private sale of the property and to pay off the liability through such sale. But the respondent Bank is not amenable for any such offer contending that the petitioner is not coming forward W.P.(C).4371/11 -2- with any concrete offer made through any probable buyer. 2. In the counter affidavit filed by the 1st respondent it is stated that the account in question was classified as 'NPA' and the SARFAESI proceedings was initiated in the year 2010. It is further stated that a total amount of Rs.20,47,507/- is due as on 31.7.2010 along with interest. It is also alleged that the petitioner had diverted funds sanctioned for house construction for sum other purpose. According to the respondents, the writ petition is filed only as a delaying tactics and the petitioner is not making any earnest effort to pay off the liability inspite of the coercive steps taken. 3. Confronted with the above situation, learned counsel for the petitioner made an appeal to this court to permit the petitioner to participate in the auction sale which is to be conducted by the respondent Bank or to permit to approach the bank seeking private sale of the property, in order to settle the account. It is left open to the petitioner to approach the Bank seeking any such remedy and it is for W.P.(C).4371/11 -3- the respondent bank to consider such request taking into consideration of all the factual aspects. However, I do not find any reason to interdict with the steps now initiated under the SARFAESI Act. It is also left open to the petitioner to seek appropriate statutory remedy, if any available. Accordingly the writ petition is dismissed reserving liberty to the petitioner as mentioned above. C.K.ABDUL REHIM, JUDGE. okb