IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 30TH NOVEMBER 2009 / 9TH AGRAHAYANA 1931 WP(C).No. 31706 of 2009(G) --------------------------------------- PETITIONER(S): ------------------------- K.K.RAKHEE CHANDRAN, W/O. CHANDRAN, MUPPATTA, SOUPARNIKA, KARAKKUNNU P.O., PUNNASSERY, KOZHIKODE. BY ADVS.MR.C.P.CHANDRASEKHARAN (CALICUT) MR.M.SHAJU PURUSHOTHAMAN RESPONDENT(S): ----------------------- 1. STATE BANK OF TRAVANCORE, REP. BY THE CHIEF MANAGER, SARC, 2ND FLOOR, THAVOTT PLACE, KANNUR ROAD, KOZHIKODE. 2. THE BRANCH MANAGER, SBT, PALAYAM BRANCH, KOZHIKODE. 3. P.SURESH KUMAR, ANU PUBLICATIONS, 17/1463-A12, AL-AMEEN BUILDING, RAM MOHAN ROAD, KOZHIKODE. BY ADV. MR.SATHISH NINAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 31706 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 30th day of November, 2009 J U D G M E N T 1. Challenge in this writ petition is against proceedings initiated by respondents 1 & 2 under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Since the proceedings is only at the stage of notice under Section 13 (2) of the Act, this court could not interfere with the matter at present, especially in view of the alternate remedy of appeal available under the statute against further steps. 2. Contention of the petitioner is that he is only a guarantor who had offered immovable property as security to facilitate the 3rd respondent to avail the loan from the 2nd respondent Bank. Complaint of the petitioner is that the W.P.(C)No. 31706 of 2009 -2- Bank is not taking any coercive steps against the 3rd respondent-borrower, who had committed default. 3. However, the 3rd respondent who entered appearance through counsel submitted that he is ready and willing to make payment of the entire outstanding within a period of two months. On the basis of the above submission learned counsel for the petitioner requested for a limited relief of directing the respondents to keep in abeyance further coercive steps under the SARFAESI Act for a period of two months, within such time the petitioner as well as the 3rd respondent will clear the entire dues. 4. Eventhough the respondent Bank is not favouring in granting such relief, considering the facts and circumstances of the case, I am of the opinion that some indulgence can be shown in the matter in permitting the petitioner and the 3rd respondent to pay off the entire liability within two months. 5. Accordingly the writ petition is disposed of directing the respondents 1 & 2 to keep in abeyance further W.P.(C)No. 31706 of 2009 -3- coercive steps under the SARFAESI Act for a period of two months from today, in order to facilitate the petitioner and the 3rd respondent to pay the entire liability. 6. It is made clear that on the event of default in payment of the liability within the period stipulated above, the respondents will be free to proceed with further steps under the SARFAESI Act and on such event the petitioner as well as the 3rd respondent will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/