IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 6TH OCTOBER 2010 / 14TH ASWINA 1932 WP(C).No. 9602 of 2010(A) ------------------------- PETITIONER : ----------------- RAVINDRAN.K.V, AGED 52 YEARS, S/O.VELAYUDHAN, KOOVAKATTIL HOUSE, THESSERY, KANAKAMALA PO, THRISSUR DISTRICT. BY ADVS. SRI.RAJIT SRI.RANJIT BABU RESPONDENT(S): ----------------------- 1. THE AUTHORISED OFFICER, THE FEDERAL BANK LIMITED, REGISTERED OFFICE, ALUVA. 2. THE FEDERAL BANK LIMITED, KALLETTUMKARA, THRISSUR, REPRESENTED BY THE BRANCH MANAGER. R1 & R2 BY ADVS. SRI.GEORGE VARGHESE, SC SRI.K.J.CHACKOCHAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/10/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn C. K. ABDUL REHIM, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No. 9602 of 2010 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 6th day of October, 2010 JUDGMENT Consequent to default committed in repayment of loan availed by the petitioner from the respondent bank, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated and immovable property belongs to the petitioner, which is the secured asset as far as the loan transaction is concerned, was proceeded against. 2. It is noticed that respondents have issued only a demand notice under section 13(2). The petitioner has got an effective remedy to raise objections or to make representations if any, against such demand. It is for the respondents to consider such objection/representation if any, submitted. Under such circumstances, this writ petition is highly premature and the same could not be entertained. 3. Learned counsel for the petitioner submitted that the W.P.(C) No. 9602/2010 2 petitioner is relinquishing all challenges against the proceedings and he is not intending to avail any statutory remedy against such proceedings. The petitioner seeks indulgence of this Court in permitting payment of the entire balance, within a reasonable time, in instalments. 4. It is noticed that pursuant to an interim order dated 22-3-2010 the petitioner had already remitted a sum of Rs.50,000/-. Learned counsel for the respondents submitted that the loan in question is a 'mortgage loan' and there is consecutive defaults committed in effecting repayments. 5. Under the above circumstances, the writ petition is disposed of directing the respondents to keep in abeyance all further coercive steps initiated under the SARFAESI Act, provided the petitioner remits the entire balance outstanding in five (5) equal monthly instalments, falling due on or before 31st October, 2010 and on or before the last day of every succeeding months. 6. It is made clear that on the event of default in any of the instalment, the respondents will be free to proceed with W.P.(C) No. 9602/2010 3 further steps and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings. C. K. ABDUL REHIM, JUDGE. mn.