IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 14TH OCTOBER 2010 / 22ND ASWINA 1932 WP(C).No. 30096 of 2010(J) -------------------------- PETITIONER(S): --------------- 1. S.PUSHPALATHA, VIJAYA VILASAM, BHARATHANNUR P.O., THIRUVANANTHAPURAM DISTRICT. 2. A.S.VIJAYA DAS, VIJAYA VILASAM, BHARATHANNUR P.O., THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.ANANDARAJAN.N SRI.C.V.MILTON RESPONDENT(S): --------------- INDIAN OVERSEAS BANK, REPRESENTED BY ITS AUTHORISED OFFICER, BHARATHANNUR BRANCH, BHARATHANNUR P.O., THIRUVANANTHAPURAM DISTRICT, KERALA. ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K. ABDUL REHIM, J ------------------------------- WP(C) NO. 30096 OF 2010 ------------------------------------- Dated this the 14th day of October, 2010 JUDGMENT Proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is under challenge in this Writ Petition. Consequent to default committed in repayment of a housing loan availed by the petitioners from the respondent Bank, the immovable property, which is the secured asset, was proceeded against. Ext.P3 is the notice issued for taking over possession of the property as contemplated under Section 13 (4). According to the petitioners, eventhough they sought permission for regularizing the loan account, the respondent had refused to accede to such request. Hence the Writ Petition is filed. 2. Considering the alternative remedy provided under the statute, which is efficacious in nature, I am not at all inclined to entertain this Writ Petition on the merits. 2 WP(C) No. 30096/2010 However, learned counsel for the petitioners submitted that the petitioners are not intending to pursue any such statutory remedies. They are prepared to relinquish challenges against SARFAESI proceedings subject to the dispute regarding correctness in arrears being settled. Under such circumstances, the counsel seeks indulgence of this Court in permitting payment of the entire balance outstanding within a reasonable time, in instalments. 3. Pursuant to an interim order issued by this Court on 30.09.2010 the petitioner had already remitted a sum of Rs.75,000/-. Under the above circumstances, I am of the opinion that the petitioner can be permitted to pay off the entire balance within a reasonable time. 4. Accordingly the Writ Petition is disposed of directing the respondent to keep in abeyance further coercive steps of recovery pursuant to Ext.P3 notice, provided the petitioner remits entire balance outstanding along with future interest if any due, in 5 (five) equal 3 WP(C) No. 30096/2010 monthly instalments falling due on or before 10.11.2010 and on or before the 10th day of the succeeding months. 5. It is open to the petitioner to approach the appropriate authority under the respondent seeking correction of mistake if any with respect to calculation of the balance amounts. If any such approach is made the respondent shall furnish the petitioner a copy of the statement of accounts and if it is convinced that there is any mistake in the demand, the same shall be corrected. 6. It is made clear that on the event of default in payment of any one of the instalments as stipulated above, the respondent will be free to proceed with further steps and on such event the petitioner is precluded from raising any subsequent challenge against such proceedings. C.K. ABDUL REHIM JUDGE dnc