IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 4TH MARCH 2011 / 13TH PHALGUNA 1932 WP(C).No. 1873 of 2011(H) --------------------------------- PETITIONER(S): ------------------- P.B.RADHAKRISHNAN, AGED 56 YEARS, S/O. BHASKARAN, THUSHARA HOUSE, EDAKULANGARA P.O., KARUNAGAPPALLY, KOLLAM. BY ADVS. SRI.KRISHNADAS P. NAIR SMT.K.L.SREEKALA RESPONDENT(S): -------------------- 1. THE BRANCH MANAGER, CENTRAL BANK OF INDIA, M.G.ROAD, THIRUVANANTHAPURAM-695 001. 2. THE AUTHORIZED OFFICER, CHIEF MANAGER, CENTRAL BANK OF INDIA, TRIVANDRUM BRANCH, THIRUVANANTHAPURAM-695 001. R1 & R2 BY ADVS. SRI.DEVAN RAMACHANDRAN, SC. SRI.K.M.ANEESH SRI.K.SANTHOSH KUMAR.K THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: svs. C.K.ABDUL REHIM, J. ----------------------------------------- W.P.(C). NO. 1873 OF 2011 ---------------------------------------- Dated this the 4th day of March, 2011. JUDGMENT Proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), against the immovable property which is the secured assets with respect to loan availed by the petitioner from the respondent Bank, is the subject matter of challenge in this writ petition. 2. The petitioner had challenged Ext.P3 sale proclamation published on the ground that the coercive steps were pursued without permitting the petitioner to settle the loan amount by effecting payment of the amounts due in a phased manner in instalments. 3. Considering the effective statutory remedy available, this Court was not inclined to entertain the writ petition. However, confirmation of sale if any takes steps was stayed subject to condition of the petitioner remitting a sum of Rs.10 lakhs on or before 27.01.2011. Subsequently, the petitioner sought extension of the time stipulated on the basis that he had remitted W.P.(C). NO. 1873 OF 2011 2 a sum of Rs.5,50,000/-. However, time for payment of the balance amount was extended till 14.2.2011 making it clear that no further extension will be granted and on failure the writ petition will be dismissed. 4. Today when the matter was taken up for consideration, it is submitted that the petitioner could not make payment of the balance amount. It is submitted by learned counsel for the respondents that the total amount due is more than 1.20 crores. 5. Under such circumstances, I am not inclined to entertain this writ petition any further. However rights if any available to the petitioner to invoke statutory remedy is here by reserved. Therefore the writ petition is dismissed without prejudice to the rights if any available to the petitioner to invoke statutory remedy. C.K.ABDUL REHIM, JUDGE mns