IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 8TH SEPTEMBER 2010 / 17TH BHADRA 1932 WP(C).No. 24480 of 2010(H) -------------------------- PETITIONER(S): --------------- T.SHAJI, KALIYIL VEEDU,VAZHICHAL;,KUTTAMALA PO, THIRUVANANTHAPURAM. BY ADV. SRI.S.M.PREM SMT.K.P.SANTHI SRI.P.K.NIJOY RESPONDENT(S): --------------- THE AUTHORISED OFFICER, FEDERAL BANK LIMITED. AMBOORI BRANCH, AMBOORI, THIRUVANANTHAPURAM ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL)- SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/09/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------- W.P(C) No. 24480 of 2010-H ---------------------------- Dated this the 8th day of September, 2010. J U D G M E N T Proceedings initiated under the Securitization 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 by the petitioner in repayment of loan availed by him from the respondent, notice was issued for taking over possession of the secured assets, as per Ext.P1, under Section 13(4) of the Act. Subsequent to that, the respondent had approached the Chief Judicial Magistrate Court, invoking Section 14(1), and an Advocate Commissioner was appointed to take over possession of the property. Ext.P3 is the notice issued by the Advocate Commissioner. 2. According to the petitioner, the amount demanded under Ext.P1 is Rs.2,57,594/- and the petitioner had remitted a sum of Rs.50,000/- on 16.6.2010. When the matter came up for admission, this Court had issued an interim order directing to maintain status quo, on condition of the petitioner remitting a sum of Rs.50,000/-. W.P(C) No. 24480 of 2010-H 2 It is submitted that the said amount has already been remitted. According to the petitioner he is willing to pay off the the balance outstanding, which will be around Rs.2,00,000/-, within a reasonable time in instalments. 3. Learned counsel appearing for the respondent Bank disputes correctness of the amount. The prayer was opposed submitting that the loan account is in chronic default and that the proceedings under the SARFAESI Act is at its fag end, pending before the Chief Judicial Magistrate Court. 4. Having considered facts and circumstances and also considering submissions on either side, I am of the opinion that, eventhough interference on merits is not possible, some indulgence can be shown in the matter of permitting the petitioner to pay off the entire liability within a reasonable time in instalments. 5. In the result, the writ petition is disposed of directing the respondents to keep all further steps for dispossession of the petitioner from property in abeyance, provided the petitioner remits the entire balance amount due under the loan account, in 4 (four) equal monthly instalments, falling due on or before 30.9.2010 and W.P(C) No. 24480 of 2010-H 3 on or before the last day of succeeding months. 6. It is made clear that on the event of default in payment of any of the instalments the respondents will be free to proceed with further steps pursuant to Ext.P3 notice issued by the Advocate Commissioner. It is further made clear that the above relief is granted subject to the condition that the petitioner is precluded from raising any subsequent challenge against such proceedings, either before this Court or before any other forum. Sd/- C.K.ABDUL REHIM JUDGE //True Copy// P.A to Judge ab W.P(C) No. 24480 of 2010-H 4