IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 29TH SEPTEMBER 2010 / 7TH ASWINA 1932 WP(C).No. 20952 of 2010(T) -------------------------------------- PETITIONER: ------------------- MR.SHINU ANDREWS, AGED 35 YEARS, S/O.ANDREWS, THEKKUMALAYIL HOUSE, INJIYAM, KALAYANTHANI P.O., THODUPUZHA, IDUKKI DISTRICT. BY ADV. SRI.SHAIJAN JOSEPH. RESPONDENT: ---------------------- GENERAL MANAGER, THE URBAN CO-OPERATIVE BANK LIMITED NO.394, THODUPUZHA, IDUKKI, PIN: 685 585. BY ADV. SRI.ALEXANDER JOSEPH. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/09/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. C.K.ABDUL REHIM, J ----------------------------------- W.P(C) No.20952 of 2010-T ----------------------------------- Dated this the 29th day of September, 2010. J U D G M E N T Challenge in this writ petition is against Ext.P2 notice issued under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Having committed default in repayment of a loan availed by the petitioner from the respondent Bank, proceedings against immovable property, which is the secured asset, was initiated. It is contended that the property in question contains a house, wherein the petitioner is residing with his family and if the property is taken over possession, the entire family will be thrown out. It is also mentioned that subsequent to Ext.P2 notice, the respondent Bank had invoked Section 14(1) by approaching the Chief Judicial Magistrate Court and the proceedings for taking over possession of the property is being pursued. Met with W.P(C) No.20952 of 2010-T 2 serious situation of loosing shelter for the entire family, petitioner is seeking indulgence of this Court. 2. Pursuant to an interim order issued by this Court on 6.9.2010, the petitioner had already remitted a sum of Rs.60,000/-. Going by the provisions contained in the SARFAESI Act, it is not proper for this Court to interfere with the proceedings on merits, because of the effective alternate remedy provided. However, considering the special circumstances, I am of the opinion that some indulgence can be shown in permitting the petitioner to pay off the entire liability within a reasonable time in instalments. 3. Learned counsel for the first respondent submitted that after crediting all the payments made by the petitioner, the balance outstanding will be more than Rs.2,00,000/-. 4. Under the above circumstances, the writ petition is disposed of directing the respondents to keep in abeyance all further coercive steps, provided the petitioner remits the W.P(C) No.20952 of 2010-T 3 entire balance outstanding along with future interest in 8 (eight) equal monthly instalments falling due on or before 15.10.2010 and on or before the 15th day of every succeeding months. 5. It is made clear that on the event of default in payment of any one of the instalments the respondent will be free to proceed with further steps pursuant to the notices already issued. 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. Sd/- C.K.ABDUL REHIM JUDGE //True Copy// P.A to Judge ab W.P(C) No.20952 of 2010-T 4