IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE R.BASANT & THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN FRIDAY, THE 11TH FEBRUARY 2011 / 22ND MAGHA 1932 WP(C).No. 32681 of 2009(E) -------------------------------------- PETITIONER: ------------------ S.S. SHYLAJAKUMARI, AGED 39 YEARS, W/O. N. RAJENDRA BABU, RESIDING AT SANTHI NILAYAM, AYYAPPANKUZHI, PARUTHIKUZHY P.O., THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.P.K.JOSE RESPONDENTS: ----------------------- 1. THE FEDERAL BANK LTD., REP. BY THE CHIEF MANAGER AUTHORIZED OFFICER, REGISTERED OFFICE AT ALUVA. 2. THE BRANCH MANAGER, FEDERAL BANK, MUTTADA BRANCH, THIRUVANANTHAPURAM - 25. 3. N.RAJENDRA BABU, AGED 42 YEARS, RESIDING AT NITHAN BHAVAN, KARIPPOOR P.O NEDUMANGAD, THIRUVANANTHAPURAM DISTRICT THIRUVANANTHAPURAM DISTRICT ADVS. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1 & 2 SRI.K.J.CHACKOCHAN FOR R1 & 2 SRI.P.R.MILTON FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVE BEEN FINALLY HEARD ON 11/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. *********************** W.P(C) No.32681 of 2009 ***************************** Dated this the 11th day of February, 2011 JUDGMENT Proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act 2002 (SRFAESI Act) and the proposed sale of immovable property proclaimed through Ext.P6 notice are under challenge in this Writ Petition. Consequent to default committed in repaying loan availed by the petitioner from respondents 1 and 2, immovable property, which is the secured asset, was proceeded against. Contention of the petitioner is that the coercive steps were pursued without considering the willingness expressed by the petitioner to close the account within a reasonable time. 2. Learned counsel appearing for respondents 1 and 2 submitted that the account was in default since 2000 onwards and the bank had filed a civil suit and obtained decree as early as in the year 2004. Thereafter when steps under the SRFAESI Act was initiated, the petitioner had approached this Court without resorting to any of the statutory remedies. Hence the petitioner is not entitled for any reliefs, is the contention. W.P(C) No.32681 of 2009 2 3. Considering availability of effective alternative remedy, I am of the view that the Writ Petition could not be entertained. However it is noticed that by virtue of an interim order issued on 16.11.2009, the petitioner had remitted a sum of Rs.75,000/-. It is submitted by the learned counsel for respondents 1 and 2 that the balance outstanding will be around Rs.2.40 lakhs as on 25.11.2009. 4. Learned counsel appearing for the petitioner, being confronted with the above situation, submitted that the petitioner is ready and willing to pay off the liability. The petitioner is not intending to pursue any challenges against the proceedings, is the undertaking. Considering the limited prayer, I am of the view that the petitioner can be permitted to pay off the entire liability within a reasonable time. 5. The Writ Petition is accordingly disposed of directing the respondents 1 and 2 to refrain from proceeding with further steps for dispossession and sale of the property, subject to condition of the petitioner remitting the entire balance outstanding including interest and expenses if any due, in 4 (four) equal monthly instalments, failing due on or before W.P(C) No.32681 of 2009 3 28.02.2011 and on or before the last date of the succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments as stipulated above, the respondents will be free to proceed with further steps on the basis of the notices already issued and on such event the petitioner will be precluded from raising any subsequent challenges. 7. It is made further clear that the petitioner shall be issued with a copy of the statement of accounts on usual terms and it will be left open to the petitioner to point out genuine mistake or irregularity if any or to seek waiver of interest/penal interest or expenses to the possible extent. (C.K.ABDUL REHIM, JUDGE) rtr/