IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 19TH NOVEMBER 2009 / 28TH KARTHIKA 1931 WP(C).No. 17720 of 2009(H) -------------------------- PETITIONER(S): --------------- BUDHADAS, S/O. AYYAPPANKUTTY, AGED 68 YEARS,KANIYAMPARAMBIL HOUSE, PALAZHI P.O. THRISSUR. BY ADV. SRI.C.A.CHACKO RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, CANARA BANK, REGIONAL OFFICE, ERNAKULAM. 2. THE BRANCH MANAGER, CANARA BANK, KANDASSANKADAVU, THRISSUR. BY GOVT. PLEADER SRI. BIJOY CHANDRAN SRI.PAULY MATHEW MURICKEN FOR R1 ADV. SRI.K.PADMANABHAN FOR R2 SRI.M.A.CHAKRAPANI FOR R2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/11/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 17720 of 200 APPENDIX PETITIONER'S EXHIBITS: EXT.P1: TRUE COPY OF RELEVANT PAGES OF PASSBOOK EXT.P2: TRUE COPY OF NOTICE UNDER SECTION 13 (2) OF THE ACT DATED NIL EXT.P3: TRUE COPY OF RECEIPT DATED 8/8/2008 EXT.P4: TRUE COPY OF SALE NOTICE DATED 21/5/2009 /TRUE COPY/ C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.17720 OF 2009 ------------------------------ Dated this the 19th day of November, 2009 J U D G M E N T ---------------------- 1. Writ petition is filed challenging Ext.P4 sale notice published under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioner is a borrower who had availed loan from the 2nd respondent Bank to the tune of Rs.1,50,000/- in the year 2003, by mortgaging immovable properties belonging to him. Consequent to failure in repayment, the Bank took steps against the immovable property which is the secured asset. After completing steps under Section 13(2) and 13(4), Ext.P4 proclamation for sale was published. 2. At the time when the writ petition was admitted this court directed payment of an amount of Rs.60,000/- which was admittedly remitted by the petitioner. 3. In the statement filed on behalf of the 1st respondent it is mentioned that as on 28.8.2009 the balance outstanding is Rs.1,38,742/-. Learned counsel for the petitioner submitted that he has already approached the Bank and a negotiation is on going on with respect to One Time Settlement/compromise W.P.(C).17720/09-H 2 settlement with respect to the balance amount payable. It is further stated that the Bank had agreed for waiver of interest/penal interest to a considerable extent. 4. Under the above mentioned circumstances I am of the opinion that the writ petition can be disposed of permitting the petitioner to pursue his remedies before the 2nd respondent Bank and to settle the entire liability. 5. Accordingly the writ petition is dismissed without prejudice to rights of the petitioner to settle the liability by negotiation under One Time Settlement/compromise settlement with the respondents. However, in order to facilitate the petitioner to arrive at such a settlement and to pay off amounts under that settlement, all further coercive steps pursuant to Ext.P4 shall be directed to be kept in abeyance for a period of two months from today. C.K.ABDUL REHIM, JUDGE. okb