IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 6TH APRIL 2011 / 16TH CHAITHRA 1933 WP(C).No. 7289 of 2011(I) ------------------------------------- PETITIONER(S): ------------------------ P.BIJOY,AGED 39 YEARS,S/O.P.RAJAN, R/AT MYLANDITHARAYIL HOUSE,KUTHIATHODU PO, CHERTHALA 688 533, ALAPPUZHA DISTRICT. BY ADV. SRI.PEEYUS A.KOTTAM RESPONDENT(S): --------------------------- 1. THE CHIEF MANAGER AND AUTHORIZED OFFICER, BANK OF INDIA,M.G.ROAD, RAVIPURAM BRANCH, ERNAKULAM,COCHIN 682 016. 2. THE MANAGER,BANK OF INDIA,RAVIPURAM BRANCH,M.G.ROAD, ERNAKULAM,COCHIN 682 016. 3. ABHINIMOL RAJENDRAN,ADVOCATE, KALLIL BUILDING,NORTH GATE,COLLECTORATE PO, KOTTAYAM 686 002. R1 & R2 BY ADV. SRI.P.P.JOYI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/04/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.7289 of 2011 ------------------------------------------- Dated this the 6th day of April, 2011 J U D G M E N T ---------------------- Consequent to default committed in repayment of a housing loan availed by the petitioner from the respondents 1 and 2, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated and the immovable property which is the secured asset was sought to be taken over possession by invoking Section 14(1). 2. In this writ petition the petitioner made an appeal to this court to permit regularisation of the account on the basis of an offer that the amount overdue for payment will be remitted immediately. Through an interim order issued on 8.3.2011, the petitioner was directed to make payment of a sum of Rs.1,50,000/-. It is reported that the stipulation has already been complied with. 3. Learned counsel for the petitioner seeks indulgence of this court in permitting payment of future monthly instalments in accordance with the original schedule of repayment, on the premise that the default now stands cleared and also on the basis of an undertaking that the petitioner is relinquishing all challenges against the proceedings initiated and also W.P.(C).7289/11 -2- relinquishing rights if any available to invoke statutory remedy. 4. Heard, standing counsel appearing for respondents 1 and 2. It is conceded that the repayment period of the loan which was availed in the year 2006 is for 20 years. It is also conceded that by payment of the amount stipulated by this court, the default now stands cleared. 5. Under such circumstances, eventhough interference on merits is not warranted, I am of the view that the petitioner can be permitted to continue payment of the future monthly instalments in accordance with the original schedule of repayment. 6. Therefore the writ petition is disposed of directing the respondents 1 and 2 to keep in abeyance all further coercive steps of recovery, provided the petitioner remits the future monthly instalments in accordance with the original schedule of repayment, without any default. 7. It is made clear that on the event of default in payment of any one of the future instalments, the respondents will be at liberty to proceed with further steps and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings. C.K.ABDUL REHIM, JUDGE. okb