IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 30TH MAY 2011 / 9TH JYAISHTA 1933 WP(C).No. 7918 of 2011(L) ------------------------------------- PETITIONER(S): ---------------------- S. RAJAN, AGED 52, S/O.K. SUSEELAN, VATTAVILA VEEDU, KALLIYOOR VILLAGE, KALLIYOOR P.O., THIRUVANANTHAPURAM. BY ADV. SRI.R.BINDU (SASTHAMANGALAM), SRI.PRASANTH M.P. RESPONDENT(S): -------------------------- 1. INDIAN BANK, ZONAL OFFICE, THIRUVANANTHAPURAM-695 001, REPRESENTED BY ITS CHIEF MANAGER. 2. THE AUTHORIZED OFFICER, INDIAN BANK, ZONAL OFFICE, THIRUVANANTHAPURAM-695 001. R1 & R2 BY ADV. SRI.S.EASWARAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/05/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.7918 of 2011 ------------------------------------------- Dated this the 30th day of May, 2011 J U D G M E N T ---------------------- Ext.P3 and P4 proclamation of sale published pursuant to proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), is the subject matter of challenge in this writ petition. Consequent to default committed in repaying loan availed by the petitioner from the respondents, the immovable property, which is the secured asset has now been proceeded against. According to the petitioner, the coercive steps were initiated without considering payments of different amounts made and without giving due credit to such payments. Hence the petitioner seeks interference of this court to restrain steps initiated for sale of the property. 2. On 14.3.2011, this court had issued an interim order directing to keep in abeyance confirmation of sale if any takes place, subject to condition of the petitioner remitting a sum of Rs.50,000/- within two weeks thereof. It is submitted that the amount stipulated has already been paid. Learned standing counsel appearing for respondent Bank submitted that the sale W.P.(C).7918/11 -2- has not taken place as proclaimed. It is further submitted that all payments made by the petitioner has already been given credit on appropriate dates and after crediting all such payments there is an outstanding balance of Rs.1,72,391/- as on 28.3.2011, along with future interest and other expenses due. Since the amount is in default for quite long time the Bank is not favouring in showing any relaxation for clearing the arrears. 3. Considering the fact that the petitioner has not availed the statutory remedy provided under Section 17(1), it may not be justified on the part of this court in interdicting with the steps initiated for sale of the property. However, learned counsel for petitioner made an appeal to this court to permit payment of the balance amounts in a phased manner, within a reasonable time. Such a request is made on the basis of an undertaking that the petitioner is relinquishing all challenges raised and that he is relinquishing rights if any available to pursue statutory remedy. 4. Considering the limited relief sought for, I am of the view that, eventhough interference on merits is not warranted, the petitioner can be permitted to wipe off the liability in instalments, within a reasonable time. 5. Accordingly the writ petition is disposed of directing the respondents to keep in abeyance all further streps for W.P.(C).7918/11 -3- dispossession and sale of the property, subject to condition of the petitioner remitting the entire balance outstanding along with interest and expenses if any due, in 3 (three) equal monthly instalments, falling due on or before 30.6.2011 and on or before the last day of the two succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments as stipulated, 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