IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 17TH DECEMBER 2009 / 26TH AGRAHAYANA 1931 WP(C).No. 35452 of 2009(B) ----------------------------------------- CMP.2433/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): -------------------- SMT.LEENA VARGHESE, ERIKALAVILA PURAYIDOM, POOVAR P.O., NEYYATTINKARA TALUK, THIRUVANANTHAPURAM DISTRICT. BY ADVS. MR.G.HARIHARAN MR.PRAVEEN.H. RESPONDENT(S): ------------------------ 1. STATE BANK OF TRAVANCORE, POOVAR BRANCH, THIRUVANANTHAPURAM DISTRICT. REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER, CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE REGION - II, ZONAL OFFICE, SANTHI NAGAR, THIRUVANANTHAPURAM 3. BINTHSOFIA.S. ADVOCATE COMMISSIONER, VANCHIYOOR, THIRUVANANTHAPURAM R1 & R2 BY ADV. MR.R.S.KALKURA (SC, S.B.T.) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/12/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K. ABDUL REHIM, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 35452 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 17th day of December, 2009 J U D G M E N T 1. Eventhough the challenge raised against the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) could not be entertained in this writ petition in view of the effective alternate remedy available, the petitioner submitted that he is confining relief to the extent of permitting regularization of the loan account, on payment of the defaulted amounts along with interest and expenses if any liable. 2. Learned standing counsel appearing for respondents 1 & 2 submitted that the loan was availed in the year 2005 with a repayment period of 10 years. But the petitioner had defaulted payment of the monthly installments, for a considerable period. It is further stated that the petitioner has not filed any effective objection W.P.(C)No. 35452 of 2009 -2- against the SARFAESI proceedings initiated and the matter now stands for taking over possession of the secured asset by virtue of orders issued by the Chief Judicial Magistrate Court under Section 14 of the Act. Therefore the respondent Bank is not favouring in granting any extended period for regularizing the account. 3. Having considered facts and circumstances and submission on both sides, I am of the opinion that some indulgence can be shown in the matter of permitting the petitioner to regularize the loan account. 4. If the petitioner makes payment of the entire amount due pertaining to the defaulted installments, along with interest/penal interest and expenses if any liable, within a period of six weeks from today, the respondents 1 & 2 shall permit the petitioner to continue payment of future installments as per the original schedule of repayment. It is made clear that the petitioner shall also make payment of the regular installments due for the month of January 2010 along with the above payment. W.P.(C)No. 35452 of 2009 -3- 5. If any of the amounts as stipulated above is default payment, the respondents will be at liberty to proceed with further steps pursuant to the order already issued under Section 14 and on such event the petitioner will be precluded from raising any subsequent challenge against such proceedings either before this court or before any other forum. C.K. ABDUL REHIM JUDGE shg/