IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM FRIDAY, THE 22ND OCTOBER 2010 / 30TH ASWINA 1932 WP(C).No. 31866 of 2010(G) ---------------------------------------- PETITIONER(S): ---------------------- P.K.SUSHEELA, AGED 52, D/O. PARVATHY AMMA, RESIDING AT 'G.G.BHAVAN', THOTTKKADU, KARAVARAM.P.O., KALLAMBALAM, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.A.B.MOHANAKUMAR RESPONDENT(S): ------------------------ STATE BANK OF TRAVANCORE, MANACAUD BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS AUTHORIZED OFFICER. PIN-695009. BY ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/10/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss C.K.ABDUL REHIM, J. ------------------------------------------- W.P.(C).No.31866 of 2010 ------------------------------------------- Dated this the 22nd day of October, 2010 J U D G M E N T ---------------------- Consequent to default committed in repayment of a housing loan availed by the petitioner from the respondent Bank, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated against the immovable property which is the secured asset. Ext.P1 is a notice issued under Section 13(2) of the Act. According to the petitioner, eventhough the respondent Bank was approached seeking permission for regularising the account by payment of the defaulted installments, within a short period in a phased manner, the Bank has not acceded to such request. It is pointed out that Ext.P2 notice was issued requesting payment of the amounts overdue within 15 days. The petitioner expresses difficulty in effecting payment of the overdue amounts within such short period. Therefore she seeks permission for clearing payment of the W.P.(C).31866/10-G -2- amounts overdue within a short period in monthly installments. 2. Eventhough it is not desirable for this court to entertain the writ petition, in view of the fact that the proceedings is only at the stage of issuing 13(2) notice, and in view of the effective remedies available to the petitioner to challenge further steps, I am inclined to show indulgence in permitting the petitioner to regularise the account subject to the condition that she is relinquishing all the challenges against the proceedings and also on undertaking that no further statutory remedy will be available against such proceedings. Counsel for petitioner had conceded to such conditions. 3. Accordingly the writ petition is disposed of directing the respondent Bank to keep in abeyance further coercive steps pursuant to Ext.P1 notice, subject to condition of the petitioner remitting the overdue amounts (defaulted installments along with interest and expenses if any due) in 3 equal monthly installments, along with payment of the regular installments due for such months. First installment of such payment shall be effected on or before 15.11.2010 and the subsequent payments on the 15th day of succeeding months. 4. If payment of overdue amounts are cleared as W.P.(C).31866/10-G -3- directed above, the respondent shall permit the petitioner to continue payment of future installments, in accordance with the original schedule of repayment. 5. It is made clear that on the event of default in payment of any of the installments 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. C.K.ABDUL REHIM, JUDGE. okb