IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE C.K.ABDUL REHIM THURSDAY, THE 3RD DAY OF FEBRUARY 2011/14TH MAGHA 1932 WPC.No. 738 of 2011 (N) ----------------------- PETITIONER(S): ------------- BALACHANDRAN NAIR R., AGED 58, S/O.SANKARANKUTTY NAIR RESIDING AT MANALUVILA VEEDU, KOTTUKAL PAYATTUVILA P.O.,NEYYATTINKARA TALUK THIRUVANATHAPURAM DISTRICT BY ADV. SRI.A.B.MOHANAKUMAR RESPONDENT(S): -------------- 1 THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, FORT REP.BY ITS AUTHIRISED OFFICER, THIRUVANANTHAPURAM-695023 R BY SRI.K.G.RADHAKRISHAN,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03-02-2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WPC.No. 738 of 2011 (N) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE PUBLIC AUCTION NOTICE DTD.15.12.2010 PUBLISHED IN THE DESABHIMANI DAILY DTD.19.12.2010 RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A TO JUDGE ab C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.738 of 2011 ---------------------------------------- Dated this the 3rd day of February, 2011. J U D G M E N T Consequent to default committed in repayment of a consumer loan availed by the petitioner from the respondent Bank, the immovable property, which is the secured asset, was proclaimed for sale, through Ext.P1, in the proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). 2. Contention of the petitioner is that the coercive steps were pursued without considering his request for permitting payment in a phased manner. It is further submitted that the property in question is the residential house and if it is sold, the petitioner and his family members will be put to severe produce. 3. Considering the availability of an effective alternative remedy, this Court may not be justified in interfering with this writ petition. However, the confirmation of sale if any, was stayed subject to condition of the petitioner remitting a sum of Rs.50,000/-. It is reported that the amount has already been paid. It is also submitted that the sale proclaimed has not taken place. 4. Heard; counsel for the petitioner and standing counsel appearing for respondents. It is submitted that there is an outstanding arrears of about Rs.4.30 lakhs, as on 21.1.2011. Learned counsel for the petitioner seeks indulgence of this Court in permitting payment of the balance amount in a phased manner on the basis of a specific undertaking that the petitioner is relinquishing all challenges against the proceedings and that he is not intending to invoke any statutory remedy. 5. Eventhough interference on merits is not proper, I am of the view that the limited prayer for permitting payment in instalments can be considered. Therefore, the writ petition is disposed of directing the respondent Bank to keep in abeyance all further steps initiated under the SARFAESI Act, subject to condition of the petitioner remitting the entire balance outstanding along with interest and expenses if any due, in 5 (five) equal monthly instalments falling due on or before 28.2.2011 and on or before the last day of succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments, the respondent will be free to proceed with further steps. It is further made clear that the above relief is granted subject to the condition that the petitioner is precluded from raising any subsequent challenge against such proceedings. Sd/- C.K.ABDUL REHIM JUDGE //True Copy// P.A TO JUDGE ab