IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 10TH SEPTEMBER 2009 / 19TH BHADRA 1931 WP(C).No. 23293 of 2009(F) -------------------------- PETITIONER(S): --------------- GOPINATHAN M.P., 53 YEARS, VANJIYIL VAYALIL HOUSE, CHENGROTH P.O., PERUVANNAMMOOZHI, KOZHIKODE. BY ADV. SRI.A.F.SEBASTIAN RESPONDENT(S): --------------- 1. HDFC LTD. REPRESENTED BY THE AUTHORISED OFFICER, HDFC HOUSE, PB NO.1667, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI-682 015. 2. THE RESERVE BANK OF INDIA, REPRESENTED BY ITS GOVERNOR, CENTRAL OFFICE, MUMBAI-400 001. ADV.SRI.K.K. CHANDRANPILLAI, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/09/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. ------------------------------ W.P.(C).No.23293 OF 2009 ------------------------------ Dated this the 10th day of September, 2009 J U D G M E N T ---------------------- 1. The challenge in this writ petition is against the proceedings initiated under the provisions of SARFAESI Act for realisation of the amounts due in the housing loan availed by the petitioner from the first respondent Bank. It is submitted that the respondent Bank proceeded with steps for taking possession of the secured assets and the petitioner apprehends that he will be dispossessed, and the property will be put to auction. Contention of the petitioner is that after issuance of notice under Section 13(2) the petitioner had paid substantial amount, and by virtue of such payments the defaulted monthly installments had already been cleared. According to him as per Ext.P4 guidelines issued by the Reserve Bank of India, the loan account need be resurrected on such payment since the repayment period has not expired, delinking from the category of NPA. 2. I am afraid in this Court adjudicating the disputed issue as above, in view of the provisions contained in the SURFAESI Act providing effective alternate remedy by way of W.P.(C).23293/09 2 appeal before the DRT, and further because there cannot be arrived at any finding as to whether the default has already been cleared or not. 3. It is submitted by the learned Standing Counsel for the Bank that the loan was availed as early as on 16.9.2004 to the tune of an amount of Rs.1,25,000/- and the condition was to repay it in equal monthly installments of Rs.1,501/-. But the petitioner defaulted payment and the loan was treated as NPA with effect from 2007 onwards. The present arrears outstanding is Rs.1,23,187/- as on 31.8.2009. It is further submitted that Ext.P4 guidelines are not applicable to the 1st respondent Bank and revival of the loan and permitting the petitioner for continued payments as per the original schedule cannot be agreed upon. 4. Having confronted with the above situation, the learned counsel for the petitioner submitted that if sufficient time is provided the entire balance outstanding can be paid off in installments. He seeks indulgence of this Court to direct the Bank to allow installment facility. 5. Having considered facts and circumstances of the case, I am inclined to show some indulgence for providing installment facility. Hence the writ petition is disposed of directing the petitioner to make payment of an amount of W.P.(C).23293/09 3 Rs.25,000/- on or before 10.10.2009. On payment of the said amount the 1st respondent Bank shall inform the petitioner through a statement the exact amount of balance outstanding as on that date, after crediting all payments. The petitioner shall continue to pay the balance amount in five equal monthly installments starting from 10.11.2009 and on the 10th day of every succeeding months. 6. It is made clear that the benefit of installment facility granted in this judgment is subject to the condition that the petitioner is precluded from any further challenge against the proceedings under the SARFAESI Act, before this Court or before any other Forum. It is also made clear that on the event of failure to pay the initial amount or any of the subsequent installments the benefit granted herein will stand automatically recalled and the Bank will be at liberty to take further steps for recovery as permissible under law. The writ petition is disposed of as above. C.K.ABDUL REHIM, JUDGE. okb