IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 12TH JANUARY 2011 / 22ND POUSHA 1932 WP(C).No. 37189 of 2010(W) -------------------------- PETITIONER:- ------------------ K.NAZAR, AGED 49 YEARS S/O.MAMU, KINAKOOL HOUSE, P.O.IRIKKUR,KANNUR DIST. BY ADV. SRI.C.K.SREEJITH RESPONDENT:- -------------------- UNION BANK OF INDIA, REP BY ITS BRANCH MANAGER, FORT ROAD, KANNUR 670 001. BY STANDING COUNSEL SRI.A.S.P.KURUP. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/01/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J. = = = = = = = = = = = = = WP(C).No.37189 of 2010-W. = = = = = = = = = = = = = Dated this the 12th January, 2011. J U D G M E N T The petitioner had availed various loans from the respondent bank, repayment of which were defaulted. Consequently, 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 was the secured asset. The petitioner had approached this Court on an earlier occasion and instalment facility was granted. However, the petitioner failed to avail of such benefits since he had failed to comply with the conditions stipulated. Ultimately, in Ext.P1 Judgment, a Division Bench of this Court in WA.No.563/2008 had given liberty to the petitioner to seek appropriate remedy before the statutory authority. It is stated that SA.No.42/2008 which was filed before the Debt Recovery Tribunal under Sec.17(1) of the SARFAESI Act was WP(C).No.37189 of 2010-W. 2 also dismissed. Further it is stated that the respondent bank had permitted to settle the accounts on payment of a total sum of ` 23,00,000/-. But the petitioner had defaulted such payment after making a payment of a sum of ` 13,00,000/-. In this writ petition, the petitioner is challenging steps initiated for sale of the immovable property through Ext.P3 proclamation published. 2. Even though there was absolutely no merits warranting interference, on the basis of the submissions made by the petitioner offering a payment of ` 10,00,000/- an interim stay was granted against confirmation of sale if any takes place. It is submitted that in compliance of the order the petitioner had remitted a sum of ` 10,00,000/-. Learned counsel appearing for the respondent bank submits that no sale had taken place on the basis of Ext.P3 notice. It is further stated that the balance outstanding for payment is an amount of ` 5,00,000/-. 3. Notwithstanding the contentions raised, the learned WP(C).No.37189 of 2010-W. 3 counsel for the petitioner sought indulgence of this court in permitting payment of the balance amount within a reasonable time with liberty reserved to the petitioner to approach the bank seeking waiver of interest/penal interest/expenses etc. Considering the facts and circumstances of the case, I am of the view that the relief sought for can be granted to make payment of the balance amount within a short period. 4. Accordingly, the writ petition is disposed of directing the respondents to restrain from further steps for sale of the immovable property subject to condition of the petitioner remitting the entire balance amount with interest and expenses if any due, in three equal monthly instalments falling due on or before 31.3.2011 and on or before the last day of two succeeding months. 5. It is made clear that the petitioner will be at liberty to make approach before the appropriate authority in the respondent bank seeking waiver of interest/penal WP(C).No.37189 of 2010-W. 4 interest/expenses etc. Needless to say that the respondent will be at liberty to consider such request. 6. It is made clear that in the event of default in payment of any one of the instalments, the respondents will be free to proceed further steps. It is also made clear that the above relief is granted subject to the condition that the petitioner is precluded from raising any subsequent challenges against such proceedings. C.K.ABDUL REHIM, (Judge) Kvs/-