IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 22ND MARCH 2011 / 1ST CHAITHRA 1933 WP(C).No. 6290 of 2011(I) ------------------------- PETITIONER(S): --------------- R.JAYAKUMAR, AGED 34, S/O.RAMACHANDRAN PILLAI, R/AT VIJAYAVIGHNESH VIHAR, PEREPARAMBU ROAD, KANNANKULANGARA, TRIPUNITHURA, ERNAKULAM DISTRICT. BY ADV. SMT.T.S.MAYA (THIYADIL) RESPONDENT(S): --------------- THE AUTHORISED OFFICER, (CHIEF MANAGER), STATE BANK OF TRAVANCORE, PULAMON JUNCTION, KOTTARAKKARA, PIN-691 531. BY ADV.SRI.R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ami/ C.K.ABDUL REHIM, J. ------------------------------- W.P.(C).No.6290 of 2011 ------------------------------- Dated this the 22nd day of March, 2011. J U D G M E N T Consequent to default committed by the petitioner in repayment of a housing loan availed from the respondent bank, immovable property, which is the secured asset, was proceeded against by invoking provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The respondents had approached the Chief Judicial Magistrate Court invoking section 14(1) and Ext.P3 order was issued appointing an Advocate Commissioner to take over possession of the property. 2. According to the petitioner, the loan in question was availed in the year 2004 with a repayment period extending to 180 months. It is stated that, the coercive steps were being pursued without considering payments effected by the petitioner and also without acceding to the request for 2 W.P.(C).No.6290 of 2011 permitting regularisation of the account, on the basis of offer made for payment of the amounts overdue, within a short period. 3. Heard ; learned counsel for the respondent Bank. It is submitted that the loan account is in chronic default and the petitioner has not taken any earnest efforts to wipe off the liability. Pursuant to an interim order passed by this Court, the petitioner had effected payment of a sum of Rs.1,50,000/-. According to the respondent, after crediting all such payments, the amounts in default will come to around Rs.2,75,000/-. 4. Considering the effective statutory remedy provided under section 17(1), this Court is not justified in interdicting with the proceedings. However, learned counsel for the petitioner made a submission limiting the prayer only to the extent of permitting regularisation, on the basis of an undertaking that the petitioner is relinquishing all challenges and also relinquishing rights if any available to invoke statutory remedy. 3 W.P.(C).No.6290 of 2011 5. Even though interference on merits is not warranted, I am of the view that, indulgence can be shown in permitting the petitioner to regularise the account, considering the fact that he had relinquished all challenges and also considering the fact that the repayment period is 180 months. 6. Accordingly, the writ petition is disposed of directing the respondent to keep in abeyance all further coercive steps for dispossession and sale of the property, subject to condition of the petitioner remitting the amounts overdue for payment (defaulted instalments along with interest and expenses if any due) in 4 equal monthly instalments, falling due on or before 15.4.2011 and on or before 15th day of succeeding months, along with payment of regular monthly instalments due for the respective months. 7. If payment of amounts in default is regularised as directed above, the respondents shall permit the petitioner to make payment of future monthly instalments in 4 W.P.(C).No.6290 of 2011 accordance with the original schedule of repayment. 8. It is made clear that on the event of default in payment of any one of the instalments as stipulated above or any future monthly instalments, the respondents will be free to proceed with further steps, on the basis of the notices already issued, and on such event the petitioner will be precluded from raising any subsequent challenge. C.K.ABDUL REHIM, Judge ami/