IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 24TH MARCH 2011 / 3RD CHAITHRA 1933 WP(C).No. 9090 of 2011(I) ------------------------- CMP.4264/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- WILSON N., KODUVACHIPUTHENVEEDU, VATTAPPARA, THIRUVANANTHAPURAM. BY ADV. SRI.BIJU BALAKRISHNAN RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, NALANCHIRA BRANCH, THIRUVANANTHAPURAM, REP. BY ITS MANAGER, PIN-695015. 2. THE AUTHORIZED OFFICER, (CHIEF MANAGER), STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, KSHB BUILDING, SANTHI NAGAR, THIRUVANANTHAPURAM, PIN-695020. BY SRI.R.S.KALKURA - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 9090 of 2011(I) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE NOTICE IN CMP NO.4264/2010 EXT.P2: COPY OF THE ORDER DTD.22.2.2011 IN CMP NO.4264/2010 RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A TO JUDGE ab C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.9090 of 2011-I ---------------------------------------- Dated this the 24th day of March, 2011. J U D G M E N T Consequent to default committed in repayment of a medium term loan availed by the petitioner from the 1st respondent Bank, coercive steps were initiated invoking Section 14(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Through Ext.P2 order, the Chief Judicial Magistrate Court has appointed an Advocate Commissioner to take over possession of the property. According to the petitioner the loan in question was availed in the year 2009 with repayment period extending upto 2015, and the coercive steps are now being pursued without considering request made by the petitioner to permit regularisation. It is further submitted that the petitioner is suffering from Paralysis and the default occurred only due to his continuous illness. 2. Heard; counsel appearing for the respondent Bank. It is submitted that the loan account is in chronic default and the amount overdue for payment itself is more than Rs.2.14 lakhs. W.P(C) No.9090 of 2011-I 2 According to the learned counsel for the petitioner, even after the proceedings under the SARFAESI Act, he had remitted considerable amount. 3. Considering the effective statutory remedy available under the SARFAESI Act, it may not be just and proper for this Court to interference with the proceedings. However, learned counsel for the petitioner made a limited plea for permitting regularisation on the basis of an undertaking that the petitioner is relinquishing all challenges and that he is not invoking any statutory remedy. Considering that the repayment period is upto the year 2015 and also considering the relinquishments made, I am of the view that the limited relief sought for can be considered. 4. Therefore, the writ petition is disposed of directing the respondents to keep in abeyance all further steps for dispossession and sale of the property, subject to condition of the petitioner remitting the amount remaining overdue for payment (defaulted monthly instalments along with interest and expenses if any due) in 3 (three) equal monthly instalments falling due on or before 15.4.2011 and on or before the 15th day of succeeding months, along with payment of regular instalments due for the W.P(C) No.9090 of 2011-I 3 respective months. 5. If payments of the defaulted amounts is regularised as directed above, then the respondents shall permit the petitioner to continue payment of the future monthly instalments in accordance with the original schedule of repayment. 6. It is made clear that on the event of default in payment of anyone of the instalments as stipulated above or any future monthly 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. C.K.ABDUL REHIM JUDGE ab