IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM WEDNESDAY, THE 30TH MARCH 2011 / 9TH CHAITHRA 1933 WP(C).No. 9683 of 2011(I) ------------------------- PETITIONER(S): --------------- K.A.KUTTAN, AGED 47 YEARS, S/O. ADIMA @ PALLI, KARIKKAPPURA HOUSE, POST KAIPAMANGALAM, THRISSUR DISTRICT, PIN-680 681. BY ADV. SRI.C.R.REKHESH SHARMA SMT.SMITHA GEORGE RESPONDENT(S): --------------- 1. THE GOVT. OF KERALA, REPRESENTED BY THE SECRETARY TO GOVERNMENT OF KERALA, DEPARTMENT OF FINANCE, THIRUVANANTHAPURAM-695 001. 2. SRI. C.O.SEBASTIAN, THE AUTHORIZED OFFICER, DISTRICT CO-OPERATIVE BANK, "SAHAKARANA SATABDI MANDIRAM", KOVILAKATHUPADAM, THIRUVAMBADI P.O., THRISSUR - 673 603. 3. THE GENERAL MANAGER, DISTRICT CO-OPERATIVE BANK, "SAHAKARANA SATABDI MANDIRAM", KOVILAKATHUPADAM, THIRUVAMBADI P.O., THRISSUR - 673 603. 4. THRISSUR DISTRICT CO-OPERATIVE BANK, PERINJANAM BRANCH, P.O.PERINJANAM, REPRESENTED BY THE BRANCH MANAGER - 680 686. BY SR.GOVT. PLEADER SRI.MATHEW GEORGE VADAKKEL ADV. SRI.P.C.SASIDHARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 9683 of 2011(I) APPENDIX PETITIONER'S EXHIBITS : EXT.P1 : COPY OF THE NOTICE UNDER SECTION 13(2) OF THE SARFAESI ACT. EXT.P2: COPY OF THE PUBLICATION IN MALAYALAM MANORAMA EXT.P3: COPY OF THE DISCHARGE CARD OF THRISSUR MEDICAL COLLEGE. EXT.P4: COPY OF THE ADMIT CARD AT ALPHA PAIN CLINIC RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A TO JUDGE C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.9683 of 2011-I ---------------------------------------- Dated this the 30th day of March, 2011. J U D G M E N T Consequent to default committed in repayment of a loan availed by the petitioner from respondents 3 and 4, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated, and the immovable property, which is the secured asset, was proceeded against. Steps as contemplated under Section 13(4) was already initiated and the property in question was taken over possession, symbolically. 2. According to the petitioner the default in repayment occurred due to continuous illness of both the parents of the petitioner and that coercive steps are now being pursued without considering his request for permitting payment of the arrears in a phased manner, within a reasonable time. 3. Heard; counsel appearing for respondents 3 and W.P(C) No.9683 of 2011-I 2 4. I do not find any merit to interfere with the proceedings impugned, especially in view of the statutory remedy available, which is effective in nature. However, learned counsel for the petitioner made an appeal limiting the prayer only for permitting payment of the amounts in instalments within a reasonable time, on the basis of an undertaking that the petitioner is relinquishing all challenges and also relinquishing rights if any available to invoke statutory remedy. 4. Eventhough interference on merits is not proper, I am inclined to permit the petitioner to pay off the liability in a phased manner, within a reasonable time. 5. Accordingly, the writ petition is disposed of directing the respondents 2 to 4 to keep in abeyance all further steps for dispossession and sale of the property, subject to condition of the petitioner remitting the entire balance outstanding along with interest and expenses if any due in 4 (four) equal monthly instalments, falling due on or before 30.4.2011 and on or before the last day of W.P(C) No.9683 of 2011-I 3 succeeding months. 6. It is made clear that on the event of default in payment of any one of the instalments, the respondents 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