IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM TUESDAY, THE 1ST FEBRUARY 2011 / 12TH MAGHA 1932 WP(C).No. 25432 of 2010(D) -------------------------- CRMP.1008/2010 of C.J.M.PALAKKAD .................... PETITIONER(S): --------------- 1. ZAKKIR ALI K.H., S/O.HYDER HAJI(LATE), "KOTTAPPURATH HOUSE", NHANGATTIRI POST, PATTAMBI, PALAKKAD DISTRICT. 2. JASMINE M.A., W/O.ZAKKIR ALI, DO. DO. BY ADV. SRI.SANTHEEP ANKARATH SRI.K.P.SUDHEER RESPONDENT(S): --------------- 1. THE FEDERAL BANK, REP. BY ITS CHIEF MANAGER, REGIONAL OFFICE, MISSION QUARTERS, THRISSUR-01. 2. THE MANAGER, FEDERAL BANK, PULAMANTHOLE BRANCH, MALAPPURAM DISTRICT.-679 323. ADV. SRI.MOHAN JACOB GEORGE FOR R1-2 SMT.P.V.PARVATHI FOR R1-2 SMT.REENA THOMAS FOR R1-2 SRI.L.RAM MOHAN FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/02/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K.ABDUL REHIM, J --------------------------------------- W.P(C) No.25432 of 2010-D ---------------------------------------- Dated this the 1st day of February, 2011. J U D G M E N T Proceedings initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) is challenged in this writ petition. Consequent to order passed by the Chief Judicial Magistrate Court, Palakkad, the immovable property, which is the secured asset belonging to the petitioners was taken over possession. Eventhough it was noticed that, the petitioners have not availed statutory remedy as provided under Section 17(1), as a gesture of indulgence, this Court had restrained further steps, subject to condition of the petitioners depositing a sum of `5 lakhs. The condition imposed in the interim order dtd.12.8.2010 was already complied with, within the period of extension granted subsequently. 2. When the matter further came up for consideration, the interim stay was extended subject to W.P(C) No.25432 of 2010-D 2 condition of the petitioners making payment of a further sum of `2 lakhs. The said interim order was issued on 21.10.2010 stipulating such payments to be made within one month thereafter. Inspite of various adjournments, the condition was not complied with. Ultimately, the petitioners filed I.A.No.16344/2010 seeking extension of the period stipulated. This Court had shown further indulgence in permitting payment on or before 15.12.2010. Subsequently, it is stated that an amount of `1 lakh was paid. On that basis further extension was granted till 25.1.2011. But the petitioners have not complied with the condition till date. 3. Learned counsel appearing for the respondent Bank points out that the total amount due as on 10.1.2011 is a sum of Rs.9.70 lakhs, which amount is calculated based on a decree passed by the Civil Court. It is further noticed that the SARFAESI proceedings initiated has reached at a stage that the respondents had already taken over possession of a portion of the secured assets. Under such circumstances, I am not inclined to entertain this writ petition any further. W.P(C) No.25432 of 2010-D 3 4. Accordingly, the writ petition is dismissed. However, it is made clear that the petitioners will be at liberty to approach the respondents offering payment of balance amount in a phased manner within a reasonable time or to approach the respondents for one time settlement of the outstanding arrears seeking waiver of interest/penal interest and expenses to the possible extent. 5. It is made clear that, dismissal of this writ petition will not preclude the Bank from considering any such approach if made by the petitioners. C.K.ABDUL REHIM JUDGE ab