IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 28067 of 2010(G)
1. RAJMOHAN
... Petitioner
Vs
1. THE MANAGER, LIC HOUSING FINANCE LTD.
... Respondent
2. THE AUTHORISED OFFICER
For Petitioner :SRI.V.ANIL (K/1480/98)
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :29/09/2010
O R D E R
C.K. ABDUL REHIM, J
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WP(C) NO. 28067 OF 2010
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Dated this the 29th day of September, 2010
JUDGMENT
Ext.P2 notice issued by the Advocate Commissioner
appointed by the Chief Judicial Magistrate, Alappuzha, in
CMP No. 2602/2010 is under challenge in this Writ
Petition. Consequent to default committed by the
petitioner in effecting repayments in a housing loan
availed from the respondents, proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (SARFAESI
Act) was initiated. Invoking Section 14 (1) the
respondents had approached the Chief Judicial
Magistrate’s Court. Now the immovable property which is
the secured asset with respect to the loan transaction is
ordered to be taken over possession.
2. According to the petitioner the default occurred
due to some unforeseen contingencies occurred in his life
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and that he is ready and willing to settle the entire arrears
within a short time. Hence the petitioner is seeking
indulgence for restraining dispossession and to restrain
further steps for sale of the property.
3. Pursuant to an interim order issued by this Court
on 13.09.2010, the petitioner had remitted a sum of
Rs.75,000/-. Learned counsel appearing for the respondent
Bank submitted that even after crediting such payment, the
amount outstanding is more than 2.65 lakhs.
4. It is noticed that the SARFAESI proceedings
initiated by the respondents are at its fag end. Any
interference on the merits of the matter at this stage, in a
Writ Petition will be highly improper, in view of the fact that
the petitioner had not availed of any of the remedies
provided under the statute for challenging the proceedings
at any earlier stage. However, considering the request made
by the petitioner to permit payment of the entire balance
within a short period, I am inclined to show indulgence in
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the matter, especially because the petitioner is relinquishing
all his statutory remedies.
5. Under the above circumstances, the Writ Petition
is disposed of directing the respondents to keep in abeyance
dispossession of the petitioner from the property and sale of
the property in question, provided the petitioner remits the
entire balance amount outstanding, including future
interest, in 6 (six) equal monthly instalments, falling due on
or before 15.11.2010 and on or before the 15th day of the
succeeding months.
6. It is made clear that on failure to make payment of
any of the instalments, the respondents will be free to
proceed with further steps pursuant to Ext.P2 notice. It is
also made clear that the benefit granted as above is subject
to the condition that the petitioner is precluded from raising
any subsequent challenge against such proceedings.
C.K. ABDUL REHIM
JUDGE
dnc