IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 14880 of 2010(H)
1. U.HAJIRA, AGED 48 YEARS,
... Petitioner
Vs
1. THE NORTH MALABAR GRAMIN BANK,
... Respondent
2. THE AUTHORISED OFFICER,
For Petitioner :SRI.T.MADHU
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :13/09/2010
O R D E R
C.K.ABDUL REHIM, J.
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W.P.(C).No.14880 of 2010
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Dated this the 13th day of September, 2010
J U D G M E N T
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Petitioner is approaching this court challenging
the proceedings initiated under the Securitisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (SARFAESI Act). Pursuant to
default committed in repayment of a Housing Loan availed
by the petitioner from the respondents, proceedings were
initiated for taking over possession of the immovable
property, which is the secured asset. The respondents have
invoked Section 14(1) and Ext.P1 petition was filed before
the Chief Judicial Magistrate Court.
2. Eventhough various contentions are raised
against the proceedings, it is submitted that, repayment
period of the housing loan, which was availed in the year
2006, is 180 monthly installments. Therefore the petitioner
is seeking indulgence of this court in permitting payment of
defaulted installments and for continuing repayments in
future in accordance with the original schedule. It is noticed
W.P.(C).14880/10-H -2-
that the petitioner has not availed any statutory remedy at the
stages when proceedings was pursued under Section 13(2)
and 13(4) of the Act.
3. There is absolutely no merit for interference by this
court with respect to the matter which is now pending before
the C.J.M. Court. However, I am of the opinion that some
indulgence can be shown in permitting regularisation of the
loan account by paying the defaulted arrears. This is
especially because of the fact that the petitioner had remitted
a sum of Rs.1,00,000/- during pendency of this writ petition in
compliance with direction issued by this court.
4. Under the above circumstances, the writ petition
is disposed of directing the petitioner to remit the amounts
pertaining to the defaulted installments along with interest
and expenses if any due, in three (3) equal monthly
installments falling due on or before 30.10.2010 and on or
before the last day of the two succeeding months. The
petitioner shall also remit the regular installments due with
respect to these months along with the above said payments.
The respondents shall keep in abeyance further proceedings
for dispossession of the petitioner from the property till such
W.P.(C).14880/10-H -3-
time the petitioner regularises the account. It is made clear
that on the event of default in payment of any one of the
installments, the respondents will be free to proceed with
further steps.
5. If the petitioner regularises the loan account by
paying the defaulted amounts as directed above, the
respondent Bank shall permit her to continue payment of
future installments as per the schedule stipulated under the
loan agreement.
The above relief is granted subject to the condition that
the petitioner is precluded from raising any subsequent
challenge against the proceedings, either before this court or
before any other Forum.
C.K.ABDUL REHIM, JUDGE.
okb