JAMESKUTTY Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) PROCEEDINGS initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), consequent to default committed by the petitioner in repaying loan availed from respondents 1 and 2, is the subject matter of challenge in this writ petition.

(2.) AS per the averments contained in the writ petition, the loan in question was availed for purchasing fishing equipments. Contention of the petitioner is that by virtue of the provisions contained in the Kerala State Fishermen Debt Relief Commission Act, 2008 he is entitled for waiver of various amounts due under the loan account. According to the petitioner, he had already approached the Commission constituted under the above said Act and the application filed in this regard is pending disposal. Petitioner relies on Ext.P3 order issued by the State Government declaring moratorium with respect to recovery steps for realisation of loans coming within the purview of the above said Act. Under the above premise, the sale notice published as per Ext.P4 was challenged.

(3.) HOWEVER, learned counsel for the petitioner made an appeal to this Court to direct the respondents to refrain from proceeding with any further coercive steps, on the basis of an offer that the petitioner will pay off the entire liability within a reasonable time in a phased manner. Such an appeal is made on the basis of a specific undertaking that the petitioner is relinquishing all challenges and also relinquishing rights if any to invoke statutory remedy.