ABDUL SALAM Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) CONSEQUENT to default committed in repayment of a term loan as well as a housing loan, availed by the petitioner from the respondent Bank, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated. Immovable property, which is the common security with respect to both loans was proceeded against by invoking Section 14(1) of the Act. The Chief Judicial Magistrate Court had appointed an Advocate Commissioner to take over possession of the property and Ext.P4 is the notice issued by the Advocate Commissioner.

(2.) IT is noticed that, inspite of availability of effective alternative remedy, the petitioner has not chosen to approach the statutory authority. Therefore, this Court is not justified in interdicting with the proceedings now pending before the Chief Judicial Magistrate Court. W.P(C) No.7240 of 2011-D2

(3.) THEREFORE, the writ petition is disposed of directing the respondent to keep in abeyance all further W.P(C) No.7240 of 2011-D 3 steps for dispossession and sale of the property, subject to condition of the petitioner remitting the amounts overdue for payment in both the accounts (defaulted instalments along with interest and expenses if any due) in 4 (four) equal monthly instalments, falling due on or before 31.3.2011 and on or before the last day of succeeding months.