P N Omana vs Authorized Officer, The Mattancherry Sarvajanik Co Operative Bank Ltd. No.3284

C.S Dias, J

The writ petition is filed to direct the respondent to permit the petitioner to pay the overdue amount in instalments and regularise the loan account.

The petitioner’s case is that, she had availed financial assistance from the respondent – Bank – by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond her control, she could not pay the instalments on time. The respondent has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and has threatened to take physical possession of the secured asset. The petitioner is willing to pay the overdue amount in instalments and regularise the loan account. Hence, the writ petition.

When the writ petition came up for consideration on 7.3.2023, this Court passed a conditional order of stay directing the petitioner to remit an amount of Rs.1,50,000/- before the respondent Bank on or before 30.3.2023.

Heard; Sri.Sasith.M.R., the learned counsel appearing for the petitioner. Admittedly, the petitioner has not paid process to effect service of notice on the respondent. The petitioner has also not complied with the interim order dated 7.3.2023.

The Hon’ble Supreme Court in South Indian Bank Ltd vs. Naveen Mathew Philip [2023 LiveLaw (SC) 320], after adverting to a myriad of earlier judicial pronouncements rendered under the Act, has categorically declared that High Courts shall not, unless in extra ordinary circumstances, interfere with proceedings initiated under the Act, in writ proceedings under Article 226 of the Constitution of India.

Having considered the pleadings and materials on record and taking note of the fact that the petitioner has not paid process to effect service of notice on the respondent and has not complied with the interim order dated 7.3.2023, I do not find any extra ordinary circumstances to entertain the writ petition by exercising the plenary powers of this Court under Article 226 of the Constitution of India. Nonetheless, it will be up to the petitioner to work out her statutory remedies in accordance with law.

Resultantly, the writ petition is dismissed, without prejudice to the right of the petitioner to work out her remedies, in accordance with law.