IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 15TH JULY 2008 / 24TH ASHADHA 1930 WP(C).No. 4177 of 2008(V) ------------------------- PETITIONER: ------------ K.JAYAPRASAD, PLANKALA VEEDU KURAVARA, OTTANTHANAMANGALAM. BY ADV. SRI.B.KRISHNA MANI RESPONDENT: ------------- THE BRANCH MANAGER, INDIAN OVERSEAS BANK POOZHANADU, TRIVANDRUM-695125. BY ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.4177 of 2008 ================== Dated this the 15th day of July, 2008 J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for recovery of the loan amount due from the petitioner. But now the petitioner does not dispute the liability or the quantum. He only seeks two months' time to pay off the entire amount. 2. The learned Standing Counsel appearing for the Bank opposes the same. He would submit that possession has already been taken and the petitioner did not pay any amount in spite of repeated demands. 3. I have considered the rival contentions in detail. 4. I feel that before selling the property finally, the petitioner can be given an opportunity to pay off the amount. Accordingly, I direct the respondent to give the petitioner two months' time to pay off the entire amount. In the meantime, the w.p.c.4177/08 2 respondent can continue the proceedings. But the sale itself shall not be effected for a period of two months. If the petitioner pays the amount within two months, further proceedings shall be dropped and the property shall be returned to the petitioner. However, if the petitioner fails to pay the amount as directed above, it would be open to the respondent to continue the proceedings for sale also. The writ petition is disposed of as above. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge