IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH TUESDAY, THE 16TH SEPTEMBER 2008 / 25TH BHADRA 1930 WP(C).No. 25935 of 2008(K) ---------------------------------------------- PETITIONERS: --------------------- 1. POOKKODAN JANAKI, POOKKODAN HOUSE, AZHIKKODE, KANNOOR DISTRICT. 2. P.SASIDHARAN, POOKODAN HOUSE, AZHIKODE VILLAGE, KANNOOR DISTRICT. 3. M.SURESHAN, MULLAKANDY HOUSE, AZHIKODE VILLAGE, KANNOOR DISTRICT. BY ADV. SRI.M.P.ASHOK KUMAR RESPONDENTS: ----------------------- 1. THE CHAIRMAN AND MANAGING DIRECTOR, INDIAN OVERSEAS BANK, CENTRAL OFFICE, 763, ANNA SALAI, CHENNAI-600 002. 2. THE MANAGER, INDIAN OVERSEAS BANK, NEELESWER BRANCH, KASARGODE DISTRICT. 3. THE AUTHORIZED OFFICER, INDIAN OVERSEAS BANK, REGIONAL OFFICE, CHEROOTY ROAD, KOZHIKODE-673 001. BY ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 TO 3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16.09.2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K. M. JOSEPH, J. -------------------------------------- W.P.C. NO. 25935 OF 2008 K -------------------------------------- Dated this the 16th September, 2008 JUDGMENT Petitioners challenge Ext.P10 notice issued under the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002. The property belonging to the petitioners is proposed to be sold for realisation of an amount of Rs.82,37,282/=. Exts.P8 and P9 are notices issued to the petitioners. The case of the petitioners is that the Bank sanctioned the One Time Settlement Scheme to the petitioners by Ext.P5 and they were to pay Rs.20 Lakhs. The Bank was to release the property. But, there was delay. However, the petitioners remitted Rs.7 Lakhs. According to the Bank, it was paid after one year. But, it is common case that the petitioners have not paid Rs.13 lakhs payable under Ext.P5. Apparently, this led to the Bank issuing Exts.P8 and P9 notices and still further Ext.P10 sale proceedings. 2. I heard Shri M.P. Ashok Kumar, learned counsel WPC.25935/08 K 2 appearing for the petitioners and the learned counsel appearing on behalf of the respondent Bank. Learned counsel for the Bank also got instructions from the Bank. He submits that if the petitioner pays a sum of Rs.15 Lakhs within two weeks from today and another Rs.10 Lakhs within a period of thirty days from today, the Bank will consider the claim of the petitioner for One Time Settlement Scheme and the sale scheduled for 17.9.2008 will be adjourned. He further submits that along with the payment of Rs.15 Lakhs, the petitioners must give a proposal for settlement of the claim under the One Time Settlement Scheme and the Bank will consider the same. Counsel for petitioners submits that the petitioners will comply with the aforesaid conditions. Recording the submissions of the parties, the Writ Petition is disposed of as follows: The sale pursuant to Ext.P10 will stand adjourned. This is on condition that the petitioners will pay a sum of Rs.15 Lakhs (Rupees Fifteen Lakhs) within two weeks from today and further that they will make an application for settlement under WPC.25935/08 K 3 the OTS Scheme along with the payment of Rs.15 lakhs as aforesaid and subject to the further condition that the petitioners will pay a sum of Rs.10 Lakhs (Rupees Ten Lakhs) within thirty days from today. If the petitioners commit default in payment of either Rs.15 Lakhs or Rs.10 Lakhs as aforesaid or in the matter of filing the application for settlement under the OTS Scheme, it will be open to the respondent Bank to proceed to sell the property of the petitioners. Sd/= K. M. JOSEPH, JUDGE kbk. //True Copy// PS to Judge