IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH JULY 2011 / 13TH ASHADHA 1933 WP(C).No. 2274 of 2011(H) ------------------------------------- PETITIONERS: --------------------- 1. N.SADASIVAN, T.C.29/1064, AMBA GARDENS, PALKULANGARA (P.O), THIRUVANANTHAPURAM. 2. RANI LATHA.P.S, W/O.N.SADASIVAN, T.C.29/1064, AMBA GARDENS, PALKULANGARA (P.O), THIRUVANANTHAPURAM. BY ADVS. SRI.THOMAS ABRAHAM, SRI.DIPU.R, SMT.MERCIAMMA MATHEW, SRI.K.S.HARIDAS, SRI.V.RENJITH KUMAR. RESPONDENTS: ------------------------ 1. STATE BANK OF MYSORE, D.NO.TC/38/599(2), PONNI BUILDING, POWER HOUSE ROAD, THIRUVANANTHAPURAM BRANCH, REPRESENTED BY ITS BRANCH MANAGER – 695 002. 2. BRANCH MANAGER, STATE BANK OF MYSORE, D.NO.TC/38/599(2), PONNI BUILDING, POWERHOUSE ROAD, THIRUVANANTHAPURAM BRANCH – 695 002. 3. AUTHORISED OFFICER FOR SALE, STATE BANK OF MYSORE, THIRUVANANTHAPURAM BRANCH – 695 002. R2 BY ADV. SRI.LAL GEORGE. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.2274/2011-H: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE NOTICE ISSUED UNDER SECTION 13 (2) DTD. 04/09/2010. EXT.P.2: COPY OF THE POSSESSION NOTICE DTD. 11/11/2010. EXT.P.3: COPY OF THE NOTIFICATION ISSUED BY THE R.3. DTD. 27/12/2010. EXT.P.4: COPY OF THE REPRESENTATION DTD. 17/01/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. Prv. S.SIRI JAGAN, J. ================== W.P.(C).No. 2274 of 2011 ================== Dated this the 4th day of July, 2011 J U D G M E N T The petitioners are defaulters in repayment of loan amounts due to the 1st respondent bank. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which are under challenge in this writ petition. 2. The prayers in the writ petition are opposed by the learned counsel for the Bank. He would submit that the petitioners have not complied with the directions in one of the interim orders passed. 3. On 24.1.2011, this Court passed the following interim order: “Urgent notice on admission to respondents by speed post returnable within 10 days. Meanwhile, the sale proclaimed under Ext.P3 notice shall be deferred subject to condition of the petitioner remitting a sum of Rs. 5,00,000/- on or before 11 a.m. on 29.1.2011.” The learned counsel for the petitioners submits that the petitioners have complied with the said interim order. That is admitted by the learned counsel for the bank. This Court again passed the following order on 8.6.2011: “Counsel for the respondent Bank is directed to furnish a copy of the statement of accounts to the petitioners. Meanwhile, further steps under the SARFAESI Act shall be kept in abeyance for a period of three weeks, subject to condition of the petitioners remitting a sum of Rs. 4,00,000/- on or before 25.6.2011. w.p.c.2274/11 2 Post on 29.6.2011.” 4. Admittedly that order has not been complied with. However, taking a lenient view, I dispose of this writ petition with the following directions: If the petitioners pay ` 4 lakhs as directed in the order dated 8.6.2011 within one week, the respondents shall accept the same as paid in accordance with the said interim order. The balance amount shall be paid by the petitioners to the respondents in six equal monthly instalments starting from 1.9.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay ` 4 lakhs and future instalments on the due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of the balance amount as directed above or fail to comply with any of the directions above, it would be open to the respondents to continue proceedings as now initiated without having to issue fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge