IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE ACTING CHIEF JUSTICE MR.J.B.KOSHY & THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 5TH JANUARY 2009 / 15TH POUSHA 1930 WA.No. 9 of 2009 --------------------- AGAINST THE ORDER IN WPC.23840/2008 Dated 02/12/2008 .................... APPELLANTS/ PETITIONERS: ---------------- 1. M.MAMMOO, S/O.P.C.P.MOIDU HAJI, AMINA MANZIL, CHAPPARAPADAVU PO., KANNUR DIST. 2. M.ASSAINAR, S/O.P.C.P.MOIDU HAJI, AMINA MANZIL, CHAPPARAPADAVU PO., KANNUR DIST. BY ADV. SMT.DAISY A.PHILIPOSE RESPONDENTS/ RESPONDENTS: ------------------ 1. INDIAN OVERSEAS BANK, KANNUR BRANCH, REP. BY ITS CHIEF MANAGER. 2. THE AUTHORISED OFFICER, INDIAN OVERSEAS BANK, KANNUR BRANCH. 3. M/S.MANTECH, REP. BY ITS PARTNER, A.V.MANOHARAN, S/O.MADHAVAN NAIR, NO.20, KRISHNA MENON NAGAR COLONY, PALLIKKUNNU P.O., KANNUR DIST. THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 05/01/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: J.B.KOSHY, Ag.C.J. & P.R.RAMACHANDRA MENON, J. -------------------------------------- W.A.No.9 of 2009 and W.P.(C)No.23840 of 2008 ------------------------------------- Dated 5th January, 2009 JUDGMENT Koshy, Ag.C.J . Appellants/petitioners are guarantors to the Term loan availed by the 2nd respondent from the first respondent bank. They approached this court to quash Exts.P2 and P3 notices for sale of immovable secured properties as principal debtor allegedly defaulted in paying the loan. The matter is being agitated before the Debt Recovery Tribunal. When the matter was pending before the Debt Recovery Tribunal as provided under section 17 of the Securitisation and Re- construction of Financial Assets and Enforcement of Security Interest Act, 2002, proceedings are taken for sale of the property. Earlier, on 8th August, 2008, interim stay was granted to the extent that the tenders shall not be opened on 14.08.2008 and it was modified on 2.12.2008 and interim stay was granted subject to the condition that petitioner pays twenty five percent of the amounts demanded within one month. The above orders are challenged in this writ appeal. On the facts of this case, we called for the writ petition also before this court. The matter is now pending before the Debt Recovery Tribunal. The Debt Recovery Tribunal has to deal with the matter. It is submitted that the appellants W.A.9/2009 2 approached this court as there was no sitting of the Tribunal in Kochi. We are not expressing any opinion regarding the merits of the matter. We direct the Debt Recovery Tribunal to dispose of Ext.P1 or at least stay petition as expeditiously as possible. It should be listed at the top of the list whenever the Tribunal sits in Kochi. It is now submitted that from 19th January, 2009 onwards there will be regular sitting of the Tribunal in Kochi. Therefore, Ext.P1 or at least stay petition should be disposed of within one month from the date of receipt of a copy of this judgment. Both parties shall produce copy of this judgment before the Debt Recovery Tribunal. Till then tender shall not be opened. In the meantime, no waste shall be committed in the property and no third party rights shall be created in the property covered by Exts.P2 and P3. Both writ petition and writ appeal are disposed of accordingly. J.B.KOSHY ACTING CHIEF JUSTICE P.R.RAMACHANDRA MENON JUDGE tks