IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 25TH MARCH 2009 / 4TH CHAITHRA 1931 WP(C).No. 8576 of 2009(N) ------------------------- PETITIONER(S): --------------- 1. M.SAINUDEEN,S/O.MYTHEEN KANNU LEBBA, MUSLIM, AGED 56, RESIDING AT BEEVI MNANZIL, HOUSE.NO.NMC.16/70 (1) PERUMALA ROAD, MANCHA, NEDUMANGAD,TRIVANDRUM. 2. JAMEELA,W/O.SAINUDEEN,MUSLIM, AGED 52, RESIDING AT BEEVI MANZIL, HOUSE.NO.NMC. 16/70(1) PERUMALA ROAD, MANCH, NEDUMANGAD, TRIVANDRUM. BY ADV. SRI.M.RAMASWAMY PILLAI RESPONDENT(S): --------------- 1. UNION OF INDIA, REP. BY ITS FINANCE SECRETARY, NEW DELHI. 2. THE AUTHORISED OFFICER, BANK OF BARODA, PALAYAM, TRIVANDRUM. 3. BANK OF BARODA, REP. BY ITS BRANCH MANAGER, PALAYAM BRANCH, TRIVANDRUM. R1 BY SRI.P.PARAMESWARAN NAIR,ASG R2, R3 BY ADV. SRI. DEVAN RAMCHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.8576 OF 2009 ------------------------------------------- Dated this the 25th day of March, 2009 JUDGMENT Petitioners are debtors of the third respondent which took action through the second respondent under the SARFAESI Act. The property has been taken possession of by the authorised officer. The petitioners state that they will pay off the outstandings in six instalments or otherwise be permitted to have a private sale. The petitioners, if advised, can find out a purchaser of their choice who will pay the entire outstandings to the bank and obtain release of the documents to effect the private sale. The statutory sale of the property following the impugned action will stand stayed for six months if the petitioners deposit the entire outstandings in six equal monthly instalments, payable on or before the last working day of every month commencing from March, 2009. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and distress action will follow. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.25/3.