IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH TUESDAY, THE 21ST OCTOBER 2008 / 29TH ASWINA 1930 WP(C).No. 30673 of 2008(B) -------------------------- PETITIONER(S): --------------- OOMMEN PANICKER, MANAGING PARTNER, TOP CONSTRUCTIONS, TOPS MANOR, PANAVELI POST, KOTTARAKKARA. BY ADV. SMT.S.MUMTAZ RESPONDENT(S): --------------- INDIAN OVERSEAS BANK, TALAP BRANCH, REPRESENTED BY THE AUTHORISED OFFICER, TALAP, KOZHIKKODE. ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M. JOSEPH, J. ```````````````````````````````````````````````````` W.P.(C) No. 30673 OF 2008 B ```````````````````````````````````````````````````` Dated this the 21st day of October, 2008 J U D G M E N T Petitioner availed a cash credit facility of Rs.88,00,000/- from the respondent bank. Petitioner is unable to pay the amount. There was a notice under the Securitisation and Reconstruction of Financial Assets and Enforcements of Security Interest Act, 2002. The petitioner filed Ext.P2 objection. According to the petitioner, without giving reply, the bank issued notice of sale. The petitioner submitted Ext.P5 stating that the reserve price is very low and requesting to grant two months time to settle the entire transaction. But, it is contended that without considering the same, the respondent is going ahead with the sale. Learned counsel for the petitioner reiterates that the petitioner may be given two months time to pay the amount. Learned standing counsel for the respondent bank would submit that there is no merit in the case of the petitioner and that the petitioner had approached the bank for permission to pay the amount and the bank agreed to permit the petitioner to remit 30% WPC.30673/08 : 2 : of the amount on or before 31.5.2008 and to remit the balance amount in two instalments. However, the petitioner did not remit the amount in terms of the permission granted. Learned counsel for petitioner submits that it was on account of the financial stringency the petitioner could not raise the funds but this time, the petitioner will positively pay off the amount within two months. Learned standing counsel for the bank submits that the respondent may be permitted to open the bids. In the light of this, it is ordered that the respondent is free to open the tenders that may be submitted. But, further steps will not be taken for a period of one month from today. This is to enable the petitioner to pay off the amount due to the bank. Writ petition is disposed of as above. Sd/- (K.M.JOSEPH, JUDGE) aks // TRUE COPY // P.A. TO JUDGE