IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 6TH MARCH 2008 / 16TH PHALGUNA 1929 W.P(C).No. 3535 of 2008(U) --------------------------------- PETITIONERS: --------------- 1. M/S. LEKSHMI ENTERPRISES, 2ND MILE STONE, KILIKOLLOOR P.O., KOLLAM, REPRESENTED BY ITS MANAGING PARTNER, MR.K.RADHAKRISHNA PILLAI. 2. K. RADHAKRISHNA PILLAI, MANAGING PARTNER, M/S. LEKSHMI ENTGERPRISES, 2ND MILE STONE, KILIKOLLOOR P.O., KOLLAM. 3. MRS. K.VASANTHA KUMARI, PARTNER, M/S. LEKSHMI ENTERPRISES, 2ND MILE STONE, KILIKOLLOOR P.O., KOLLAM. BY ADV. SRI.SREELAL N.WARRIER RESPONDENTS: ---------------- 1. THE ING VYSYA BANK LIMITED, KOLLAM BRANCH, AGC COMPLEX, BEACH ROAD, KOLLAM, REPRESENTED BY ITS BRANCH HEAD. 2. AUTHORIZED OFFICER (UNDER CENTRAL ACT 54 OF 2002), THE ING VYSYA BANK, REGIONAL OFFICE, PARAPPILLIL ARCADE, PANAMPALLY NAGAR, ERNAKULAM, PIN-682036. BY ADV. SRI.K.K.JOHN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 3535 OF 2008 U ==================== Dated this the 6th day of March, 2008 J U D G M E N T The petitioner is a defaulter to the respondent Bank. Proceedings were initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, against the mortgaged assets, which includes a packaging centre, a residential building and a plot of garden land. It is stated that symbolic possession of the mortgaged property was taken over by the Bank. Thereafter the Bank on completion of the procedural formalities attempted to dispose of the mortgaged properties by scheduling sale on 27/11/2007. It is submitted by the counsel for the Bank that as the bids received were not satisfactory, the sale was not concluded and so it was adjourned. The complaint of the writ petitioner is that the Bank is not taking any expeditious action for the disposal of the assets and in that the meanwhile, property is getting damaged affecting WPC 3535/08 :2 : its value. It is on this grievance, this writ petition has been filed praying for directing the Bank to expedite the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. 2. As already noticed, from the submissions made by the learned counsel for the Bank, it is evident that the Bank has already scheduled a sale but that did not materialise for reasons beyond the control of the Bank. Necessarily, therefore, the Bank has the duty to expeditiously sell the property and for that purpose Bank is required to take necessary action as well. However, I do not think it necessary to pass any positive directions in this regard since the counsel for the Bank submits before me that the Bank is also equally anxious to realise the debt and undertakes to take steps for the sale of the properties as well. 3. In view of the above, recording the submission of the Bank that expeditious action will be taken for sale of the properties by inviting tenders in terms of the provisions contained in the act, this writ petition is closed. I also direct that if there is WPC 3535/08 :3 : a possibility of inordinate delay in the sale of the mortgaged assets, it will be open to the Bank to consider leasing out the properties or the buildings to willing parties, who undertake to vacate the premises on conclusion of the sale. Writ petition is closed. ANTONY DOMINIC,JUDGE. Rp