IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 29TH JUNE 2010 / 8TH ASHADHA 1932 WP(C).No. 20080 of 2010(H) -------------------------- PETITIONER(S): --------------- 1. S.MOHAMMED RAJIH, AGED 29 YEARS, S/O. MSHAHEED, PROPRIETOR, M/S.TREND LEATHER CITY & PLASTIC FANCY, GROUND FLOOR, CITY CENTER, THRISSUR-680501, NOW RESIDING AT 'BISMI MANZIL', THOPPINMOOLA, ARNATTUKARA VILLAGE.P.O., THRISSUR TALUK, THRISSUR DISTRICT-680618. 2. M.SHHEED, AGED 54 YEARS, S/O. A.R.MOIDEEN, BUSINESS, RESIDING AT 'BISMI MANZIL', THOPPINMOOLA, ARNATTUKARA VILLAGE P.O., THRISSUR TALUK, THRISSUR DISTRICT-680618. BY ADV. SRI.NISHIN GEORGE VIJAYABABU RESPONDENT(S): --------------- THE AUTHORIZED OFFICER, INDIAN OVERSEAS BANK, ERNAKULAM BRANCH, M.G.ROAD, ERNAKULAM PIN-682035. BY ADV. SRI.P.B.SURESH KUMAR (SC FOR RESPONDENT) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ------------------------------- W.P.(C) No.20080 OF 2010 ------------------------------- Dated this the 29th day of June, 2010 J U D G M E N T Petitioners are aggrieved of the steps taken by the Bank under the SARFAESI Act, for realization of the amount under loan transaction. The learned counsel appearing for the petitioners submits that proceedings have been pursued and sought to be finalised, without regard to the legal position and factual circumstances involved, and that the petitioners want to avail the statutory remedy as provided under Section 17 of the SARFAESI Act, by approaching the DRT, for which some breathing time is required. 2. Heard the learned Standing Counsel appearing for the respondent Bank as well, who submits that, in spite of issuance of Ext.P5 notice, the physical possession of the premises is yet to be taken over. 3. In the above circumstances, this Court finds that no interference is warranted in the Writ Petition, and the W.P.(C) No.20080/2010 2 petitioners are relegated to avail the statutory remedy, as mentioned above. However, so as to enable the petitioners to pursue the statutory remedy, as above, all further proceedings pursuant to Ext.P5 shall be kept in abeyance for a period of one month. The Writ Petition is disposed of as above. P.R.RAMACHANDRA MENON, JUDGE. nj.