IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 14TH JULY 2011 / 23RD ASHADHA 1933 WP(C).No. 17838 of 2011(D) -------------------------- PETITIONER(S) : ----------------------- 1. BIJU K. JOSEPH, 38 YEARS, S/O.LATE K.J. JOSEPH, VALLAPPATTIL (KANDATHIL VEEDU), CHARAMANGALAM, MUHAMMA P.O., ALAPPUZHA - 688525. 2. BINU K.JOSEPH, 38 YEARS, S/O.LATE K.J.JOSEPH, VALLAPPATTIL (KANDATHIL VEEDU), CHARAMANGALAM, MUHAMMA P.O., ALAPPUZHA - 688525. BY ADVS. SRI.C.K.KARUNAKARAN SMT.T.P.LEKSHMI VARMA SRI.V.VINAY RESPONDENT(S): ------------------------- 1. THE AUTHORISED OFFICER, UNION BANK OF INDIA, 17/1416-W, KABEER PLAZA, C.C.S.B. ROAD, ALAPPUZHA-688011. 2. UNION BANK OF INDIA, ALAPPUZHA BRANCH, KABEER PLAZA, C.C.S.B. ROAD, MULLACKAL, ALAPPUZHA-688011, REPRESENTED BY ITS BRANCH MANAGER. R1 & R2 BY ADV. SRI. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 17838 of 2011(D) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE ACCOUNT STATEMENT ISSUED BY THE 2ND RESPONDENT BANK DATED 24.6.2011 OF THE PACKING CREDIT FACILITY OF M/S. BEENA COIR WORKS. EXT.P2 : COPY OF THE NOTICE DATED NIL ISSUED BY THE ADVOCATE COMMISSIONER APPOINTED BY THE CHIEF JUDICIAL MAGISTRATE, ALAPPUZHA IN C.M.P. NO. 3085/2011. EXT.P3 : COPY OF THE SECURITISATION APPLICATION AND INTERIM APPLICATIONS FILED AND RETURNED BY THE DRT, ERNAKULAM. EXT.P4 : COPY OF THE RECEIPT DATED 13.07.2011 ISSUED BY THE UNION BANK, ALLEPPEY, EVIDENCING THE PAYMENT OF RS. 5.00 LAKHS. EXT.P5 : COPY OF THE ACCOUNT STATEMENT DATED 24.06.2011 ISSUED BY THE RESPONDENT BANK RELATING TO ACCOUNT NO. CCGEN- 336805010055128 OF M/S. BEENA COIR WORKS. EXT.P6 : COPY OF THE ACCOUNT STATEMENT DATED 24.6.2011 ISSUED BY THE RESPONDENT BANK RELATING TO ACCOUNT NO. TLPO1-336806110028564 OF M/S. NATURAL DESIGN INDUSTRIES. EXT.P7 : COPY OF THE ACCOUNT STATEMENT DATED 24.6.2011 ISSUED BY THE RESPONDENT BANK RELATING TO ACCOUNT NO. CCGEN- 336805010055123 OF M/S. NATURAL DESIGN INDUSTRIES. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.17838 OF 2011 ---------------------------------------------- Dated this the 14th day of July, 2011 JUDGMENT The petitioners are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from the petitioners to the respondents. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek six months' time to pay off the amounts due. The petitioners also seek a direction to the bank to consider their proposal for enabling them to sell the property by themselves. 2. This is opposed by the learned counsel for the bank. He points out that the petitioners have not even fully complied with the interim order dated 1.7.2011. They have only paid half of the amount directed to paid. 3. Having heard both sides, I dispose of this writ petition with the following directions: The petitioners shall pay the balance amount as directed by W.P.(C)No.17838/11 2 interim order dated 1.7.2011 on or before 1.9.2011. The balance amount due shall be paid in six equal monthly instalments starting from 1.10.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The bank shall consider the petitioners' proposal for enabling the petitioners to sell the property in accordance with the norms and policies of the bank. S. SIRI JAGAN, JUDGE acd W.P.(C)No.17838/11 3 W.P.(C)No.17838/11 4