IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 9TH FEBRUARY 2009 / 20TH MAGHA 1930 WP(C).No. 37222 of 2008(F) -------------------------- PETITIONER(S): --------------- 1. P.I.SYRIAC, S/O.ISSAC PUTHANANGADY, AGED 55 YEARS, MANAGING PARTNER OF M/S.ANNA OBADIA RESTAURANT, VAIKOM, PUTHANANGADY, CHEMMANATHU KARA P.O., VAIKOM, KOTTAYAM DISTRICT. 2. ANNAKUTTY ISSAC, W/O.ISAC PUTHANANGADY, AGED 78 YEARS, PARACKAT HOUSE, CHEMMANATHU KARA P.O., VAIKOM, KOTTAYAM DISTRICT. BY ADV. SRI.P.I.GEORGEKUTTY RESPONDENT(S): --------------- STATE BANK OF TRAVANCORE, VAIKOM BRANCH, REPRESENTED BY ITS CHIEF MANAGER. ADV. SRI.M.PATHROSE MATTHAI, SENIOR ADVOCATE FOR R1 SRI.SAJI VARGHESE FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 37222 OF 2008 ............................................ DATED THIS THE 9TH DAY OF FEBRUARY, 2009 JUDGMENT Both the writ petition and I.A taken on record. Perused. Heard the learned counsel for the petitioner and learned counsel for the Bank. 2. The proceedings that the petitioners challenge is only at the stage of Section 13(2) of SARFAESI Act. Petitioners have three transactions; all apparently in relation to the activity of a restaurant. It includes an overdraft facility. The bank is yet to take any measure under Section 13(4) of SARFAESI Act. It is for the petitioners to move the bank, if they need any relief that they have attempted to canvass through the learned counsel; viz, for four to five months time to settle the transaction by even arranging a private sale of an item of property which is mortgaged. If the petitioners find out a proper buyer and pay the entire amounts to the bank, there is no reason why the bank would not close the transaction and release the documents. But the time frame for this has to be on the basis of the consent of the bank. This is a matter for negotiation between the parties and not for any judicial determination. If any measure is taken WP(C)37222/2008 2 under Section 13(4), petitioner will have the remedy under Section 17 of SARFAESI Act. Leaving open all those rights, this writ petition is dismissed without prejudice. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/10/2