IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE CHIEF JUSTICE MR.S.R.BANNURMATH & THE HONOURABLE MR. JUSTICE A.K.BASHEER FRIDAY, THE 16TH OCTOBER 2009 / 24TH ASWINA 1931 WA.No. 2139 of 2009 --------------------------------- AGAINST THE JUDGEMENT IN WPC.17202/2009 Dated 15/07/2009 .................... APPELLANTS/PETITIONERS: ----------------------------------------- 1. AUGUSTINE. P.V., AGED 60 YEARS, IX/92, PADASSERY HOUSE, FISHERIES ROAD, KANNAMALY, COCHIN-682 008. 2. CHINNAMMA, AGED 55 YEARS, W/O.AUGUSTINE P.V., IX/92, PADASSERY HOUSE, FISHERIES ROAD, KANNAMALY, COCHIN-682 008. BY ADV. SRI.M.P.KRISHNAN NAIR SRI.V.B.NARAYANAN RESPONDENTS/RESPONDENTS: --------------------------------------------- 1. UCO BANK, AMARAVATHY BRANCH, FORT KOCHI, REP.BY BRANCH MANAGER. 2. THE AUTHORISED OFFICER UNDER SARFEASI ACT, UCO BANK, FORT KOCHI. 3. BABU JOSEPH, PUTHENPARAMBIL HOUSE, 16/745, THOPPUMPADY P.O., KOCHI-682 005. R1 BY ADV. SRI.GEORGE K. VARGHESE THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 16/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.R.Bannurmath, C.J. & A.K.Basheer, J. ------------------------------------------ W.A. No.2139 of 2009 ------------------------------------------ Dated, this the 16th day of October, 2009 JUDGMENT A.K.Basheer, J. The appellants who had admittedly committed default in repayment of the loan availed of by them from respondent No.1 Bank faced recovery proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Pursuant to the coercive steps taken by respondent No.1 Bank, the mortgaged property was put to sale. But despite the sale, the purchaser of the property did not deposit the entire sale price. It is the admitted position that the appellants are still in occupation of the mortgaged property. 2. Writ petition was filed by the appellants primarily with a prayer to grant them some more time to make the payment and also to issue a direction to fix a realistic upset price. It was further contended that the sale already held was totally vitiated. W.A.No.2139 of 2009 - 2 - 3. The learned Single Judge after considering the contentions raised in the writ petition took the view that the appellants had to challenge the action taken by the Bank in appropriate other statutory proceedings. Accordingly the writ petition was dismissed. It is thus that the appellants are before us. 4. When this writ appeal came up for consideration on the last occasion, it was submitted before us that the appellants are eagre and keen to save their property. Appellants agreed to remit a sum of Rupees one lakh to show their bona fides. Today when the case is taken up, it is submitted before us that the appellants have already remitted a sum of Rupees one lakh. Learned Standing Counsel for the Bank acknowledges the remittance. 5. Learned counsel for the appellants submits that if some reasonable time is granted, the appellants are prepared to wipe off the entire liability to the Bank. Learned Standing Counsel for the Bank has no objection to the above proposal. 6. Having regard to the peculiar facts and circumstances of W.A.No.2139 of 2009 - 3 - the case, we are of the view that the appellants can be granted six months' time to pay off the outstanding dues. The Bank shall give an updated statement of the balance due, to the appellants within two weeks from today. 7. The appellants shall pay the outstanding dues in six equal monthly instalments starting from December 1, 2009. The remaining five instalments shall be paid by the appellants on or before the 1st of every succeeding month. If the appellants commit default in making payment of any one of the above instalments, it will be open to the Bank to proceed against the mortgaged property from the stage where it has been disrupted. Writ appeal is disposed of in the above terms. S.R.Bannurmath, Chief Justice A.K.Basheer, Judge vns