IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 4TH OCTOBER 2011 / 12TH ASWINA 1933 WP(C).No. 18886 of 2011(I) ---------------------------------- PETITIONER(S): --------------- RAGHUNATH A.T., MANAGING PARTNER, M/S. SANDEEPANI SMART VILLAGE, MANJAPRA, ANGAMALY. BY ADV. SRI.N.N.SUGUNAPALAN, SENIOR ADVOCATE RESPONDENT(S): -------------------- 1. THE SENIOR BRANCH MANAGER, SYNDICATE BANK, ANGAMALY BRANCH, ANGAMALY, ERNAKULAM DISTRICT- 683 572. 2. THE CHIEF MANAGER (RECOVERY CELL), SYNDICATE BANK, PIONEER TOWERS, SHANMUGHAM ROAD, ERNAKULAM, COCHIN-682 031. 3. THE BRANCH MANAGER, DHANALAKSHMI BANK LTD., EDAPPALLY. *ADDL.R4: BRAHMACHARI PRAKASH 5/549, MATHA AMRITHANANDA MAYI MADAM, AMRUTHAPURI. P.O., KOLLAM DIST. PIN 690 525 *(IMPLEADED AS PER ORDER DATED 20.7.2011 IN IA NO.11522/11) ADV. SRI.VIVEK VARGHESE P.J. FOR R3 SRI. R.S. KALKURA -SC SRI.C. RAJENDRAN-R4 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 04/10/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 18886 of 2011(I) APPENDIX PETITIONER'S EXHIBITS EXT.P1: COPY OF SANCTIONED LETTER OF THE PROPOSAL FOR ONE TIME SETTLEMENT FORWARDED BY R2 ON 21.5.2011. EXT.P2: COPY OF DEMAND DRAFT NOS.467740, 467739 & 467738 DATED 11.6.2011 ON DHANALAKSHMI BANK LTD., EDAPPALLY, FOR RS.9 LAKHS EACH. EXT.P2(a): COPY OF DEMAND DRAFT NOS.467743, 467742 & 467741 DTD 11.6.2011 ON DHANALAKSHMI BANK LTD., EDAPPALLY FOR RS.9 LAKHS EACH. EXT.P2(b): COPY OF DEMAND DRAFT NOS.467746, 467745 & 467744 DTD 11.6.2011 ON DHANALAKSHMI BANK LTD., EDAPPALLY FOR RS.9 LAKHS EACH. EXT.P2(c): COPY OF DEMAND DRAFT NOS.467747, 467748 & 467749 DTD 11.6.2011 ON DHANALAKSHMI BANK LTD., EDAPPALLY FOR RS.9 LAKHS EACH. EXT.P2(d): COPY OF DEMAND DRAFT NOS.467737, 467736 & 467735 DTD 11.6.2011 ON DHANALAKSHMI BANK LTD., EDAPPALLY FOR RS.9 LAKHS EACH. EXT.P3: COPY OF REPRESENTATION SUBMITTED BY THE PETITIONER BEFORE THE RESPONDENT BANK ON 22.6.2011. EXT.P4: COPY OF POSSESSION NOTICE DATED 12.08.2011 ISSUED BY THE RESPONDENT BANK. EXT.P5: COPY OF SALE NOTICE DATED 24.8.2011 ISSUED BY THE RESPONDENT BANK. EXT.P6: COPY OF NOTIFICATION APPEARED IN THE MATHRUBHUMI DAILY DATED 9.09.2011. RESPONDENTS' EXHIBITS ANNEX.R1(a): COPY OF LETTER DATED NIL ISSUED BY ADDL.R4. ANNEX.R1(b): COPY OF LETTER DATED 13.6.2011 ISSUED BY R1. ANNEX.R1(c): COPY OF LETTER DATED 13.6.2011 ISSUED BY THE PETITIONER. ANNEX.R1(d): COPY OF LETTER DATED 21.6.2011 ISSUED BY ADDL.R4. ANNEX.R1(e): COPY OF LETTER 25.6.2011 DATED ISSUED BY ADDL. R4. TRUE COPY PA TO JUDGE. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.18886 OF 2011 ---------------------------------------------- Dated this the 4th day of October, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by respondents 1 and 2 for recovery of loan amounts due from the petitioner to them. The petitioner now submits that the petitioner wants only thirty days' time to pay off the entire amounts due and further proceedings may be kept in abeyance till then. 2. This is opposed by the learned Standing Counsel for the bank. According to him, this is only an attempt to protract the matter. Having heard both sides, I dispose of this writ petition with a direction to respondents 1 and 2 to permit the petitioner to pay off the entire amounts within one month. If the petitioner pays the entire amounts within one month, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of the amount as directed above W.P.(C)No.18886/10 2 within one month, respondents 1 and 2 are free to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. It would be open to the petitioner to question the correctness of the amounts by filing a representation before the 1st respondent, who shall consider and pass orders on the same within two weeks from the date of receipt of the same. S. SIRI JAGAN, JUDGE acd W.P.(C)No.18886/10 3