IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 26TH JUNE 2008 / 5TH ASHADHA 1930 WP(C).No. 18931 of 2008(D) -------------------------- PETITIONER: ------------ SHEEBA VENU, W/O.VENU, PERINGADAN HOUSE PERAMBRA P.O., KODAKARA. BY ADV. SRI.P.SANTHOSH (PODUVAL) SMT. RAJITHA.R RESPONDENTS: ------------- 1. THE MANAGER, INDIAN BANK, KOS BUILDINGS, SWARAJ ROUND WEST, THRISSUR. 2. THE CHIEF MANAGER, INDIAN BANK, CIRCLE OFFICE, CHITTOOR ROAD, PULLEPPADY JUNCTION, ERNAKULAM. 3. V.B.BALAMURALI, EDATHIL HOUSE, NETTISSERY P.O., THRISSUR. 4. V.B.RAJESH, EDATHIL HOUSE, NELLISSERY P.O., THRISSUR. 5. K.RAMACHANDRAN, KARUVATTISSERY HOUSE, 10/349, NETTISSERY P.O., THRISSUR. BY ADV. SRI.T.K.AJITH KUMAR FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 18931 OF 2008 = = = = = = = = = = = = = Dated this the 26th day of June, 2008. J U D G M E N T The petitioner challenges Ext.P3 sale proceedings initiated by the respondents 1 and 2 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for sale of the security interest mortgaged by the petitioner for realisation of the loan amounts due from the petitioner to the 1st respondent, bank. Petitioner does not dispute the liability to pay or the quantum. She only seeks six months' time to pay off the amounts. 2. This is stoutly opposed by the standing counsel for the bank. According to him, the petitioner had as early as in June, 2007, approached the bank with the proposal that the petitioner would pay off the entire amounts within six months. She also produced a sale agreement before the bank to show her bona fides. The offer made by the petitioner was that she would sell the property and pay off the balance amount due by 31.12.2007. However, she has not kept her promise, even after a year. W.P.(C).No. 18931 OF 2008 2 According to the standing counsel for the bank, the bank has given the petitioner every possible indulgence the bank can and the only intention of the petitioner is to protract the matter as much as possible. The standing counsel therefore submits that the bank is not prepared for any sort of compromise in the matter. He also submits that this Court has no jurisdiction to interfere with the matter, in so far as the Supreme Court has already held that the remedy of persons like the petitioner lies in an appeal before the Debt Recovery Tribunal, under Section 17 of the Act. 3. After hearing both sides, I am of opinion that the petitioner can be given some more time to pay off the amounts on conditions, despite the existence of an alternate remedy by way of an appeal. The question of filing an appeal arises only when there is dispute regarding the proceedings. Petitioner does not dispute the proceedings, whatsoever, she only wants some time to pay off the amounts because of the impecunious circumstances, she is in. The petitioner points out that she had already paid Rs.2.20 Lakhs in the meanwhile. This is not disputed by the counsel for the bank. W.P.(C).No. 18931 OF 2008 3 4. In the above circumstances, the writ petition is disposed of as follows: The petitioner shall pay an amount of Rs.1.5 Lakhs before 12.7.2008, which is the last date fixed for submission of tenders as per Ext.P3. If the petitioner pays that amount before 12.7.2008, the sale proposed as per Ext.P3 shall be postponed. In such event, the petitioner shall be allowed to pay balance amounts in three equal monthly instalments on 12.8.2008, 15.9.2008 and 13.10.2008. If the petitioner pays the initial amount of Rs. 1.5 Lakhs and the instalments on the due dates, further proceedings initiated shall be kept in abeyance. However, if the petitioner fails to pay the Rs.1.5 Lakhs or any of the subsequent 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. S.SIRI JAGAN, JUDGE bkn/-