IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 8TH AUGUST 2011 / 17TH SRAVANA 1933 WP(C).No. 18393 of 2011(Y) ----------------------------------- PETITIONERS: --------------------- 1. N. RAJASEKHARAN NAIR, 53 YEARS, S/O.NEELANDAN PILLAI, THUNDUVILAKATHU HOUSE, TC 37/936-FORT, TRIVANDRUM. 2. P. PREMA KUMARI, W/O. N.RAJASEKHARAN NAIR THUNDUVILAKATHU HOUSE, TC 37/936-FORT, TRIVANDRUM. BY ADV. SRI.A.F.SEBASTIAN RESPONDENT: --------------------- ORIENTAL BANK OF COMMERCE, REP. BY THE AUTHORISED OFFICER, MEDICAL COLLEGE BRANCH, THIRUVANANTHAPURAM. BY STANDING COUNSEL SRI.SAJI.P.JOSEPH THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ln WP(C).No. 18393 of 2011(Y) APPENDIX PETITIONERS EXHIBITS: EXHIBIT P1 : A TRUE COPY OF THE RECEIPTS DATED 25.05.2011 AND 31.05.2011 SHOWING REMITTANCE OF RS.1,50,000/-. EXHIBIT P2 : A TRUE COPY OF THE POSSESSION NOTICE DATED 10.06.2011 EXHIBIT P3 : A TRUE COPY OF THE RELEVANT PORTION OF THE MASTER CIRCULAR-PRUDENTIAL NORMS..... RESPONDENT'S EXHIBITS: EXHIBIT R1(a) : TRUE COPY OF SANCTION LETTER DATED 23.05.2008 EXHIBIT R1(b) : TRUE COPY OF SANCTION LETTER DATED 01.12.2009 EXHIBIT R1(c) : TRUE COPY OF DEMAND NOTICE DATED 15.06.2010 EXHIBIT R1(d) : TRUE COPY OF RECALL NOTICE DATED 12.01.2011 EXHIBIT R1(e) : TRUE COPY OF THE ACCOUNT FROM 23.05.2008 TO 13.07.2011 EXHIBIT R1(f) : TRUE COPY OF THE NOTICE DATED 11.03.2011 SERVED TO THE BORROWER/2ND PETITIONER EXHIBIT R1(g) : TRUE COPY OF THE NOTICE DATED 11.03.2011 SERVED TO THE GUARANTOR/1ST PETITIONER EXHIBIT R1(h) : TRUE COPY OF THE LETTER DATED 18.05.2011 EXHIBIT R1(i) : TRUE COPY OF THE POSSESSION NOTICE DATED 10.06.2011 SERVED TO THE 1ST PETITIONER EXHIBIT R1(j) : TRUE COPY OF THE POSSESSION NOTICE DATED 10.06.2011 SERVED TO THE 2ND PETITIONER EXHIBIT R1(k) : TRUE COPY OF THE PAPER PUBLICATION DATED 17.06.2011 /TRUE COPY/ P.A. TO JUDGE S.SIRI JAGAN, J. ---------------------------- W.P.(c) No. 18393 of 2011 --------------------------------- Dated this the 8th day of August, 2011 JUDGMENT Petitioners challenge the proceedings initiated by the respondent against the petitioners under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. I am of the opinion that the petitioners should more appropriately challenge the proceedings in an application under Section 17 of the Act provided under the statute before the Debt Recovery Tribunal. Without prejudice to that this Writ Petition is dismissed. S.SIRI JAGAN, JUDGE ln /True copy/ P.A. to Judge