IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH JULY 2011 / 27TH ASHADHA 1933 WP(C).No. 14539 of 2011(N) ---------------------------------------- PETITIONER(S): --------------- 1. GANESHAN N.K., S/O. KUNHIKANNAN, NEELIKUNNUMMAL (H), KAYANNA BAZAR P.O., PERAMBRA, KOZHIKODE DISTRICT. 2. REENA, W/O. GANESHAN N.K., NEELIKUNNUMMAL (H), KAYANNA BAZAR P.O., PERAMBRA, KOZHIKODE DISTRICT. 3. SATHEESH BABU, S/O. PADMANABHAN NAIR, NAMABARATH (H), KARAYAD P.O., MEPPAYUR, KOZHIKODE DISTRICT. BY ADV. SRI.K.B.ARUNKUMAR RESPONDENT(S): -------------------------- 1. INDO PACIFIC HOUSING FINANCE LIMITED, (FORMERLY AIG HOME FINANCE INDIA LIMITED, FORMERLY WEIZMAN HOMES LTD.), 2ND FLOOR, CITI TOWER, 117, SIR THYAGARAYA ROAD, T.NAGAR, CHENNAI-600 017, REPRESENTED BY ITS MANAGER. 2. THE AUTHORISED OFFICER, INDO PACIFIC HOUSING FINANCE LIMITED, (FORMERLY AIG HOME FINANCE INDIA LIMITED), (FORMERLY WEIZMAN HOMES LTD.), 1ST FLOOR, MNS AVENUE, OPP. YMCA, NEAR 4TH RAILWAY GATE, KANNUR ROAD, KOZHIKODE DISTRICT, 673 001. R1 & R2 BY ADV. SRI.RAJESH THOMAS. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/07/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs WP(C).No. 14539 of 2011(N) APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE NOTICE ISSUED BY THE 2ND RESPONDENT. EXT.P2: COPY OF THE LETTER ISSUED BY THE 1ST RESPONDENT. EXT.P3: COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER. RESPONDENT'S EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE rs S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.14539 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 18th day of July, 2011 J U D G M E N T The petitioners challenge proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) initiated by the respondents for recovery of defaulted loan amounts. The petitioners do not dispute the liability to pay or the quantum. The petitioners seek time to pay off the balance amounts due. This Court passed two interim orders on 30.05.2011 & 28.06.2011 as follows: “30.05.2011: Urgent notice on admission to respondents by speed post returnable within two weeks. Meanwhile dispossession of the petitioner from the property pursuant to Ext.P3 notice shall be kept in abeyance, if not already dispossessed, subject to condition of the petitioner remitting a sum of Rs.75,000/- on or before 25.6.2011. Post on 28.06.2011. I.A. No.10125/2011 dated 28.06.2011: The extension sought for is opposed. However, as a last chance, time stipulated for payment is extended till 15.7.2011, subject to condition that, no further extension will be granted under any circumstances and that on failure, the writ petition will be dismissed.” W.P.(C)No.14539 of 2011 -2- The petitioners do not dispute that the directions in those orders have not been complied with. In the said circumstances, the counsel for the respondents opposes the prayer of the petitioners for further time. I have considered the rival contentions in detail The petitioners have a remedy by way of appeal against the proceedings as provided under the Act itself. As per the decisions of the Hon'ble Supreme Court there is a bar against entertaining challenge against the proceedings under the Act unless there are extraordinary circumstances. The petitioners have not satisfied this court that there are extraordinary circumstances warranting interference under Article 226 of the Constitution of India. In the above circumstances, leaving the petitioners to sort out their problems in appeal as provided under the Act, this writ petition is dismissed. Sd/- S. SIRI JAGAN JUDGE //True copy// shg/ P.A. TO JUDGE