IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 17TH SEPTEMBER 2008 / 26TH BHADRA 1930 WP(C).No. 27606 of 2008(J) -------------------------------------- PETITIONERS: ---------------------- 1. SABARI ROLLER FLOUR MILLS (P) LTD. TC.14./1700(1) VETTUVILA LANE KANNANMOOLA, MEDICAL COLLEGE PO., THIRUVANANTHAPURAM, REP. BY ITS MANAGING DIRECTOR SYAMALA DEVARAJAN 2. A.J.K.FERNANDEZ, CHAIRMAN, SHYRAS GROUP OF COMPANIES 5TH FLOOR, 47 COURT ROAD, KALLUVEETTIL SHYRAS CENTRE, NAGARCOIL, PIN-629 001. BY ADV. SRI.V.C.JAMES SRI.GEORGE MECHERIL RESPONDENTS: ------------------------ 1. PUNJAB NATIONAL BANK, REP. BY ITS SENIOR MANAGER, STATION ROAD BRANCH, THIRUVANANTHAPURAM. 2. CHIEF MANAGER, ASSET RECOVERY MANAGEMENT BRANCH, PUNJAB NATIONAL BANK, 3RD FLOOR, 40/1461. MARKET ROAD, ERNAKULAM , PIN 682 011. BY ADV. SRI.P.K.SURESH KUMAR - R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: tss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.27606 of 2008-J = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 17th day of September, 2008. JUDGMENT The first petitioner availed a facility in connection with a roller flour mill. The first respondent creditor bank invoked proceedings under the SARFAESI Act. In 2006, there was an offer for a one time settlement scheme. That was not appropriately availed and obviously, the bank for justifiable reasons, recalled the benefit of that scheme. The first petitioner thereafter offered one M.Mohammed Najeeb of M/s.Excel Agro Foods as a person who would settle the transaction and take over the unit. He gave two cheques to the bank which have bounced. The properties of the first petitioner, including the collateral security properties are now brought to sale and listed for sale this afternoon. The WP(C)27606/2008 -: 2 :- first petitioner has now forwarded with a case that the second petitioner one A.J.K.Fernandez, who is described as the Chairman of Shyras Group of Companies, is going to wipe off the outstandings and take over the unit, provided the bank would extend the OTS benefit even by imposing PLR interest on the OTS amount for the delay in payment. In certain exceptional cases, the bank may be persuaded to accept such a bargain but in the case in hand, the bank is now before the criminal court on the cheques issued by M.Mohammed Najeeb which have bounced and it will be too late in the day to force the bank to take a bargain of the choice of the petitioners or under orders of this Court without any reference to the contractual transactions between the parties. I do not find any room to issue any direction as sought for by the petitioners. The writ petition fails. The same is accordingly dismissed without prejudice to the right of the petitioners to seek for adjournment of the sale before the competent authority on deposit of such WP(C)27606/2008 -: 3 :- amounts as may be found proper to the satisfaction of that authority. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/170908