IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 29TH FEBRUARY 2008 / 10TH PHALGUNA 1929 WP(C).No. 7080 of 2008(P) ------------------------- PETITIONERS: ------------ 1. P.A. SURESH NAIR, PADMASREE, MACHEL MALAYINKEEZHU P.O., THIRUVANANTHAPAURAM. 2. S. REMA DEVI, PADMASREE, MACHEL MALAYINKEEZHU P.O., THIRUVANANTHAPAURAM. BY ADV. SRI.S.M.PREM SMT.K.P.SANTHI SRI.S.S.HUSSAIN SRI.P.K.NIJOY RESPONDENT: ------------- THE CHIEF MANAGER (ADVANCES) STATE BANK OF TRAVANCORE, REGION-II ZONAL OFFICE, THIRUVANANTHAPURAM. BY ADV.SRI.SAJI VARGHESE, SC FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ======================= W.P.(C) No.7080 of 2008 (P) ======================= Dated this the 29th day of February, 2008 JUDGMENT The writ petition is filed by the petitioners who are defaulters to the respondent Bank. It is seen that following the default, steps were initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. Ext.P1 is the notice under Section 13(2). It is thereafter that proceedings have been initiated and the bank obtained an order under Section 14 of the Act. Thereafter possession was also taken over. Though the petitioners raised several contentions on the merits and sought a direction to handover possession of the building back to them, I am not inclined to pass such an order since the Bank cannot be faulted for the action that they have taken. However, the learned counsel for the petitioners prays for an opportunity to clear off the dues. Though the standing counsel for the Bank opposes this prayer, I think that the petitioners may be given an opportunity W.P.(C) No.7080/2008/P -2- to clear the dues. Hence, I dispose of this writ petition with the following directions: That the Bank will retain the possession of the building taken over from the petitioners. Retaining possession as above, the petitioners will repay the amount in default in three monthly equal instalments, the first of which will start from 1st week of March 2008 and subsequent instalments will be payable in the first week of every succeeding month. Further action against the property will stand deferred and in case the petitioners commit default the Bank will be free to continue the action which they have already initiated. ANTONY DOMINIC, JUDGE jp