IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE ACTING CHIEF JUSTICE MR.J.B.KOSHY & THE HONOURABLE MR. JUSTICE V.GIRI WEDNESDAY, THE 28TH JANUARY 2009 / 8TH MAGHA 1930 WA.No. 2392 of 2008() --------------------- AGAINST THE JUDGEMENT/ORDER IN WPC.34894/2008 Dated 05/12/2008 .................... APPELLANT(S): PETITIONERS: ---------------------------------------------- 1. MRS.SMITHA JOSEPH, W/O.JOSEPH ANTHRAPER, AGED 30 YEARS, PROPRIETRIX OF M/S.SAAGARA EXPORTS, 11/279 J, 1ST FLOOR , NEAR KUMARATHUPADY TEMPLE, CHANDIROOR, ALAPPUZHA-688 547 AND RESIDING AT ARANGAPARAMBIL, ARTHINKAL PO., CHERTHALA. 2. JOSEPH.J.ANTHRAPER, S/O.ANTHRAPER, RESIDING AT ARANGAPARAMBIL, ARTHINKAL.P.O., CHERTHALA. 3. M.J.THOMAS, S/O.ULAHANNAN, RESIDNG AT THEKKEKARA, CHEERACHIRA PO., CHANGANACHERRY, KOTTAYAM DISTRICT. BY ADVS.MR.M.P.KRISHNAN NAIR, MS.RAJESWARI KRISHNAN, MR.KRISHNAN NANDAKUMAR, MR.V.B.NARAYANAN, MR.R.SUDHIR. RESPONDENT(S): RESPONDENTS: ----------------------------------------------------- 1. UCO BANK, M.G.ROAD, BRANCH, RAVIPURAM, ERNAKULAM, COCHIN-682016, REP. BY ITS CHIEF MANAGER. Kss ..2/- ...2... W.A.NO.2392/2008 2. THE AUTHORISED OFFICER UNDER SARFAESI ACT, (SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT) UCO BANK, M.G.ROAD BRANCH, RAVIPURAM, ERNAKULAM, COCHIN-682 016. 3. THE ASSISTANT MANAGER, UCO BANK, M.G.ROAD, RAVIPURAM. 4. UNIONOF INDIA, REP. BY SECRETARY, MINISTRY OF FINANCE , NEW DELHI. R1 & R2 ADVS. MR.P.B.SAHASRANAMAN, MR.K.JAGADEESH MR.T.S.HARIKUMAR R4 BY ADV.MR.P.PARAMESWARAN NAIR,ASST.SOLICITOR GENERAL THIS WRIT APPEAL HAVING BEEN FINALLY HEARD ON 28/01/2009 ALONG WITH WPC.NO.34894 OF 2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss J.B. Koshy,Ag.C.J. & V. Giri, J. --------------------------------------------------------------- W.A. No. 2392/2008 and W.P.(C)No.34894/2008 --------------------------------------------------------------- Dated this the 28th day of January, 2009 Judgment Koshy, Ag.C.J. First appellant is the proprietrix of a company engaged in the business of export of sea foods. She has availed of financial assistance of first respondent bank by way of Packing Credit Limit for an amount of Rs.50 lakhs. Revenue recovery proceedings were started and sale of secured property was notified. On 16.1.2008 an order was passed postponing the sale, if petitioner deposits Rs.5,00,000/-. That was deposited. It is also stated that another Rs.5,00,000/- was also deposited. It is the contention of the petitioner that there is a proposal to sell one of the items of the property for Rs.37 lakhs and remit the same to the bank. It is the further contention of the writ petitioner that the property was not sold as per Ext.A1 agreement because of the recovery steps initiated by the bank. In these circumstances, Ext.P13 sale notice shall be kept in abeyance on condition that petitioner will not alienate or further encumber the property and an amount of Rs.5,00,000/- is paid every month till the entire dues to the bank are W.A. No.2392/2008 & W.P.(C) No.34894/2008 2 paid. The proposed sale shall be postponed further and they will also continue to pay the monthly instalments without default. We make it clear that if there is any default in payment of monthly instalments within the required time, sale can be effected by the bank and no further leniency will be shown. First instalment should be paid on or before 20.2.2009. After paying five instalments, the bank should give a consolidated statement regarding the actual dues to the bank. The writ petition is called for and disposed of in view of the judgment passed in the writ appeal. The writ appeal and writ petition are disposed of accordingly. J.B.Koshy Acting Chief Justice V. Giri Judge vaa