IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 31ST OCTOBER 2008 / 9TH KARTHIKA 1930 WP(C).No. 31551 of 2008(F) -------------------------- PETITIONER(S): --------------- 1. B.SIVAPRASAD, PATTERIL HOUSE, NORTH GATE, VAIKOM. 2. ROSHINI THAMPI, W/O.SIVAPRASAD, OF DO. DO. BY ADV. SRI.V.G.ARUN SRI.T.R.HARIKUMAR RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, VAIKOM BRANCH, VAIKOM, REPRESENTED BY THE BRANCH MANAGER. 2. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, VAIKOM. BY ADV.SRI.SAJI VARGHESE, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.31551 OF 2008 ------------------------------------------- Dated this the 31st day of October, 2008 JUDGMENT The petitioners availed a housing loan and also a term loan and defaulted repayment. Securitisation proceedings have been initiated by issuing notice under Section 13 (2) of the SARFAESI Act. The transactions are not disputed. The outstandings have accrued. Default occurred and the transactions have been classified as NPA. Demand has, hence, been issued under Section 13 (2). There is no jurisdictional error or legal infirmity in the impugned proceedings. Faced with this situation, giving up all other contentions and the right to move the Debts Recovery Tribunal or any other authority challenging the impugned proceedings, the petitioners, through their learned counsel, submit that they may be give three months' time to pay off the outstanding. Having considered the matter and having heard counsel for parties, rejecting all other contentions, this writ petition is WPC.31551/08 Page numbers ordered directing that if an amount of Rupees One Lakh is paid within two weeks from now, all distress action will stand suspended for three months from then, enabling the petitioners to pay off the remaining portion within that time. However, if there is default in remitting any amount as above, the benefit of this judgment will stand recalled automatically and distress action shall follow. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.