IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 22ND OCTOBER 2009 / 30TH ASWINA 1931 WP(C).No. 29485 of 2009(E) -------------------------- PETITIONER(S): --------------- A.J.SUSEELA, W/O.LATE K.O.THOMAS, KAKKASSERY HOUSE, MATTOM, THRISSUR DISTRICT. BY ADV. SRI.C.M.MOHAMMED IQUABAL RESPONDENT(S): --------------- 1. THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE KOZHIKODE, P.B.NO.933- CHAKKORATHUKULAM WEST HILL P.O. - KOZHIKODE REPRESENTED BY GENERAL MANAGER. 2. THE AUTHORISED OFFICER, THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE, KOZHIKODE, P.B.NO.933- CHAKKORATHUKULAM WEST HILL P.O. KOZHIKODE. 3. THE SOUTH INDIAN BANK LTD., BRANCH OFFICE, PUTHANATHANI, POST PUTHANATHANI- MALAPPURAM DISTRICT, REPRESENTED BY ITS MANAGER. BY ADV. SRI. GEORGE VARGHESE, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/10/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: shg/ C.K. ABDUL REHIM, J - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 29485 of 2009 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 22nd day of October, 2009 J U D G M E N T 1. Petitioner is the mother of one Sri. Jolly Kakkassery who is the Managing Partner of a firm named M/s. Kakkassery Autos, Naduvilangadi, Thirur. The firm has got other partners also. For business purpose of the firm, various loans were availed from the 3rd respondent Bank, mortgaging different items of properties, including one item of property to which the petitioner is a co-owner. Pursuant to default committed in repayment, the Bank had initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The particular item of property to which the petitioner is a co-owner is an extent of 67 ¾ cents which contains residential building wherein the petitioner is residing. The said item is described as Serial No.1 in the Schedule of Ext.P1 notice issued under Section 13 (2) of the W.P.(C)No. 29485 of 2009 -2- SARFAESI Act. It is submitted that the Bank had proceeded with further steps and the secured assets were already taken possession. The respondents have now published sale of the properties, which stands scheduled to 23.10.2009 (tomorrow). 2. Contention of the petitioner is that the property described as item No.1 in Ext.P1, originally belonged to the husband of the petitioner and after his death the property devolved upon the petitioner and her children as legal heirs. The mortgage was created by the petitioner along with her children. Learned counsel for the petitioner submitted that one among the children of the petitioner committed suicide during the pendency of the proceedings under the SARFAESI Act, and now the minor children of the deceased son has also devolved with interest in the property. However it is contended that the children of the petitioner are ready to help the petitioner to purchase the property, if the respondent Bank permits private sale, and that the petitioner is ready to purchase the property by offering W.P.(C)No. 29485 of 2009 -3- market price of that item of property. Since the respondents have not considered such request the petitioner is approaching this court. 3. Learned standing counsel appearing for the respondents on instruction submitted that five (5) items of properties comprised in the schedule of Ext.P1 is now put to auction on 23.10.2009. Since the different items of properties are proclaimed in different lots, either the petitioner or any of her representatives or nominees can participate in the sale and get the particular item of property bid in auction. It is also possible for the Bank to consider private sale of that particular item of property if the petitioner is ready to make payment of the upset price fixed, with respect to that item. 4. Considering the above aspects the writ petition is disposed of directing the petitioner either to participate in the auction sale proclaimed on 23/10/2009 and to make her offer for purchase of the particular item of property mentioned above. In case, if she could not participate in the W.P.(C)No. 29485 of 2009 -4- auction proclaimed on tomorrow, and the petitioner can approach the Bank with a concrete offer to make payment of the upset price or the price for which bid if any is proposed to be confirmed, whichever is higher, within 15 days from 23/10/2009. If such an approach is made the respondent Bank is directed to release or re-convey the said item of property after receiving the entire price as above. If any other offer is received in auction, the same shall be confirmed only after the lapse of two weeks from tomorrow, in order to facilitate the petitioner to make such payment. C.K. ABDUL REHIM JUDGE shg/