IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 30TH SEPTEMBER 2008 / 8TH ASWINA 1930 WP(C).No. 28028 of 2008(J) ------------------------------------------- PETITIONER: --------------------- RAJAN NEELAKANTAN, S/O.NEELAKANTAN, AGED 53 YEARS, REJANI VILASAM, VADAKADATHUKAVU PO., ADOOR. BY ADV. SRI.BECHU KURIAN THOMAS SRI.ROSHEN.D.ALEXANDER RESPONDENTS: ------------------------- 1. STATE BANK OF TRAVANCORE ADOOR BRANCH, PB.NO.51, PUNTHALA SHOPPING COMPLEX, ADOOR, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER (CHIEF MANAGER) STATE BANK OF TRAVANCORE, ADOOR BRANCH, P.B.NO.51, PUNTHALA SHOPPING COMPLEX, ADOOR. ADV. SRI.M.PATHROSE MATTHAI (SR.) FOR R1 & R2 SRI.SAJI VARGHESE FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.28028 of 2008-J = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 30th day of September, 2008. JUDGMENT 1.The petitioner availed a loan which, he states, was utilized for the purpose of the marriage of his daughter. Petitioner's wife was a guarantor. An item of property was offered as security property. On default in repayment, that security property has been brought to distress action under the SARFAESI Act. The first respondent moved the competent authority under Section 14 of that Act and has obtained an order issuing a commission to effect dispossession of the petitioner. There is no jurisdictional error or legal infirmity in those proceedings. 2.On the first date of hearing, the petitioner was required to state whether he has any concrete proposal to liquidate the outstandings. He says WP(C)28028/08 -: 2 :- through his learned counsel today that he has two intending purchasers whose name and address are furnished to his counsel and that the petitioner can liquidate the entire outstandings in six months by selling a portion of the property. While there may be bona fides in what the petitioner says, I do not deem it appropriate to push the distress action by six months as sought for by the petitioner, without imposing any terms as to payments in the meanwhile. If the petitioner has intending purchasers, he can very well get funds from them to pay the outstandings. For the aforesaid reasons, this writ petition is ordered directing that the petitioner will be given a last opportunity of deferring the dispossession by a period of five months, if the petitioner pays at the rate of 1/5th of the total outstandings on or before the last working day of every month commencing from October, 2008. The time limit fixed above shall be treated as peremptory and shall not be extended under any WP(C)28028/08 -: 3 :- circumstances. It is also ordered that the petitioner hereby stands foreclosed from all his statutory remedies under the SARFAESI Act in view of the fact that this Court has considered the issue on merits and is issuing this order in exercise of the discretionary jurisdiction. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/300908