IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 28TH SEPTEMBER 2011 / 6TH ASWINA 1933 WP(C).No. 25858 of 2011(F) -------------------------------------- PETITIONER: ------------------- SAWMANI, AGED 47 YEARS, W/O. PUSHKARAN, THAYIL HOUSE, PANAMUCK, KANIMANGALAM VILLAGE, THRISSUR TALUK, THRISSUR DISTRICT. BY ADV. SRI.C.D.DILEEP. RESPONDENTS: ------------------------ 1. M/S. UNION BANK OF INDIA, TUDA BUILDING, SAKTHAN ARCADE, THRISSUR - 680 001, REPRESENTED BY ITS MANAGER. 2. AUTHORIZED OFFICER, M/S. UNION BANK, C.K. VIJAYAKUMAR, CHIEF MANAGER, UNION BANK OF INDIA, THRISSUR, PIN - 680 001. 3. JAYAKUMAR DAMODHARAN, S/O. DHAMODHARAN, ASWATHI BHAVAN, VENGINISSERY VILLAGE AND DESAM, THRISSUR, PIN - 680 003. R1 & R2 BY SRI. A.S.P. KURUP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/09/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).NO.25858/2011-F: APPENDIX PETITIONER'S EXHIBITS:- EXT.P.1: COPY OF THE SALE DEED IN FAVOUR OF THE PETITIONER DTD. 2/11/2005. EX T.P.2: COPY OF THE SALE DEED NO. 6799/2005 DTD. 23/12/2005. EXT.P.3: COPY OF THE PLAINT IN O.S. 783/2011 PENDING BEFORE THE SUB COURT, THRISSUR, DTD. 13/06/2011. EXT.P.4: COPY OF THE POSSESSION NOTICE DTD. 30/06/2011 FIXED ON THE PROPERTY. RESPONDENT'S EXHIBITS:- NIL. //TRUE COPY// P.A. TO JUDGE Prv. S. SIRI JAGAN, J. ------------------------------------------- W.P.(C) No.25858 OF 2011 ---------------------------------------------- Dated this the 28th day of September, 2011 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, against certain properties belonging to the 3rd respondent, initiated by respondents 1 and 2 for recovery of loan amounts due from the 3rd respondent. The petitioner submits that the petitioner has entered into an agreement with the 3rd respondent for purchase of the petitioner's property. Now the petitioner is prepared to pay off the amounts due from the 3rd respondent to respondents 1 and 2. 2. I have heard the learned Standing Counsel for the bank, who opposes the prayers. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.3 lakhs within one week. The balance amount due shall be paid in eight equal monthly instalments starting from 1.11.2011. Every subsequent W.P.(C)No.25858/11 2 instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the Rs.3 lakhs and the instalments on due dates without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.3 lakhs or any one of the instalments as directed above, it would be open to respondents 1 and 2 to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The 1st respondent shall issue a statement of accounts regarding amounts payable by the 3rd respondent to the petitioner within two weeks from today. S. SIRI JAGAN, JUDGE acd W.P.(C)No.25858/11 3 W.P.(C)No.25858/11 4