IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE CHIEF JUSTICE MR.H.L.DATTU & THE HONOURABLE MR. JUSTICE A.K.BASHEER WEDNESDAY, THE 11TH JUNE 2008 / 21ST JYAISHTA 1930 WA.No. 1175 of 2008 ----------------------------- AGAINST THE JUDGEMENT IN WPC.15139/2008 Dated 02/06/2008 .................... APPELLANT/RESPONDENTS 1 TO 3: --------------------------------------------------- 1. THE SOUTH INDIAN BANK LTD., P.B.NO.2702, DHARMODHAYAM BUILDING, 2ND FLOOR, SHANMUGHAM ROAD, MARINE DRIVE ERNAKULAM, REPRESENTED BY ITS GENERAL MANAGER. 2. THE SOUTH INDIAN BANK LTD. P.B.NO.28, T.B.ROAD, THRISSUR, REP. BY ITS CHAIRMAN. 3. THE SOUTH INDIAN BANK LTD. P.B.NO. 2036, ELIAS CHAMBERS, BANERJI ROAD, COCHIN-18, REP. BY ITS MANAGER. BY ADV. SRI.GEORGE VARGHESE,SC,SOUTH INDIAN BAN RESPONDENTS/PETITIONERS & 4TH RESPONDENT: ------------------------------------------------------------------------- 1. AJITH KUMAR.M., S/O. MADHAVAN ACHARI AJITH MANZIL, 32/779, ELAVUNKAL ROAD, PALARIVATTOM, COCHIN 682 025. 2. MINIJA AJITH, W/O. AJITH KUMAR .M., AJITH MANZIL, 32/779, ELAVUNKAL ROAD, PALARIVATTOM, COCHIN 682 025. 3. TH CHAIRMAN, RESERVE BANK OF INDIA, 5TH FLOOR CENTRE CAFFE PARADE MUMBAI 400005 R1 & R2 - BY ADV.SMT.K.V.RESHMI. R3 - BY ADV.SRI.P.JACOB VARGHESE. THIS WRIT APPEAL HAVING COME UP FOR ADMISSION ON 11/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: H.L. DATTU, C.J. & A.K. BASHEER, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.A.No. 1175 of 2008 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 11th day of June, 2008 Judgment H.L. Dattu, C. J: The South Indian Bank Ltd. which was the respondent in W.P.No.15139/2008 has filed this appeal, being aggrieved by the order passed by the learned single Judge in the writ petition dated 2nd June, 2008. By the impugned order the learned single Judge, keeping in view the plight of the petitioners, has extended his helping hand to save the petitioners from a disastrous situation. 2. Petitioners are defaulters in repayment of loan amounts due to the first respondent Bank. The Bank has initiated proceedings under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 and has taken possession of the one and the only residential property that the petitioners have. 3. Before the learned single Judge the petitioners' only submission was that they are prepared to pay the entire amount which is in arrears as on that day with interest thereon and further has undertaken before the court that they shall pay the future instalments on the due date and that they would not commit any default whatsoever. 4. Keeping in view the interests of the petitioners and also keeping in view that the petitioners have only one shelter over their heads, the learned single Judge has extended his helping hand to the petitioners and while doing so has observed in the order as hereunder: WA.No.1175/08 : 2 : “However, if the petitioners fail to pay either the amount required for regularisation of the loan account or any of the future instalments as directed above, it would be open to respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard.” 5. The observation made by the learned Judge is in fact beneficial to the respondents/appellants. The learned Judge has protected all the rights of the respondents. In that view of the matter, we are of the firm opinion that the learned single Judge has not committed any error whatsoever which would call for our interference. In that view of the matter the appeal requires to be rejected and it is rejected. We make it clear that if, for any reason, the petitioners in the writ petition commits any default in repaying the instalments due to the Bank, the Bank is at liberty to continue the proceedings from the stage it was interrupted by this Court. We also direct the appellant Bank to accept the entire outstanding instalments due to the appellant Bank and immediately thereafter hand over possession of the residential premises which they have taken possession of pursuant to the notice issued by them under Sections 13(2) and 13(4) of the Act. Ordered accordingly. H.L. DATTU Chief Justice A.K. BASHEER Judge WA.No.1175/08 : 3 : an.