IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 3RD APRIL 2009 / 13TH CHAITHRA 1931 WP(C).No. 8293 of 2009(F) ------------------------------------- PETITIONERS: --------------------- 1. RAMANI.T.V, W/O.SUDHAKARAN, AGED 46 YEARS, PALAKKADI PADINJAREPURAKAL HOUSE, P.O.WADANAPPILLY, THRISSUR. 2. SUDHARAKARAN, S/O.AYYAPPAN, PALAKKADI PADINJAREPURAKAL HOUSE, P.O.WADANAPPILLY, THRISSUR. 3. SREEMOHAN.T.R., S/O.RAGHAVAN, THEKKOOTTU HOUSE, KODANNUR, THRISSUR DISTRICT. BY ADVS. MR.C.A.CHACKO, SMT.C.M.CHARISMA, MR.N.A.SHAFEEK. RESPONDENTS: ------------------------ 1. THE AUTHORISED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE, DORAISWAMI ROAD, ERNAKULAM, KOCHI-35. 2. KERALA STATE CO-OPERATIVE BANK LTD., THRISSUR BRANCH, REPRESENTED BY MANAGER, THRISSUR. R1 & R2 BY ADV. MR.NAGARAJ NARAYANAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/04/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.8293 of 2009-F = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 3rd day of April, 2009. JUDGMENT The petitioners face distress action under the SARFAESI Act. They sought for a direction to permit them to sell the property by private sale. This Court ordered on 17.3.2009 that if the petitioners remit an amount of Rs.50,000/-, such request would be considered by the bank. The learned counsel for the bank states that on receipt of the amount paid by the petitioners, the bank is even ready to re-schedule the transaction on payment of further pending arrears. Taking that into consideration, it is ordered that if the petitioners offer a buyer for private sale within two months from now, the bank will receive the entire amounts due, subject to any reduction that it may do in its discretion and close the transaction and release the WP(C)8293/09 -: 2 :- documents so that the petitioners can effect the transfer to the vendee. This direction would not stand in the way of the petitioners availing the benefit of regularization or re-scheduling of the transaction, if they so desire. The petitioners shall not be dispossessed for a period of three months to enable the aforesaid being worked out. The writ petition is ordered accordingly. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/060409