IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 13TH AUGUST 2009 / 22ND SRAVANA 1931 WP(C).No. 20921 of 2008(N) ---------------------------------------- PETITIONER(S): ------------------------- K.A. GEORGE, KANATTE HOUSE, KOLAYAD.P.O, KUTHUPARAMBA, PIN-670 650. BY ADV. MR.G.MOHAN RESPONDENT(S): ------------------------- 1. CHIEF REGIONAL MANAGER, REGIONAL OFFICE, INDIAN OVERSEAS BANK, KOZHIKODE. 2. CHIEF MANAGER, REGIONAL OFFICE, INDIAN OVERSEAS BANK, KOZHIKODE. 3. INDIAN OVERSEAS BANK, TALAP, KANNUR-670 002. REPRESENTED BY ITS SENIOR MANAGER. 4. T. OOMMEN PANICKER, MANAGING PARTNER, TOPS MANOR, PANAVELI.P.O, KOTTARAKKARA-691 544. 5. AUTHORISED OFFICER, INDIAN OVERSEAS BANK, TALAP, KANNUR. R1 TO R3 BY ADVS. .P.B.SURESH KUMAR, SC,I.O.BANK R4 BY MR.P.PUSHPARAJAN, MR.O.K.MURALEEDHARAN. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 13/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.20921/2008 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE DTD. 30.1.07. P2:- COPY OF THE NOTICE DTD. 7.11.07. P3:- COPY OF THE MINUTES OF THE MEETING DTD. 28.11.07. P4:- COPY OF THE NOTICE DTD. 15.12.07. P5:- COPY OF THE PAPER PUBLICATION ISSUED BY THE 5TH RESPONDENT DTD. 23.2.08. P6:- COPY OF THE PUBLICATION ISSUED BY THE 5TH RESPONDENT DTD. 11.6.08. P7:- COPY OF THE OBJECTION FILED BY THE PETITIONER DTD. 12.4.08. TRUE COPY P.A. TO JUDGE tss S.SIRI JAGAN, J. ================== W.P(C).No.20921 of 2008 ================== Dated this the 13th day of August, 2009 J U D G M E N T The petitioner, who is a surety for loan amounts granted to the 4th respondent, by respondents 1 to 3, has filed this writ petition challenging the proceedings under the the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“the Act” for short) initiated by respondents 1 to 3 against the properties mortgaged by the petitioner to the bank as security for repayment of the loan amounts given to the 4th respondent. At the time of admission, I had passed the following interim order: “Admit. Standing counsel takes notice on behalf of the respondents 1 to 3 and 5. Issue notice to the 4th respondent. There would be an interim order to the effect that the properties of the petitioner shall be proceeded against only after the proceedings against the properties of the principal debtor are complete. However, advertisement for sale can be issued simultaneously of all properties together. But the sale shall only be as per the above interim order.” Now it is submitted before me that the 4th respondent has filed an appeal before the Debts Recovery Tribunal against the proceedings under the Act, in which there is already a stay of further proceedings under the Act. That being so, no further orders are necessary in this writ petition. Accordingly, the same is closed without prejudice to the right of the petitioner to get himself impleaded in the appeal before the Debts Recovery Tribunal and seek appropriate reliefs therein. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge 2 sdk+ S.SIRI JAGAN, JUDGE