IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM MONDAY, THE 6TH SEPTEMBER 2010 / 15TH BHADRA 1932 WP(C).No. 21616 of 2010(B) --------------------------------------- (S.A.NO.176/2010 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM) .................... PETITIONERS: --------------------- 1. M/S.PALIA BROTHERS, CHETHALAYAM P.O, SULTHAN BATHERY, WAYANAD DISTRICT-673 592, REPRESENTED BY ITS MANAGING PARTNER. 2. Y.R.PALIA,CHETHALAYAM P.O, SULTHAN BATHERY, WAYANAD DISTRICT-673 592, 3. N.R.PALIA,CHETHALAYAM P.O, SULTHAN BATHERY, WAYANAD DISTRICT-673 592. BY ADVS. SRI.MOHAN PULIKKAL, SMT.MANJU RAJAN, SRI.K.S.ARUN BABU, SMT.A.AMRUTHA VIDYADHARAN. RESPONDENT: --------------------- CANARA BANK, SULTHAN BATHERY BRANCH, WAYANAD DISTRICT-673 592, REPRESENTED BY ITS AUTHORISED OFFICER. BY SRI. P. GOPINATHA MENON, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/09/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. C.K.ABDUL REHIM, J. -------------------------------------- W.P.(C).No.21616 of 2010 -------------------------------------- Dated this the 6th day of September, 2010 J U D G M E N T ---------------------- Consequent to default committed in repayment of loan availed by the petitioners from the respondent Bank, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) was initiated. Immovable properties of the petitioners, which are the secured assets, were sought to be taken over possession on issuing notice contemplated under Section 13(4). The petitioner thereupon approached the Debts Recovery Tribunal invoking Section 17 by filing S.A.176/2010. The Tribunal was pleased to grant conditional stay in I.A.No:669/10, against further proceedings, on condition of the petitioner making payment of a sum of Rs.5 lakhs on or before 31.3.2010 and another sum of Rs.5 lakhs W.P.(C).21616/10 -2- on or before 30.4.2010. The petitioners have remitted a sum of Rs.5 lakhs on 6.4.2010, i.e. after the date stipulated in the interim order. Thereafter the Tribunal was moved seeking extension of time for payment of the balance amount. Through Ext.P5 order dt. 21.5.2010, the Tribunal had extended the time for payment till 31.5.2010, reserving liberty to the respondent Bank to proceed with further steps in case of non compliance, after 25.6.2010. It is being aggrieved by Ext.P5 order that this writ petition was filed. According to the petitioners, even thereafter the petitioner had remitted a further sum of Rs.1,45,000/- as evidenced from Ext.P6 receipts. 2. Exts.P4 & P5 orders are issued by the Debts Recovery Tribunal exercising its discretionary jurisdiction. The appeal filed under Section 17 is pending adjudication and disposal. The interim arrangements made in Exts.P4 & P5 are ordered on considering all the facts and circumstances prevailing, and also after adverting to the contentions in the Appeal. The petitioner could not raise W.P.(C).21616/10 -3- any successful legal challenge against Exts.P4 & P5 in this writ petition. I do not find any illegality, irregularity or impropriety with respect to Exts.P4 & P5. It could not be contended that the stand taken by the Tribunal is per se arbitrary or unreasonable in any manner. Therefore the writ petition is devoid of any merit and the same is liable to be dismissed. 3. However, learned counsel appearing for the petitioner made an appeal seeking indulgence of this court to permit the petitioner a period of 2 months to comply with the condition stipulated in Ext.P4. Learned Standing Counsel appearing for the respondent stiffly opposed such prayer. Having considered totality of circumstances, I am inclined to show some indulgence in the matter. 4. In the result the writ petition is dismissed making it clear that if the petitioner remits the entire balance as stipulated in Ext.P4, within a period of one month from today, the same shall be treated as due compliance of the condition stipulated therein. In order to facilitate the W.P.(C).21616/10 -4- petitioner to comply with such condition, the respondent is directed to keep in abeyance further coercive steps pursuant to Ext.P3 for a period of one month. If the condition is complied with as directed above, the Tribunal shall proceed with adjudication and disposal of the appeal, at the earliest possible. C.K.ABDUL REHIM, JUDGE. okb