IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 29TH OCTOBER 2008 / 7TH KARTHIKA 1930 WP(C).No. 31776 of 2008(G) -------------------------------------- PETITIONER(S): ---------------------- 1. J.A.ERNEST ALIAS JOSEPH AUGUSTINE ERNEST, AGED 90, S/O. AUGUSTINE PAPPALI, PAPPALI HOUSE, UNICHIRA, KOCHI-682 024, PRESENTLY AT 'AVE MARIA', PAPPALI HOUSE, FR.MANUEL ROAD, KATHRIKADAVU, KOCHI-682 018. 2. AMMINI ERNEST, AGED 80, W/O.J.A.ERNEST, PAPPALI HOUSE, UNICHIRA, KOCHI-682 024, PRESENTLY AT 'AVE MARIA', PAPPALI HOUSE, FR.MANUEL ROAD, KATHIRKADAVU, KOCHI-682 018. BY ADV. SRI.P.K.JOSEPH RESPONDENT(S): ------------------------ 1. STATE BANK OF INDIA, ERNAKULAM BRANCH, KOCHI-682 011, REPRESENTED BY ITS CHIEF MANAGER AND PRICIPAL OFFICER. 2. THE AUTHORISED OFFICER, STATE BANK OF INDIA, STRESSED ASSETS RESOLUTION CENTRE, 40/974, 2ND FLOOR, R.S.BUILDING, M.G.ROAD, ERNAKULAM, KOCHI-682 011. 3. DEBT RECOVERY TRIBUNAL KERALA AT ERNAKULAM, HOUSING BOARD BUILDING, PANAMPILLY NAGAR, ERNAKULAM. ADV. SRI.K.K.CHANDRAN PILLAI, SC FOR R1, R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Rs/ THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.31776 OF 2008 ------------------------------------------- Dated this the 29th day of October, 2008 JUDGMENT Petitioners have filed this writ petition on the ground that securitisation applications filed by them before the Debt Recovery Tribunal, touching certain action taken by the first respondent under the SARFAESI Act, are not being attended to for want of Presiding Officer and because of that, the property offered as security is being brought to sale. Learned counsel for the first respondent points out that the securitisation application was filed in February, 2008 and the Presiding Officer then in office retired only in August, 2008 and that in spite of different postings, the petitioners were unable to obtain any interim order. It is also pointed out that the officer now in charge of the Tribunal had also listed the matter, however, that no interim order was issued and the petitioners did not avail the opportunity though the case was listed at their instance. It is stated that today, the bank has sold the property and one Sri.Lalan has purchased it in auction for Rs.32 lakhs and therefore, third party interests have intervened. It is also WPC.31776/08 Page numbers pointed out that following the transaction which commenced in 1998 and 2000, O.A.107/03 is pending before the DRT under the RDB Act and until now, final decision has not been arrived at in that matter. The bank accordingly states that even if the sale is confirmed, the petitioners will have remedy by way of securitisation application before the DRT. In the aforesaid circumstances, the writ petition is disposed of directing that if the petitioners remit an amount of Rs.10 lakhs within a period of two weeks from now and an amount of Rs.25 lakhs within a further period of one month, confirmation of the sale shall be deferred awaiting final decision in the securitisation application pending before the DRT. If any of the aforesaid amounts are not remitted, the benefit of this judgment will stand recalled and this writ petition will stand dismissed automatically. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.