IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 30TH JULY 2008 / 8TH SRAVANA 1930 WP(C).No. 22934 of 2008(E) -------------------------- PETITIONERS: ----------------- 1. A.K.RADHAMONY , FIRE FORCE STAFF . CLUB ROAD , NEAR RAMAVARMA CLUB, ERNAKULAM. 2. K.R.CHANDRAMOHAN, FIRE FORCE STAFF QUARTERS, CLUB ROAD,NEAR RAMAVARMA CLUB,ERNAKULAM 3. SREEKUMARAN PILLA, S/O. LATE VISHNU NAMPOOTHIRI, SREERAGOM, PULLIKKKANAKKU P.O.,KAYAMKULAM BY ADV. SRI.P.B.SAHASRANAMAN SRI.K.JAGADEESH SRI.T.S.HARIKUMAR RESPONDENTS: ------------------ 1. STATE BANK OF TRAVANCORE REPRESENTED BY ITS CHIEF MANAGER KAYAMKULAM BRANCH, KAYAMKULAM, ALAPPUZHA DISTRICT 2. THE AUTHORIZED OFFICER, STATE BANK OF TRAVANCORE KAYAMKULAM, ALAPPUZHA DISTRICT BY SRI. SATHISH NINAN - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No. 22934 OF 2008 ---------------------------------------- Dated this the 30th day of July, 2008 JUDGMENT Petitioners 1 and 2 are defaulters in re-payment of loan amounts due to the respondents. They are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for selling the security interest for recovery of the amounts due. Earlier, they approached this Court by filing W.P.(C) No.7040/08, and suffered Ext.P1 judgment, in which, the writ petition was disposed of leaving it open to the petitioners to make a remittance satisfactory to the bank towards the loan availed of by them and making a representation to the bank before 31.3.2008. They did not comply with the same. Now they come with the proposal that the 3 rd petitioner is prepared to purchase the property and pay Rs.5 lakhs to the bank and they may be given some time to pay off the balance amounts. 2. This is opposed by the learned standing counsel for the bank, who would submit that as on today the amount due is W.P.(c)No.22934/08 2 about Rs.18,13,075/- (Rupees eighteen lakhs thirteen thousand and seventy five only) and since the petitioners have not complied with the direction in Ext.P1 judgment, no further relief can be granted to the petitioner. In so far as in Ext.P1 judgment, there is no specific decision in respect of the issues involved, I feel that despite Ext.P1 judgment, some leniency can be shown to the petitioners. Accordingly, the writ petition is disposed of with the following directions: The petitioners shall pay 1/3 rd of the amount due before the date of sale namely, 10.8.2008. The balance amount shall be paid on 10.9.2008 and 13.10.2008. If the petitioners pay the above amounts on the due dates, further proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of either the initial amount or any of the subsequent instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.22934/08 3