IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 29TH SEPTEMBER 2011 / 7TH ASWINA 1933 OP (DRT).No. 3145 of 2011(O) ---------------------------- AGAINST THE ORDER DATED 28/09/2011 IN INTERLOCUTORY APPLICATION NO. 2125/2011 IN SECURITISATION APPLICATION.549/2011 of DEBTS RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER : ------------ RADHAMANI K., D/O.SREEDHARAPANIKKER, AGED 50 YEARS, SREEBHAVAN, P.O.ERAVATTUR, PERAMBRA-673 525, KOZHIKODE DISTRICT. BY ADVS. SRI.K.M.FIROZ SMT.M.SHAJNA RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER AND CHIEF MANAGER, UNION BANK OF INDIA, REGIONAL OFFICE, KOZHZIKODE, 1ST FLOOR, KSHB COMPLEX, VIKASNAGAR, EAST HILL ROAD, KOZHIKODE-673 006. 2. UNION BANK OF INDIA, NELLIKODE BRANCH, KOZHIKODE, SUBADRA BUILDING, NELLIKODE P.O., MAVOOR ROAD, PATTAMMAL,KOZHIKODE-673 016. 3. K.SURESH KUMAR, UNION BANK OF INDIA, NELLIKODE BRANCH,KOZHIKODE. 4. SRINIVASAN.P.M, AGED 52 YEARS, S/O.GOPALAN, CHAVAKANDIPARAMBATH HOUSE, P.O.IRAVANGUR, KOYLANDI-673017. 5. NISHANTH P.K. AGED 32 YEARS,S/O.BALAN, KUTTODITHAZHE VEEDU, P.O. MUCHUKUNNU, KOYLANDY, KOZHIKODE DISTRICT-673017. 6. P.C.HYDER ALI, S/O.LATE P.C.MOHAMMED, AGED 46 YEARS,SALIM MANZIL, BEHIND CHRUCH, PANDANAKKAD P.O, NEELSWARAM, KASARAGOD -681121. ...2/- OP (DRT).No. 3145 of 2011(O) -2- 7. P.P.PEETHAMBARAN, S/O.LATE P.P.KESHAVAN, AGED 48 YEARS, HOUSE NO.XII/225, KAVUMCHIRA, KAITHAKAD POST, CHIRAVATHUR, KASARKODE-671121. 8. P.JAYADEV, S/O.N.VASUDEVAN, AGED 43 YEARS, LAKSHMI NIVAS, KANNATHUPARAMBU, PALAKKAD-13. 9. ORION FOODS AND BEVERAGES, 19/124 J, KMS ARCADE, EAST TALI, PUTHIYAPALAM,KOZHIKODE-673 002. 10. THE UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING & INSURANCE), DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI-110 001. R1 & R2 BY ADV. SRI. A.S.P. KURUP, SC R10 BY ADV. SRI. P. PARAMESWARAN NAIR, ASGI THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 29/09/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...3/- OP (DRT).No. 3145 of 2011(O) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE SECURITISATION APPLICATION DATED 21-9-2011 BEFORE THE DEBT RECOVERY TRIBUNAL, ERNAKULAM. EXT.P2 : COPY OF THE APPLICATION DATED 21-9-2011 FOR STAY OF SALE BEFORE THE DEBT RECOVERY TRIBUNAL, ERNAKULAM BY THE PETITIONER. EXT.P3 : COPY OF THE COMPLAINT DATED 1.12.2010 SUBMITTED BY THE PETITIONER BEFORE THE CITY POLICE COMMISSIONER, KOZHIKODE CITY. EXT.P4 : COPY OF THE AGREEMENT DATED 20.1.2011. EXT.P5 : COPY OF THE DETAILED OBJECTION DATED 1.4.2011 SUBMITTED BY THE PETITIONER BEFORE THE BRANCH MANAGER OF THE SECOND RESPONDENT BANK. EXT.P6 : COPY OF THE OBJECTION DATED 2.4.2011 SUBMITTED BY THE PETITIONER BEFOR THE REGIONAL MANAGER OF THE SECOND RESPONDENT BANK. EXT.P7 : COPY OF THE POSTAL RECEIPT OBTAINED FROM THE DEPARTMENT OF POST DATED 5.4.2011. EXT.P8 : COPY OF THE CERTIFIED COPY OF THE AFFIDAVIT DATED 30.6.2011 FILED BY THE CHIEF MANAGER OF THE BANK. EXT.P9 : COPY OF THE ORDER DATED 12.7.2011. EXT.P10 COPY OF THE REPLY DATED 26.7.2011 OF THE SENIOR MANAGER OF THE SECOND RESPONDENT BANK TO THE PETITIONER. EXT.P11 COPY OF THE COMMISSION REPORT AND INVENTORY DATED 17.8.2011 SUBMITTED BEFORE THE LEARNED MAGISTRATE. EXT.P12 COPY OF THE ORDER DATED 18.8.2011 OF THE LEARNED MAGISTRATE. EXT.P13 COPY OF THE SALE NOTICE DATED 26.8.2011. EXT.P14 COPY OF THE ORDER DATED 28-9-2011 OF DEBT RECOVERY TRIBUNAL, ERNAKULAM. RESPONDENT'S EXHIBITS : //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - O.P. (D.R.T.) No.3145 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 29th day of September, 2011 J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the respondents 1 & 2. The respondents 1 & 2 initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, against the petitioner and others. The petitioner challenged the same in a Securitisation Application before the Debts Recovery Tribunal as provided under Section 17 of the Act. In that S.A., the petitioner moved for an interim order against the sale of the secured asset. Pursuant thereto, Ext.P14 interim order has been passed whereby the DRT allowed the sale to go on but directed that the respondents 1 & 2 shall not insist on the successful bidder remitting the balance 75% sale consideration, which order practically amounts to stay of confirmation of the sale. The petitioner is challenging O.P. (D.R.T.) No.3145 of 2011 -2- that order. After arguing for sometime, the learned counsel for the petitioner submits that, the petitioner withdraws all her contentions against the proceedings now initiated and the petitioner is willing to withdraw the Securitisation Application itself. The petitioner confines her relief for permission to pay off the amounts due in instalments. In the above circumstances, I dispose of this writ petition with the following directions: The petitioner shall file an application for withdrawal of Ext.P1 Securitisation Application before the DRT within one week from today. The petitioner shall pay off the amounts due to the respondents 1 & 2 in 15 (fifteen) equal monthly instalments starting from 01.11.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on due dates without any default, further proceedings under the SARFAESI Act shall be kept in abeyance. However, if the petitioner commits default in payment of any one of the instalments, it would be open to O.P. (D.R.T.) No.3145 of 2011 -3- the respondents 1 & 2 to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. I make it clear that, if the petitioner has a case that the petitioner is entitled to recover the amount so paid, from respondents 3 to 9 or anybody else it would be open to the petitioner to seek appropriate remedies in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/