IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH FRIDAY, THE 11TH APRIL 2008 / 22ND CHAITHRA 1930 WP(C).No. 12867 of 2008(F) ----------------------------------------- PETITIONERS: ---------------------- 1. M/S LIMA SAREES, PLATINUM CENTRE, FORT ROAD, KANNUR, REPRESENTED BY ITS MANAGING PARTNER SRI. P.NAUSHAD, RESIDING AT 'VISHAL', KODAPARAMBA, P.O.THANA, KANNUR-12. 2. PUTHIYANDI RUKHIYABI, W/O AHAMEDKUTTY, AGED 60 YEARS, FOUZIYA MANZIL, URUVACHAL, P.O.CHOVVA, KANNUR. BY ADV. SRI.A.MOHAMED MUSTAQUE SRI.KAUSER EDAPPAGATH RESPONDENTS: ------------------------- 1. THE VIJAYA BANK, FORT ROAD, KANNUR-1 REPRESENTED BY ITS BRANCH MANAGER. 2. THE CHIEF MANAGER & AUTHORISED OFFICER, VIJAYA BANK, REGIONAL OFFICE, R&R SECTION, 1ST FLOOR, JOSE ANNEX JOSE JUNCTION, M.G.ROAD, ERNAKULAM. BY SRI. K.ANAND, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss K. M. JOSEPH, J. -------------------------------------- W.P.C. NO. 12867 OF 2008 F -------------------------------------- Dated this the 11th April, 2008 JUDGMENT Proceedings under the Securitisation And Reconstruction of Financial Assets And Enforcement of Security Interest Act, 2002 (for short, the Act) were taken against the petitioners. The secured asset is the residential property belonging to the second petitioner. According to the petitioners, they are paying the amounts in instalments. They have already paid Rs.4.5 lakhs, it is submitted by the learned counsel for petitioners. I heard the learned counsel appearing for the respondent Bank also. The residential property belonging to the second petitioner came to be taken possession of through the proceedings before the Chief Judicial Magistrate, Thalassery under Section 14 of the Act. The prayer in the Writ Petition is to deliver back the possession of the property. It appears that the petitioners have approached the Chief Judicial Magistrate for re-delivery of the property. But, it came to be rejected. The order is not produced. WPC. 12867/08 2 2. Learned counsel for the respondents submits that if the petitioners are prepared to pay the next instalment and continue to pay the further instalments, the respondents will give back possession of the property in question to the petitioners, upon payment of the third instalment. He would submit that it should be subject to the further condition that the petitioners shall give an undertaking to the effect that if they commit default in payment of the further instalments, they will surrender vacant possession to the respondents. It is also stated that an undertaking as aforesaid should be filed before the Chief Judicial Magistrate, Thalassery. 3. In the light of the stand taken by the learned counsel for the respondents, the Writ Petition is disposed of as follows: Upon payment of the third instalment, the second respondent will put the second petitioner back in possession of the property subject to the further condition that the second petitioner shall give an undertaking before the Chief Judicial Magistrate, Thalassery that in case the petitioners default in WPC. 12867/08 3 payment of the further instalments, the second petitioner will surrender vacant and peaceful possession of the property to the second respondent. K. M. JOSEPH, JUDGE kbk.