IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 2ND AUGUST 2011 / 11TH SRAVANA 1933 OP (DRT).No. 2505 of 2011(O) ------------------------------------------ [SA.NO.91/2010 OF DEBT RECOVERY TRIBUNAL, KERALA & LAKSHADWEEP, ERNAKULAM] .................... PETITIONERS: --------------------- 1. T.N.SATHEE DEVI, AGED 63, W/O.LATE ADVOCATE M.VISWANATHAN, DOOR NO.18/760, ENGLISH CHURCH ROAD, PALAKKAD. 2. P.V.VINOD, AGED 42, S/O.ADVOCATE M.VISWANATHAN, DOOR NO.18/760, ENGLISH CHURCH ROAD, PALAKKAD. BY SRI.N.SUKUMARAN, SENIOR ADVOCATE, ADVS. SRI.S.SHYAM, SRI.V.K.BALACHANDRAN. RESPONDENTS: ------------------------ 1. PUNJAB NATIONAL BANK, REPRESENTED BY CHIEF MANAGER AND AUTHORISED OFFICER, CIRCLE, SHATHABDI BHAVAN, GOVINDAPURAM, MINI BY PASS ROAD, KOZHIKODE, PIN 673 016. 2. D.SUDEVAN, S/O.DESAI, AGED 36, SIVAJI ROAD, MUTHANTHARA, KOPPAMSAM, PALAKKAD-678 001. 3. S.BABU, S/O.SUBRAMANYAN, AGED ABOUT 30, "KARTHIKEYA", SREERAMAPALAYAM, KARNAKI NAGAR, MUTHANTHARA, KOPPAMSAM, PALAKKAD- 687 001. BY ADV. SRI. C. AJITH KUMAR. THIS OP (DEBT RECOVERY TRIBUNAL) HAVING COME UP FOR ADMISSION ON 02/08/2011,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: O.P.(DRT).NO.2505/2011-O: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE PLAINT IN O.S. NO. 81/2007 ON THE FILES OF SUB COURT, PALAKKAD. EXT.P.2: COPY OF THE PLAINT IN O.S. NO.141/08 ON THE FILES OF SUB COURT, PALAKKAD. EXT.P.3: COPY OF THE POSSESSION NOTICE DTD 22/12/2009 ISSUED BY THE R.1. EXT.P.4: COPY OF THE S.A. NO. 91/2010 ON THE FILES OF DEBT RECOVERY TRIBUNAL, ERNAKULAM WITHOUT ANNEXURES. EXT.P.5: COPY OF THE INTERIM ORDER DTD. 16/07/2010 IN INTERLOCUTORY APPLICATION NO. 1921/2010 IN S.A. NO. 91/2010. EXT.P.6: COPY OF THE PROCEEDINGS OF DRT, ERNAKULAM DT.D 25/07/2011. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.S. TO JUDGE. Prv. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= O.P(DRT) No. 2505 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 2nd day of August, 2011. J U D G M E N T The 1st respondent initiated proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of loan amounts due from respondents 2 and 3 to the 1st respondent, repayment for which the properties of the petitioners were proceeded against. The petitioners approached the Debt Recovery Tribunal. Conditional stay orders were passed on part payment of the dues. Originally, the petitioners complied with the conditions. Later, the petitioners could not comply with the directions and therefore by Ext.P5 order the stay was vacated. It is under the above circumstances, the petitioners have filed this original petition seeking the following reliefs: “A. Call for the records relating to Exts. P3 to P6 from the Debt Recovery Tribunal, Ernakulam and set aside Ext.P6 by appropriate direction or order. B. Issue a direction to the 1st respondent to stop further proceedings on the basis of Ext.P 3 for a reasonable time of not less than six months in order to enable the petitioners to discharge the liability due to it on a proper settlement of account.” The petitioners are prepared to pay the balance amounts due. But the petitioners seek only some time. This is opposed by the counsel for the 1st respondent. Having heard both sides, I dispose of this original petition with a direction to the 1st respondent to permit the petitioners to pay off the balance amounts due on or before 30.9.2011. Further proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 shall be kept in abeyance till 30.9.2011. If the petitioners commit default in payment of the balance amount on or before 30.9.2011, it would be open to the 1st respondent to continue proceedings as now initiated without having to issue any further notice and proceedings in this regard. If the petitioners settle the loan account by paying the balance amount due on or before 30.9.2011, further proceedings under the Act shall be dropped. Sd/- S. Siri Jagan, Judge. Tds/