IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 12TH AUGUST 2009 / 21ST SRAVANA 1931 WP(C).No. 10333 of 2009(J) -------------------------- PETITIONERS: --------------- 1. PEEDIKAMMAKKANTAKATH AHAMMED RIYAS, AGED 57 YEARS, S/O.MAMMAD HAJI, "VENDOOR HOUSE", CHERUVAYUR P.O., VAZHAKKAD, MALAPPURAM DISTRICT. 2. SABIRA, W/O.PEEDIKAMMAKKANTAKATH ABDUL SALAM, "VENDOOR HOUSE", CHERUVAYUR P.O., VAZHAKKAD, MALAPPURAM DISTRICT. BY ADV. MR. C.KHALID MR. N.GOPINATHA PANICKER MR. R.O.MUHAMED SHEMEEM MR. T.P.SAJID MS. M.A.SULFIA MS. NAMITHA JYOTHISH RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE, MALAPPURAM BRANCH, REP. BY CHIEF MANAGER, KOZHIKODE MAIN BRANCH, KANNUR ROAD, CALICUT. 2. K.AADHIL MOHAMMEDKUTTY, AGED 30 YEARS, S/O.K.M.SALEEM, RESIDING AT HOUSE NO.24, DESHY COLONY, PUSHPANAGAR MAIN ROAD, NAGAMBHAKAM, CHENNAI. 3. P.P.MUNTAZ, AGED 51 YEARS, W/O.SALEEM, 84-SOUBHAGYA APPARTMENTS, MAVOOR ROAD, CALICUT. R1 BY ADV. SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 10333 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2009 JUDGMENT The petitioners are stated as bonafide purchasers of the property in question, which originally belonged to respondents 2 and 3 for valuable sale consideration. Subsequently, it was brought to the notice the petitioners, when confronted by the respondent Bank, that the above item was one of the different properties over which the respondents 2 and 3 had created security interest in connection with a cash credit facility availed from the Bank, which however was not reflected in any of the relevant records maintained by the concerned Sub Registry and hence the petitioners could not ascertain the factual position in this regard. 2. The learned counsel appearing for the petitioners submits that, the petitioners have made necessary arrangements, after contacting the respondents 2 and 3 and also the Bank, to have the liability towards the Bank cleared at the earliest possible opportunity and that the petitioners are ready and willing to effect a portion of the liability immediately and that they might be permitted to clear the balance within a reasonable time. 3. The learned counsel appearing for the respondent Bank submits that, the averments made by the petitioners that they are WP (C) No. 10333 of 2009 : 2 : innocnent purchasers cannot be taken into consideration, especially when they are related to the respondents 2 and 3. It is also brought to the notice of this Court that, as on date more than Rs. 13 lakhs is due with further interest and cost for clearing the loan transaction. However considering the submission made by the learned counsel for the petitioner as to the earnest steps, that are stated as being pursued by the petitioners, the petitioners are directed to pay a sum of Rs. 1 lakh within one week and a further sum of Rs. 4 lakhs on or before the 25th of September, 2009. The balance amount shall be cleared by the petitioners within a further period of three months there after. Subject to the above, the recovery proceedings, stated as being pursued by the Bank against the property belonging to petitioners, shall be kept in abeyance. It is made clear that, if any default is committed by the petitioners in satisfying the liability as above, the Bank will be at liberty to proceed against the property in question, by pursing the steps under the SARFAESI Act, from the stage where it stands now, for realization of the entire amount in lump sum. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd