IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 1ST AUGUST 2011 / 10TH SRAVANA 1933 WP(C).No. 15974 of 2011(V) -------------------------- PETITIONER(S) :- ------------------------ 1. ANTONY SEBASTIAN, AGED 77 YEARS, S/O.K.S.ANTONY, KOYIPPARAMBIL, PALLITHODU P.O., ALAPPUZHA. 2. SURAJ SEBASTIAN, AGED 39 YEARS, S/O.SEBASTIAN, KOYIPPARAMBIL, PALLITHODU P.O., ALAPPUZHA. BY ADV. SRI.A.T.ANILKUMAR SMT.V.SHYLAJA RESPONDENT(S) :- -------------------------- 1. BANK OF INDIA REP. BY THE MANAGER, THURAVOOR BRANCH, PIN – 683 586. 2. CHIEF MANAGER AND AUTHORIZED OFFICER, ZONAL OFFICE, KALOOR TOWERS, KALOOR-KADAVANTHRA ROAD, KOCHI-17. ADV. SRI.P.P.JOYI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/08/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: jvt WP(C).No.15974 OF 2011 APPENDIX Petitioner's Exhibits :- Ext.P1 :- Copy of judgment passed WP(C) No.26869/2010. Ext.P2 :- Copy of the loan passbook of the petitioners. Respondent's Exhibits :- Annexure-R2-A:- SARFAESI Notice dated 14.6.2010. //True Copy// P.A. to Judge S.SIRI JAGAN, J. ------------------------------------- WP(C) No.15974 of 2011 -------------------------------------- Dated this the 1st day of August, 2011 JUDGMENT Petitioners are borrowers of loan amount from the first respondent bank. The first respondent initiated proceedings under the Securitization And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI ACT). That is under challenge in this writ petition. 2. According to the petitioners, as evident from Ext.P2, the petitioners have paid the entire amount due and therefore the petitioners are not liable to pay any further amount. Therefore the petitioners seek the following reliefs:- “A) Issue a writ of mandamus or any other appropriate writ order or direction thereby direct the respondents not to demand any further amount more than the amount mentioned in the demand notice issued and without issuing any further demand or with out convincing the petitioners about the head of additional demand and to release the title deed of the petitioners which is entrusted with the respondents at the time of taking the loan.” A statement has been filed by the respondents to the effect that Ext.P2 does not take in any interest due after the loan account was declared as a N.P.A and the petitioners have to pay the interest due after loan account was declared as a N.P.A. They would submit that further amount of Rs.37,513/- is due. Although the petitioners question the validity of that WP(C) No.15974 of 2011 : 2 : statement, they would submit that they may be given some time to pay off that amount. Accordingly, this writ petition is disposed of with the following directions:- The respondents shall permit the petitioners to pay the said amount of Rs.37,513/- in three equal monthly instalments starting from 01.09.2011. Subsequent instalments shall be paid on the first working day of every succeeding month. Immediately on payment of the entire amount as directed above, within one week therefrom, the title deeds of the petitioners' property shall be returned by the respondents to the petitioners. If the petitioners pay the instalments on the due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of any one of the instalments as directed above, it would be open to the the respondents to continue proceedings as now initiated, without having to issue any fresh notice or proceedings in that regard. Needless to say interest would accrue until the entire amounts are paid off. S.SIRI JAGAN JUDGE dmb