IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.K.ABDUL REHIM THURSDAY, THE 2ND DECEMBER 2010 / 11TH AGRAHAYANA 1932 WP(C).No. 30388 of 2010(W) -------------------------- PETITIONER(S): --------------- 1. M/S.SANTHOME LATEX ENTERPRISES, TC 5/2551, (TOP FLOOR), PARANICKAL GREEN VIEW, GOLF LINKS ROAD, KOWDIAR P.O., THIRUVANANTHAPURAM-695003, REP. BY ITS MANAGING PARTNER SRI.JOY KALLARACKAL. 2. JOY KALLARACKAL, TC 5/2551, (TOP FLOOR), PARANICKAL GREEN VIEW, GOLF LINKS ROAD, KOWDIAR P.O., THIRUVANANTHAPURAM-695003. 3. BINDU JOY, TC 5/2551, (TOP FLOOR), PARANICKAL GREEN VIEW, GOLF LINKS ROAD, KOWDIAR P.O., THIRUVANANTHAUPURAM-695003. BY ADV. SRI.ANIL D. NAIR SMT.NIVEDITA A.KAMATH RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, KOWDIAR, THIRUVANANTHAPURAM. 695 003 2. THE ASSISTANT GENERAL MANAGER, STATE BANK OF TRAVANCORE, KOWDIAR BRANCH, THIRUVANANTHAPURAM. 695 003 ADV. SRI.R.S.KALKURA FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/12/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.K. ABDUL REHIM, J ------------------------------- WP(C) NO. 30388 OF 2010 ------------------------------------- Dated this the 2nd day of December, 2010 JUDGMENT Challenge in this Writ Petition is against proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), consequent to default committed by the petitioners in repayment of business loans availed from the respondent Bank. 2. Since the petitioner had not availed the statutory remedies for raising challenges against the impugned proceedings, this Court was not inclined to interfere with the matter. However, on the basis of submissions made by learned counsel that the petitioner is undertaking to make payment of a sum of Rs.2.5 crores immediately, an interim stay was granted against further proceedings subject to condition of payment of the said amount on or before 15.11.2010. Subsequently the petitioner filed I.A. 15996/2010 seeking extension of time 2 WP(C) No. 30388/2010 for compliance of the condition on the premise that a sale proposed with respect to some of the properties belonging to the petitioner is expected to be completed within a short period. The above application was allowed on 22.11.2010 and an extension was allowed till 30.11.2010. 3. When the matter came up for consideration on today, it is submitted that the petitioners could not comply with the condition stipulated. Under such circumstances, I am not inclined to entertain this Writ Petition any further. However, it is made clear that the petitioners will be at liberty to invoke remedy if any available before the statutory authority. 4. In the result, the Writ Petition is dismissed without prejudice to rights if any available to the petitioner to invoke the remedy provided under the statute before the appropriate authority. C.K. ABDUL REHIM JUDGE dnc