IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 6TH JULY 2011 / 15TH ASHADHA 1933 WP(C).No. 11666 of 2011(G) ---------------------------------------- PETITIONER(S): ----------------------- 1. SANTHA KUMARI, AGED 39, W/O.M.SUKUMARAN, MELEVEETTIL, AGALI, PALAKKAD. 2. M.SUKUMARAN, AGED 50, S/O.KOTTAI. BY ADVS. SRI.K.S.MADHUSOODANAN SRI.T.V.JAYAKUMAR NAMBOODIRI SRI.THUSHAR NIRMAL SARATHY SRI.M.M.VINOD KUMAR SRI.P.K.RAKESH KUMAR SMT.M.A.RUXANA RESPONDENT(S): --------------------------- 1. BRANCH MANAGER, STATE BANK OF INDIA, AGALI, PIN-678 581. 2. AUTHORIZED OFFICER, STATE BANK OF INDIA, PATTAMBI, PIN-679 303. R1 & R2 BY SRI.K.K.CHANDRAN PILLAI, SENIOR ADVOCATE,SC BY ADV. SRI.A.S.SAJUSH PAUL, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C)NO.11666/2011 APPENDIX PETITIONER'S EXHIBITS: P1 COPY OF THE POSSESSION NOTICE UNDER RULE 8(1) DATED 18/3/2011. RESPONDENT'S EXHIBITS: NIL /TRUE COPY/ P.A.TO.JUDGE sts S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No. 11666 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 6th day of July, 2011 J U D G M E N T The petitioners borrowed money from the 1st respondent bank. The petitioners committed default in repayment of the same. The respondents have initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioners now submit that if the original documents of the property mortgaged are returned to the petitioners, the petitioners would be in a position to sell the property and pay off the amounts. This is opposed by the counsel for the respondents on the ground that the property is offered as security for due repayment of the loan amount which cannot be returned to the petitioners. I find considerable merit in the contention of the respondents. Since the title deeds of the property have been deposited with the bank as security for due repayment of the loan amount, the security cannot be released to the petitioners and consequentially the title deeds also cannot W.P.(C)No. 11666 of 2011 -2- be released. In view of the said opinion, the counsel for the petitioners seeks permission to pay off the amount in six (6) equal monthly installments. This is also opposed by the counsel for the bank. However taking a lenient view, I dispose of this writ petition with the following directions: The respondents shall permit the petitioners to pay off the balance amount due in six (6) equal monthly installments starting from 01.08.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the installments on due dates without default, further coercive recovery proceedings shall be kept in abeyance. However, if the petitioners commit default in any one of the installments, it would be open to the respondents to recover the entire amount in a lump sum by appropriate coercive legal proceedings. Sd/- S. SIRI JAGAN JUDGE //True copy// shg/ P.A. TO JUDGE