IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH TUESDAY, THE 3RD MARCH 2009 / 12TH PHALGUNA 1930 WP(C).No. 6356 of 2009(L) ------------------------- PETITIONER(S): --------------- 1. K.C.KOMALA, KUNNUMMAL HOUSE KOLMOTTA,PARASSINIKADAVU, KANNUR DISTRICT, NOW RESIDING AT KANIYARA HOUSE,OZHAKROM, POST MORAZHA, KANNUR DISTRICT. 2. MRS.JANAKI, W/O.LATE V.K.GOPALAN NAIR, VAZHAYIL HOUSE PINARAYI, (VIA) THALASSERY, KANNUR DISTRICT. BY ADV. SRI.P.U.SHAILAJAN RESPONDENT(S): --------------- 1. INDIAN BANK, REPRESENTD BY BRANCH MANGER, PAPPINISSERI BRANCH, P.O.PAPPINISSERI, KANNUR DISTRICT. 2. THE CHIEF MANAGER INDIAN BANK, P.B.NO.23, COURT ROAD KANNUR-1. 3. THE MANAGER (AUTHORIZED OFFICER UNDR SARFAESI ACT) INDIAN BANK, CIRCLE OFFICE, ERNAKULAM ,KOCHI-35. BY S.EASWARAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M. JOSEPH, J. ```````````````````````````````````````````````````` W.P.(C) No. 6356 OF 2009 L ```````````````````````````````````````````````````` Dated this the 3rd day of March, 2009 J U D G M E N T Petitioners are guarantors of a loan taken by a firm. There being default, Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, is pressed into service. 2. Petitioners challenge Exts.P1 and P2. Ext.P1 is the possession notice and Ext.P2 is the sale notice. 3. I heard learned counsel for the petitioners and learned counsel for the Bank. Learned counsel for the petitioners seeks time to pay the amount. Learned counsel for the Bank points out that in fact the principal debtors approached this court and obtained stay for Rs.4 lakhs. But, the petitioners made default. The sale is posted to 19.3.2009. It is also pointed out that the Bank has already received 5 bids and unless at least 50% is deposited, there should not be any interference. Then, learned counsel for the petitioners submits that the 2nd petitioner is a widow and the petitioners are not in a position to pay the amount WPC.6356/09 : 2 : immediately. 4. Having considered the facts, writ petition is disposed of as follows. Proceedings pursuant to Ext.P2 will be kept in abeyance on condition that the petitioners remit a sum of Rs.4.5 lakhs before the time of sale and pay off the balance amount in three equal monthly instalments. The respondent Bank will serve a statement on the petitioners showing the exact amount payable and also the amount of instalments payable in terms of this judgment, within a period of one week from the date of payment of Rs.4.5 lakhs as aforesaid. Thereafter, the first instalment shall be paid by the petitioners on or before 18.4.2009 and the further instalments shall be paid on or before the 18th working day of the succeeding months. If the petitioners do not pay either Rs.4.5 lakhs or any of the instalments, the petitioners will lose the benefit of this judgment and it will be open to the respondent to proceed against the petitioners in accordance with law. (K.M.JOSEPH, JUDGE) aks