IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 15TH JANUARY 2008 / 25TH POUSHA 1929 WP(C).No. 37090 of 2007(M) -------------------------- PETITIONER: ------------ REXY ROY,W/O.ROY AGED 41, RONY VILLA, POOMALA P.O. SULTHAN BATHERY, WAYANAD DISTRICT PIN 673 592. BY ADV. SRI.SHAJI JOSEPH RESPONDENTS: ------------- 1. THE AUTHORISED OFFICER, H.D.F.C. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, POST BOX. NO.1667 RAVIPURAM JUNCTION., M.G.ROAD, KOCHI-682 015. 2. H.D.F.C. HOUSING DEVELOPMENT FINANCE CORPORATION LTD, POST BOX. NO.1667 RAVIPURAM JUNCTION., M.G.ROAD, ERNAKULAM JUNCTION,REPRESENTED BY ITS MANAGER. BY ADV. SRI.K.K.CHANDRAN PILLAI, SC, HDFC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ========================= W.P.(C)NO.37090 OF 2007 ========================= Dated this the 15th day of January 2008 JUDGMENT Petitioner had availed of financial assistance from the respondents and in view of the default committed by him, action was taken by them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is stated that symbolic possession has already taken on 18.5.2007 and an application under Section-14 is awaiting orders. At this stage, this writ petition has been filed by the petitioner requesting that the respondents should defer the sale at least for three months to enable the petitioner to locate a buyer and conclude the sale. The respondent in the statement filed does not oppose this request as such, but however, contends that if the petitioner succeeds in identifying a buyer before the respondent finalises the sale, the respondent is certainly open to consider that as well. It is also argued that the amount is long overdue and therefore it cannot wait endlessly, particularly, in view of the default that has already been committed by the petitioner in the part. 2. Having regard to the facts as above, it will not be fair to W.P.(C)37090/2007 2 require the respondent to wait for a long time to enable the petitioner to conclude a private sale as requested by him. On the other hand, in view of the stand that is taken by the Bank, it is always open to the petitioner to proceed to negotiate a private sale. In view of the above, it is directed that it will be open to the petitioner to identify a buyer and conclude the sale in which case, the respondent will duly consider the same. However any such private sale should be concluded as expeditiously as possible, at any rate, within two months from today and if it does not materialise, the respondent will be free to proceed with the steps that it has already initiated. Writ Petition is disposed of as above. ANTONY DOMINIC, JUDGE css/ W.P.(C)37090/2007 3