IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 7TH JULY 2011 / 16TH ASHADHA 1933 WP(C).No. 16537 of 2011(N) ---------------------- PETITIONER(S): ----------------------- 1. A.RAJENDRAN, S/O. ARJUNAN, HINDU, AGED 58, RESIDING AT GIRISHMA, PALAPOOR, VELLAYANI P.O., TRIVANDRUM. 2. K.SARASEEBAI, S/O. A.RAJENDRAN, HINDU, AGED 46, RESIDING AT GIRISHMA, PALAPOOR, VELLAYANI P.O., TRIVANDRUM. BY ADVS. SRI.M.RAMASWAMY PILLAI SRI.P.M.JOSEPH RESPONDENT(S): ------------------------- 1. THE AUTHORISED OFFICER, BANK OF BARODA, VANCHIYOOR BRANCH, VANCHIYOOR, TRIVANDRUM-695 035. 2. BANK OF BARODA, VANCHIYOOR BRANCH, REPRESENTED BY ITS BRANCH MANAGER, VANCHIYOOR, TRIVANDRUM-695 035. 3. S.ANIL KUMAR, S/O. N.SREEDHARAN, HINDU, AGED 43, KUNNUVILAKATHU VEEDU, KONCHIRAVILA, THIRUVANANTHAPURAM-695 615. R1 & R2 BY ADV. SRI. DEVAN RAMACHANDRAN, SC R3 BY ADV. SRI.P.C.HARIDAS THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 07/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Mn ...2/- WP(C).No. 16537 of 2011(N) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : PHOTOCOPY OF THE DOCUMENT. EXT.P2 : PHOTOCOPY OF THE PUBLIC AUCTION NOTICE DATED 08-04-2010. RESPONDENT'S EXHIBITS - NIL //TRUE COPY// P.A. TO JUDGE Mn S. SIRI JAGAN, J. - - - - - - - - - - - - - - - - - - - - - - - W.P.(C)No.16537 of 2011 - - - - - - - - - - - - - - - - - - - - - - - Dated this the 7th day of July, 2011 J U D G M E N T The petitioners are defaulters in payment of loan amounts due to the 2nd respondent Bank. The 2nd respondent initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) and the security asset was brought to sale. The 3rd respondent was the successful bidder. He deposited part of the sale consideration with the authorized officer. The petitioner has now filed this writ petition challenging the sale proceedings. 2. I have heard the parties. 3. The 3rd respondent submits that, he is agreeable to adjust the amount paid by him towards part sale consideration against the amounts due from the petitioners in the loan account. The counsel for the petitioners submits that, they are prepared to pay off the entire balance amount W.P.(C)No.16537 of 2011 -2- in three weeks. Accordingly, this writ petition is disposed of with the following directions: As agreed to by the 3rd respondent, the amount deposited by him towards part purchase price shall be adjusted against the amounts due from the petitioners to the Bank. The petitioners shall pay the balance amount within three weeks from today. On the said conditions, the sale would stand set aside. If the petitioners fail to comply with the above directions, the amounts paid by the 3rd respondent would stand adjusted against the loan amounts due from the petitioners. For the balance amounts due, the respondents 1 & 2 can continue proceedings under the SARFAESI Act without having to issue any fresh notices or proceedings in that regard. Sd/- S. SIRI JAGAN JUDGE //True copy// P.A. TO JUDGE shg/