IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 1ST APRIL 2008 / 12TH CHAITHRA 1930 WP(C).No. 7404 of 2008(F) ------------------------- DRC.2462/2008 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER: ------------ 1. E.K.NARAYANAN, EDACHALIL, P.O.CHAMAKKALA, VALAPPAD, CHAVAKKAD, THRISSUR DISTRICT. 2. UNNIKRISHNAN, EDACHALIL, P.O.CHAMAKKALA, VALAPPAD, CHAVAKKAD, THRISSUR DISTRICT. BY ADV. SRI.K.S.RAJESH SRI.M.SHAJU PURUSHOTHAMAN RESPONDENTS: ------------- 1. THE RECOVERY OFFICER, DEBT RECOVERY TRIBUNAL AT ERNAKULAM, 8TH FLOOR, KSHB BUILDINGS, PANAMPILLY NAGAR, COCHIN-682 036. 2. CENTURION BANK OF PUNJAB LTD., CHENTHRAPINNI BRANCH, CHENTHRAPINNI, THRISSUR DISTRICT. BY ADV. SRI.P.B.SURESH KUMAR SRI.P.PARAMESWARAN NAIR,ASST.SOLICITOR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.7404 of 2008 ================== Dated this the 1st day of April, 2008 J U D G M E N T The petitioners challenge the sale proceedings initiated by the 1st respondent pursuant to the decree passed in the O.A. filed by the 2nd respondent bank before the Debts Recovery Tribunal. At the time of admission, an interim order was passed adjourning the sale on condition that the petitioners deposit an amount of Rs.5 lakhs on or before 6.3.2008 and a further amount of Rs.5 lakhs on or before 15.3.2008 with the 2nd respondent. Later the petitioners moved for extension of time for payment of the 2nd instalment of Rs.5 lakhs and this Court, by order dated 17.3.2008, granted time upto 31.3.2008. However, the petitioners have not paid that amount by 31.3.2008. The petitioners now submit that they require five more days' time for paying the balance. The 2nd respondent submits that if the petitioners pay a reasonable interest, the 2nd respondent would accept the same as full and final settlement of the dues of the petitioners. In the above circumstances, this writ petition is w.p.c.7404/08 2 disposed of with the following directions: If the petitioners pay the balance amount of Rs.5 lakhs with 10 per cent interest thereon on or before 7.4.2008, the same would be accepted as full and final settlement of the amounts due from the petitioners, for which the 1st respondent has initiated the sale proceedings which is the subject matter of this writ petition. However, if the petitioners commit default in payment of the amounts, the 1st respondent shall continue the sale proceedings as now initiated. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge