IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 13TH DECEMBER 2011 / 22ND AGRAHAYANA 1933 WP(C).No. 33208 of 2011(A) ---------------------------------------- PETITIONER(S): ---------------------- P.GANESAN, AGED 49 YEARS, THACHAN MADATHIL VEEDU, NIRMALLUR, PANAGAD P.O., KOZHIKODE. BY ADVS. SRI.SANTHARAM.P SMT.REKHA ARAVIND RESPONDENT(S): ------------------------- 1. THE MANAGER, KOZHIKODE DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, P.B.NO.503, CHALAPPURAM P.O., KALLAI ROAD, KOZHIKODE-673 002. 2. THE AUTHORISED OFFICER/SENIOR MANAGER, KOZHIKODE DIST. CO-OPERATIVE BANK LTD., KALLAI ROAD, KOZHIKODE-673 002. 3. SMT.DEVI AMMA, W/O.RAGHAVAN NAIR, ONIYANKANDI HOUSE, VAKAYAD P.O., KOZHIKODE – 673 002. R1 & R2 BY ADV. SRI. P.V.KUNHIKRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: DG WP(C).No. 33208 of 2011(A) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : COPY OF THE DOCUMENT NO.2208/2004 OF SRO BASUSSERY DATED 15.09.2004. EXT.P2 : COPY OF THE NOTICE DATED 14.09.2011. EXT.P3 : COPY OF THE POSSESSION NOTICE DATED 07.12.2011. RESPONDENT'S EXHIBITS - NIL /TRUE COPY/ P.A.TO JUDGE DG S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W.P(C) No. 33208 of 2011 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 13th day of December, 2011. J U D G M E N T The petitioner challenges proceedings under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by respondents 1 and 2 for recovery of loan amounts due from the 3rd respondent for repayment of which the petitioner was a guarantor. The petitioner only seeks some time to pay off the amounts due. This is opposed by the counsel for the bank. However, taking a lenient view, I direct respondents 1 and 2 to keep further proceedings under the Act in abeyance till 31.3.2012. If the petitioner or the 3rd respondent pays off the entire balance amount due under the loan by 31.3.2012, further proceedings under the Act shall be dropped. However, if the petitioner or the 3rd respondent fails to pay the entire amount by 31.3.2012, it would be open to respondents 1 and 2 to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. The writ petition is disposed of as above. Sd/- S. Siri Jagan, Judge. Tds/