IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 3RD FEBRUARY 2009 / 14TH MAGHA 1930 WP(C).No. 2624 of 2009(K) ------------------------- PETITIONER(S): --------------- MATHEW JOSEPH, 52 YEARS, S/O.CHEKATHADATHIL HOUSE, ATHIRAMPUZHA P.O., KOTTAKIPURAM, KOTTAYAM DISTRICT. BY ADV. SRI.A.F.SEBASTIAN RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, UCO BANK, THIRUVALLA BRANCH, CROSS JUNCTION, THIRUVALLA 689 101. 2. THE RESERVE BANK OF INDIA, REPRESENTED BY ITS GOVERNOR, CENTRAL OFFICE, MUMBAI-400 001. 3. UNION OF INDIA, REPRESENTED BY THE SECRETARY TO THE GOVERNMENT, MINISTRY OF BANKING AFFAIRS, NEW DELHI. R1, R2 BY ADV.SRI.GEORGE VRGHESE, S.C. R3 BY ADV. SRI.P.PARAMESWARAN NAIR,ASG. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.2624 OF 2009 ------------------------------------------- Dated this the 3rd day of February, 2009 JUDGMENT The petitioner is a debtor of the first respondent. He faces action under the SARFAESI Act on account of default in repayment of a loan. The security interest has been taken possession of and is listed for sale. The total amounts due from the petitioner, going by Ext.P3, is Rs.11,88,252/- as on 31.3.2007. The bank has fixed Rs.21.75 lakhs as reserve price of the property. Therefore, prima facie, the petitioner is right in stating that the total amount fixed for recovery is less than half of even the reserve price fixed for the property. But that by itself is not decisive because the preliminary question is as to whether the property could be sold in different slots. I.A.1602/09 is placed on record by the petitioner seeking a direction that the proceedings could be confined in terms of the rough sketch placed on record as Ext.P5. Learned counsel for the petitioner points out that it would be sufficient that plots III and IV in Ext.P5 are sold to satisfy the entire WPC.2624/09 Page numbers outstandings. The petitioner may, therefore, find purchasers of his choice for plots III and IV or for plots II, III and IV or for the entire parcel and see that the entire outstandings are paid into the bank on or before 25.3.2009. The bank may, as of now, list the property for sale on 27.3.2009 so that, if the petitioner does not take steps in view of this judgment, the property could be sold and amounts released during the current financial year itself. It is clarified that the time limits fixed are peremptory and would not be extended in any circumstance. No other contentions are pressed. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.