IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH JULY 2011 / 13TH ASHADHA 1933 WP(C).No. 5441 of 2011(E) ------------------------- PETITIONER(S): --------------- 1. RAMESH BABU.K.K,KRISHNA FURNITURE MART, PERINCHERY.P.O,THRISSUR DISTRICT. 2. JISHA RAMESH BABU,W/O.RAMESH BABU, KUZHICHAMADATHIL HOUSE,KONIKKARA.P.O, THRISSUR DISTRICT. BY ADV. SRI.K.V.GOPINATHAN NAIR SMT.G.CHITRA RESPONDENT(S): --------------- 1. THE FEDERAL BANK LIMITED,EAST FORT, THRISSUR REPRESENTED BY THE BRANCH MANAGER, PIN-680 001. 2. THE SALE OFFICER,FEDERAL BANK LIMITED, REGIONAL OFFICE,MISSION QUARTERS,THRISSUR, PIN-680 001. 3. JAVART,AKKARA HOUSE,KUTTALLOOR, THRISSUR DISTRICT. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1&2 SRI.P.R.MILTON FOR R1&2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/07/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C).No. 5441/2011 APPENDIX PETITIONER(S)' EXHIBITS P1. COPY OF THE PUBLICATION DTD.12.2.10 P2. COPY OF THE NOTICE DTD.18.1.11 BY R2. RESPONDENT(S)' EXHIBITS: R1. COPY OF THE NOTICE DTD.13.8.08. 2. COPY OF THE COVER SENT TO P1. 3. COPY OF THE POSTAL ACKNOWLEDGEMENT CARD SIGNED BY P2. 4. COPY OF THE POSSESSION NOTICE DTD.6.11.08. 5. COPY OF THE SALE NOTICE DTD.6.1.11. R5A. COPY OF THE AFFIXURE REPORT. R6. COPY OF THE POSTAL RECEIPTS. R7. COPY OF THE RETURNED COVER TO P2. R8. SALE NOTICES DTD.6.1.11. R9. COPY OF THE PHOTOGRAPH OF THE SECURED PROPERTY. R10. COPY OF THE LETTER DTD.18.1.2011. R10A. COPY OF THE ACKNOWLEDGEMENT CARD. R10B. COPY OF THE ACKNOWLEDGEMENT CARD SIGNED BY P2. sdk+ ///True copy/// P.A. to Judge S.SIRI JAGAN, J. ================== W.P.(C).No. 5441 of 2011 ================== Dated this the 4th day of July, 2011 J U D G M E N T The petitioners are defaulters in repayment of loan amounts due from them to the 1st respondent bank. The bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and sold the security interest to the 3rd respondent. The petitioners are challenging the proceedings under the Act. The petitioners do not dispute the liability to pay or the quantum. The petitioners only seek some time to pay off the amounts. 2. This is opposed by the learned standing counsel for the bank. He points out that the property has already been sold to the 3rd respondent, he has already deposited 25% of the bid amount and, therefore, the process cannot now be reversed. 3. I have considered the contentions in detail. 4. Despite service of notice on the 3rd respondent, the 3rd respondent has not chosen to enter appearance and contest the matter. 5. Having heard both sides, I dispose of this writ petition with the following directions: The petitioners shall pay the amount deposited by the 3rd w.p.c.5441/11 2 respondent with 9% interest per annum to the 1st respondent bank within two weeks from today. On deposit of the same, the 1st respondent shall pay off the said amount to the 3rd respondent. The petitioners shall pay the balance amounts due under the loan account in six equal monthly instalments starting from 1.8.2011. Every subsequent instalment shall be paid on the first working day of every succeeding month. On these conditions, the sale would stand set aside. If the petitioners commit default in complying with any of the directions above, they will not be entitled to the benefit of this judgment, in which case, the bank would be free to complete the sale proceedings in favour of the 3rd respondent. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge