IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 25TH JUNE 2008 / 4TH ASHADHA 1930 WP(C).No. 18434 of 2008(T) --------------------------------------- PETITIONER: ------------------ 1. A.RAMAMOORTHY, S/O. APPASWAMY, NO.131, RAJ BHAVAN, VINAYAKA NAGAR,PAPPANAMCODE P.O. THIRUVANANTHAPURAM 2. R.K.VENI, W/O.RAMAMOORTHY NO.131, RAJ BHAVAN, VINAYAKA NAGAR PAPPANAMCODE P.O. THIRUVANANTHAPURAM BY ADV. SRI.M.RAMASWAMY PILLAI SRI.P.M.JOSEPH RESPONDENTS: ---------------------- 1. STATE OF KERALA, REPRESENTED BY ITS SECRETARY, CO-OPERATRION, GOVT SECRETARIAT THIRUVANANTHAPURAM 2. THE REGISTRAR, CO-OPERATIVE SOCIETIES THIRUVANANTHAPURAM 3. THE GENERAL MANAGER TRIVANDRUM DIST CO-OPERATIVE BANK LTD FORT, THIRUVANANTHAPURAM 4. THE AUTHORISED OFFICER DISTRICT CO-OPERATIVE BANK LTD HEAD OFFICE, THIRUVANANTHAPURAM 5. THE TRIVANDRUM DIST CO-OPERATIVE BANK LTD MAIN BRANCH, FORT THIRUVANANTHAPURAM,REP. BY ITS BRANCH MANAGER SENIOR GOVT PLEADER SMT. ANU SIVARAMAN FOR R1 & R2 ADV.SRI.T.R.HARIKUMAR & ADV.SRI.V.G.ARUN FOR R3 TO R5 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ---------------------------------------------------------------- W.P.(C) NO.18434 OF 2008(T) ---------------------------------------------------------------- Dated this the 25th day of June, 2008 J U D G M E N T Petitioners availed a loan and defaulted in repayment. This led to proceedings under the SARFAESI Act. Initial notice has been issued. According to the petitioners, they are making attempt for private sale. This plea is sought to be supported through Ext.P7 publication in January, 2008 offering the property for sale. The bank is right in stating that even in Ext.P9, the request for time was only till the end of June, and yet the bank is prepared to concede for a larger time, if the petitioner is desirous of wiping off the dues by resorting to private sale provided the bank is promptly informed and the funds will be paid directly to the bank, before the documents are released, after the loan is satisfied. Recording this submission and rejecting all other contentions, this writ petition is ordered directing that the SARFAESI proceedings will be suspended for an outer limit of four W.P.(C) No.18434/08 - 2 - months from now, enabling the petitioner the last opportunity to wipe off the dues. It will also be open to the petitioners to move the Bank for any ameliorative relief by way of any reduction either in the interest, penal interest or other charges and incidentals. THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/25/6/08