IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 28TH AUGUST 2008 / 6TH BHADRA 1930 W.P(C).No. 3793 of 2008(B) ------------------------- PETITIONER: ------------ A.SUMESH KUMAR, S/O.APPUKUTTAN ASAN, "MEENA", T.C.21/1436, NEDUMCAUD, KARAMANA P.O. THIRUVANANTHAPURAM. BY ADV. SRI.K.M.SATHYANATHA MENON RESPONDENTS: ------------- 1. REPCO BANK (GOVERNMENT OF INDIA ENTERPRISE) REPRESENTED BY ITS MANAGER, SHALIMAR COMPLEX, SUBRAHMANIAM, THAMPANOOR, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER, REPCO BANK, SHALIMAR COMPLEX, SUBRAHMANIAM, THAMPANOOR, THIRUVANANTHAPURAM. BY ADV. SRI.U.K.RAMAKRISHNAN (SR.) - R1 SRI.E.K.MADHAVAN - R1 SRI.P.V.LOHITHAKSHAN - R1 SMT.P.VIJAYAMMA - R1 SRI.V.KRISHNA MENON -R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P(C).No. 3793/ 2008 APPENDIX PETITIONER'S EXHIBITS: EXHIBIT P1: TRUE COPY OF THE NOTICE UNDER SECTION 13(2) OF THE ACT ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER DATED 16/08/2007. EXHIBIT P2: TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER DATED 7/01/2008. /TRUE COPY/ P.A. TO JUDGE scm S.SIRI JAGAN, J ================== W.P(C)No.3793 of 2008 ================== Dated this the 28th day of August, 2008. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from the petitioner to the respondents. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is under challenge in this writ petition. This court had on 1.2.2008 passed the following order. “Notice before admission. There will be interim stay as prayed for, for a period of six months, on condition that the petitioner deposits amount at the rate of Rs.30,000/- per month, payable on or before the 15th of every month commencing from February, 2008, without fail.” On 18.8.2008, the learned counsel for the respondents submitted before me that the petitioner has not paid amounts as directed in the said order after 15th of May, 2008. In the above circumstances, I vacated the interim order,on 18.8.2008. It is a settled law that the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act have to be challenged W.P(C)No.3793 of 2008 - 2 - ordinarily in an appeal before the Debt Recovery Tribunal as directed in the Act itself. Therefore, without prejudice to the said right this writ petition is dismissed. S.SIRI JAGAN, JUDGE rhs