IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 23RD SEPTEMBER 2008 / 1ST ASWINA 1930 WP(C).No. 25267 of 2008(G) ----------------------------------------- PETITIONERS: ----------------------- 1. MRS. SMITHA JOSEPH, W/O. JOSEPH ANTHRAPER, AGED 30 YEARS, PROPRIETRIX OF M/S. SAAGARA EXPORTS,11/279 J, IST FLOOR, NEAR KUMARATHUPADY TEMPLE, CHANDIROOR, ALAPPUZHA - 688 547 AND RESIDING AT ARANGAPAPRAMBIL, ARTHINKAL P.O. CHERTHALA. 2. JOSEPH.J ANTHRAPER, S/O. ANTHRAPER, RESIDING AT ARANGAPARAMBIL, ARTHINKAL P.O., CHERTHALA. 3. M.J.THOMAS, S/O. ULAHANNAN, RESIDING AT THEKKEKARA, CHEERACHIRA P.O., CHANGANACHERRY, KOTTAYAM DISTRICT. BY ADV. SRI.M.P.KRISHNAN NAIR RESPONDENTS: -------------------------- 1. UCO BANK, M.G. ROAD BRANCH, RAVIPURAM, ERNAKULAM COCHIN 682 016. REPRESENTED BY ITS CHIEF MANAGER. 2. SRI. BALACHANDRAN, AUTHORISED OFFICER UNDER SARFAESI ACT, (SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT) UCO BANK, M.G. ROAD BRANCH, RAVIPURAM, ERNAKULAM, COCHIN 682 016. 3. REGIONAL MANAGER, UCO BANK, THIRUVANANTHAPURAM. ADV. SRI.P.B.SAHASRANAMAN FOR R1 & R2 SRI.K.JAGADEESH FOR R1 & R2 SRI.T.S.HARIKUMAR FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 23/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.25267/2008 G APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE STATEMENT OF ACCOUNT ISSUED BY THE RESPONDENT BANK SHOWING TRANSACTIONS FOR THE PERIOD FROM 29/04/05 TO 6/03/06. EXT.P2: COPY OF THE LETTER DTD. 15/03/06 ISSUED BY THE BANK INCREASING THE CREDIT FACILITIES. EXT.P3: COPY OF THE NOTICE DTD. 17/05/08 ISSUED BY THE RESPONDENT BANK TO THE 1ST PETITIONER. EXT.P4: COPY OF THE REPLY DTD. 16/07/08 TO EXT.03 SUBMITTED BY THE 1ST PETITIONER TO THE BANK. EXT.P5; COPY OF THE REPRESENTATION DTD. 1/08/08 SUBMITTED BY THE PETITIONERS INDIVIDUALLY TO THE RESPONDENT BANK. EXT.P6: COPY OF THE POSSESSION NOTICE DTD. 7/08/08 ISSUED BY THE RESPONDENT BANK UNDER THE SECURITIZATION ACT AND PUBLISHED IN MALAYALA MANORAMA DTD. 10/08/08. EXT.P7: COPY OF AGREEMENT FOR SALE DTD. 18/08/2008 FOR SALE OF 2ND PETITIONER'S PROPERTY AT AROOR. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.25267 of 2008 ================================== Dated this the 23rd day of September, 2008. JUDGMENT Having regard to the nature of the directions being issued hereunder, notice to the third respondent is dispensed with, preserving his right to move for review of this judgment, if aggrieved. 2. Without expressing anything on merits, this writ petition is ordered directing that Ext.P5 will be considered by respondents 1 and 2, in accordance with law and having regard to the totality of the facts and circumstances. Let this be done. Pending that, any distress action on account of the proceedings under the SARFAESI Act will stand deferred, if the petitioners deposit at the rate of Rs.5 lakhs WPC25267/08 -:2:- within one month. All other issues are left open. Thottathil B.Radhakrishnan, Judge. sl.