IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 6TH AUGUST 2008 / 15TH SRAVANA 1930 W.P.(C).No. 23549 of 2008(C) ---------------------------------- PETITIONERS: ---------------- 1. ANIL J KUMAR PARVATHY BHAVAN, MANJADY P.O.,THIRUVALLA 2. LEENA ANIL, W/O. ANIL J KUMAR PARVATHY BHAVAN, MANJADY P.O.,THIRUVALLA 3. P.K.JANARDHANAN PILLAI, S/O.KESAVAN PILLAI, PARVATHY BHAVAN, MANJADY P.O.,THIRUVALLA BY ADV. SRI.P.HARIDAS RESPONDENTS: ----------------- 1. THE GENERAL MANAGER STATE BANK OF TRAVANCORE, THIRUVANANTHAPPURAM 2. THE REGIONAL MANAGER STATE BANK OF TRAVANCORE,KOTTAYAM 3. CHIEF MANAGER STATE BANK OF TRAVANCORE, THIRUVALLA MAIN BRANCH BY ADV. SRI. SAJI VARGHESE, SC FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = W.P.(C) No. 23549 OF 2008 C = = = = = = = = = = = = = = Dated this the 6th day of August, 2008. J U D G M E N T Proceedings were initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 against the petitioners and Exts. P3, P4 and P5 are the notices issued under Section 13(2) of the said Act. After making Exts. P6 and P7 requests for instalments, a writ petition was filed by the petitioners before this Court challenging the Sec.13(2) notices. That writ petition disposed of by Ext. P8 judgment where, it was left open to the petitioners to file their replies to the notices. Thereafter, petitioners filed Exts. P10 and P11 replies and the contentions raised were all rejected by the bank. Finally, the bank has obtained an order under Section 14 of the Act and the bank is proceeding to take possession of the mortgaged properties. It is at that stage this writ petition has been filed by the petitioners. 2. Though several contentions have been urged in the writ petition impugning the validity of the whole action that has been W.P.(C) No. 23549 OF 2008(C) - 2 - initiated by the bank, learned counsel for the petitioners submits that they have already taken steps for disposal of a property and by raising the funds they are confident of liquidating the entire debt within a period of 3 months from now. On this basis it is prayed that these proceedings may be deferred for a period of 3 months. 3. I heard the counsel for the bank, who strongly opposed the prayer. According to him, instalment facility was sought for by the petitioners by Exts. P6 and P7, and that while rejecting the same two months period was already given to them. It is stated that by Exts. P12 and P13 one month period was again requested and that the said period is also over. There is no bonafides on the request made by the petitioners submits the counsel for the Bank. 4. Though I am not satisfied about the bonafides of the request now made by the petitioners, still the fact remains that the petitioners have already issued an advertisement by Ext. P17 for the disposal of a property which is stated to be for the purpose of raising resources for liquidating the liability of the petitioners to the bank. If that be so, I see no justification for denying an opportunity to the petitioners to clear the arrears and avoid coercive action W.P.(C) No. 23549 OF 2008(C) - 3 - against the mortgaged property. 5. Therefore, in order to enable the petitioners to raise finance and liquidate their debt I am inclined to give an opportunity in the manner as directed below: 6. That by disposal of the property notified for sale by Ext. P17 or otherwise, the petitioners shall raise necessary finance and discharge the liability due to the bank in three equal monthly instalments. The first instalment shall be paid by the petitioners on or before 30.8.2008 and the subsequent instalments will be paid before the 30th of September and October, 2008. Subject to payment as above, further proceedings pursuant to Exts. P15 and P16 notices issued by the Advocate Commissioner appointed by the court under Section 14 of the Act shall be kept in abeyance. In case default is committed by the petitioners in paying any one of the instalments as above, the respondents will be free to continue the proceedings without further notice to the petitioners. Writ petition is disposed of as above. ANTONY DOMINIC JUDGE jan/-