IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 4TH MARCH 2009 / 13TH PHALGUNA 1930 WP(C).No. 6512 of 2009(H) ------------------------- PETITIONER(S): --------------- TOME GEORGE ,S/O.MATHAI VARGHESE AGED 42 YEARS, THAKARAPILLIL HOUSE PARAPUZHA, KODIKULAM, IDUKKI DISTRICT. BY ADV. SRI.BABU S. NAIR RESPONDENT(S): --------------- THE STATE BANK OF TRAVANCORE REPRESENTED BY ITS CHIEF MANAGER THODUPUZHA BRANCH, IDUKKI DISTRICT. BY SC SRI SAJI VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 6512 OF 2009 ............................................ DATED THIS THE 4TH DAY OF MARCH, 2009 JUDGMENT The petitioner is a defaulter of a business loan that led to action under SARFAESI Act. The property of the petitioner is covered by Ext.P6 possession notice dated 16.2.2008. It appears that the bank even offered the petitioner, One Time Settlement Scheme. However the petitioner did not pay the amount covered by that settlement, but paid only an amount of Rs.1,00,000/- after Ext.P6 notice. It appears that after Ext.P6, the petitioner had to undergo certain treatments in relation to heart ailments. With the passage of time, petitioner says that the only way out for him would be to have sale of the property in question. Further that he would be able to generate good funds, much in excess of the outstandings due to the bank, if he is permitted to go for a private sale. Under such circumstances, taking the case of the petitioner as an extra ordinary one, it is ordered as a last chance that bank will not proceed to sell the property for a period of four months from now, within which time the petitioner may arrange WP(C) 6512/2009 2 for a private sale and pay off the entire outstandings to the bank so that the transaction could be finally settled. It is clarified that beyond that period, bank will be entitled to further proceed with the impugned distress action. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/6/3