IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC TUESDAY, THE 25TH MARCH 2008 / 5TH CHAITHRA 1930 W.P(C).No. 7635 of 2008(H) --------------------------------- PETITIONERS: --------------- 1. NAZURUDEEN, SHAN MANZIL, KADAPPA MYNAGAPALLY, KOLLAM DISTRICT. 2. M/S. SHARJAH FASHION JEWELLERS RESPRESENTED BY ITS PROPRIETOR NAZURUDEEN SHAN MANZIL, KADAPPA, MYNAGAPALLY. BY ADV. SRI.PRATHEESH.P RESPONDENT: --------------- AUTHORIZED OFFICER, CHIEF MANAGER, THE STATE BANK OF TRAVANCORE KARUNAGAPPALLY, KOLLAM DISTRICT. BY ADV. SRI. R.S. KALKURA, SC FOR BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. =============== W.P.(C) NO. 7635 OF 2008 H ==================== Dated this the 25th day of March, 2008 J U D G M E N T The challenge in this writ petition is against the proceedings initiated by the Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. While the petitioner contends that he has availed a housing loan, it has come out from the instructions of the learned counsel appearing for the Bank that the petitioners had availed of five individual loans for a total sum of Rs. 29,91,000/-. It is also now disclosed that the defaulted amount itself comes to about Rs.11.5 lakhs. 2. Steps have been initiated by the Bank and as at present an application filed by the petitioner under Section 14 of the Act is pending before the District Magistrate, where also time was given to the petitioners to clear the arrears, but even that opportunity was not availed of. Before this court again counsel for the petitioner seeks time. 3. Having regard to the fact that sufficient opportunity has already been granted, except to tough terms, petitioners cannot be granted further opportunity to save his property. WPC 7635/08 :2 : 4. Therefore, I direct that if the petitioners clear the entire amount in default towards the loans availed of by them before 31/3/2008, further proceedings will be deferred by the Bank. Thereafter it will be open to the petitioners to approach the Bank seeking an instalment facility, in which case, the Bank will certainly consider the same and pass orders thereon. Needless to say that in default of payment as above, the Bank will be free to continue the proceedings. Writ petition is disposed of as above. ANTONY DOMINIC,JUDGE. Rp