IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 27TH FEBRUARY 2008 / 8TH PHALGUNA 1929 WP(C).No. 34194 of 2007(U) -------------------------- PETITIONER: ------------ M/S.BHAGHEERATHA ENGINEERING LIMITED, A PUBLIC LIMITED COMPANY HAVING ITS HEAD OFFICE AT BHAGHEERATHA RESIDENCY, BANERJI ROAD, ERNAKULAM, REPRESENTED BY ITS ASSISTANT GENERAL MANAGER, MR.K.CHANDRASEKHARAN. BY ADV. SRI.ALIAS M.CHERIAN RESPONDENTS: ------------- 1. UNION BANK OF INDIA, PANAMPILLY NAGAR BRANCH, PANAMPILLY NAGAR P.O., ERNAKULAM, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER, UNION BANK BHAVAN, NODAL REGIONAL OFFICE, P.B.NO.3667, CC 38/542, M.G.ROAD, ERNAKULAM. BY ADV. SRI.A.S.P.KURUP, SC, UBI SRI.A.V.THOMAS, SC, UNION BANK OF INDIA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 34194 of 2007 ------------------------------------- Dated: February 27, 2008 JUDGMENT In this writ petition, the challenge is against the steps taken by the bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Although several contentions including non-compliance with sec.13(3)(A) of the Act have been raised in the writ petition, none of those contentions have been urged before me. 2. The only prayer that is made is that as per Ext.P7 agreement, they have concluded a deal with a purchaser for the mortgaged assets and that the payment in terms of the agreement will be realised by the petitioner on 31.3.2008 and that they need time until then to liquidate the liability. 3. Now that the petitioner has in any case entered into an agreement as per Ext.P7, I feel that atleast as a last opportunity the petitioner should be given one more chance to save the property from a distress sale. 4. Accordingly I direct that further proceedings in pursuance WP(C) 34194/07 Page numbers to the steps already initiated by the bank will be deferred until 1.4.2008. It is clarified that this indulgence is shown to the petitioner only for enabling the petitioner to save its property by discharging the liability in full on or before 31st March, 2008. It is clarified that in case the petitioner fails in discharging the liability as above, the bank will be free to continue the action that it has already initiated. Writ petition is disposed of as above. ANTONY DOMINIC, JUDGE mt/-