IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 29485 of 2009(E)
1. A.J.SUSEELA, W/O.LATE K.O.THOMAS,
... Petitioner
Vs
1. THE SOUTH INDIAN BANK LTD., REGIONAL
... Respondent
2. THE AUTHORISED OFFICER, THE SOUTH INDIAN
3. THE SOUTH INDIAN BANK LTD.,
For Petitioner :SRI.C.M.MOHAMMED IQUABAL
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :22/10/2009
O R D E R
C.K. ABDUL REHIM, J
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W.P.(C)No. 29485 of 2009
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Dated this the 22nd day of October, 2009
J U D G M E N T
1. Petitioner is the mother of one Sri. Jolly
Kakkassery who is the Managing Partner of a firm named
M/s. Kakkassery Autos, Naduvilangadi, Thirur. The firm has
got other partners also. For business purpose of the firm,
various loans were availed from the 3rd respondent Bank,
mortgaging different items of properties, including one item
of property to which the petitioner is a co-owner. Pursuant
to default committed in repayment, the Bank had initiated
proceedings under the Securitization and Reconstruction of
Financial Assets and Enforcement of Security Interest Act,
2002 (SARFAESI Act). The particular item of property to
which the petitioner is a co-owner is an extent of 67 > cents
which contains residential building wherein the petitioner is
residing. The said item is described as Serial No.1 in the
Schedule of Ext.P1 notice issued under Section 13 (2) of the
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SARFAESI Act. It is submitted that the Bank had proceeded
with further steps and the secured assets were already
taken possession. The respondents have now published sale
of the properties, which stands scheduled to 23.10.2009
(tomorrow).
2. Contention of the petitioner is that the property
described as item No.1 in Ext.P1, originally belonged to the
husband of the petitioner and after his death the property
devolved upon the petitioner and her children as legal heirs.
The mortgage was created by the petitioner along with her
children. Learned counsel for the petitioner submitted that
one among the children of the petitioner committed suicide
during the pendency of the proceedings under the
SARFAESI Act, and now the minor children of the deceased
son has also devolved with interest in the property.
However it is contended that the children of the petitioner
are ready to help the petitioner to purchase the property, if
the respondent Bank permits private sale, and that the
petitioner is ready to purchase the property by offering
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market price of that item of property. Since the
respondents have not considered such request the
petitioner is approaching this court.
3. Learned standing counsel appearing for the
respondents on instruction submitted that five (5) items of
properties comprised in the schedule of Ext.P1 is now put to
auction on 23.10.2009. Since the different items of
properties are proclaimed in different lots, either the
petitioner or any of her representatives or nominees can
participate in the sale and get the particular item of
property bid in auction. It is also possible for the Bank to
consider private sale of that particular item of property if
the petitioner is ready to make payment of the upset price
fixed, with respect to that item.
4. Considering the above aspects the writ petition is
disposed of directing the petitioner either to participate in
the auction sale proclaimed on 23/10/2009 and to make her
offer for purchase of the particular item of property
mentioned above. In case, if she could not participate in the
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auction proclaimed on tomorrow, and the petitioner can
approach the Bank with a concrete offer to make payment
of the upset price or the price for which bid if any is
proposed to be confirmed, whichever is higher, within 15
days from 23/10/2009. If such an approach is made the
respondent Bank is directed to release or re-convey the said
item of property after receiving the entire price as above. If
any other offer is received in auction, the same shall be
confirmed only after the lapse of two weeks from tomorrow,
in order to facilitate the petitioner to make such payment.
C.K. ABDUL REHIM
JUDGE
shg/