IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 26869 of 2010(G)
1. ANTONY SEBASTIAN, AGED 77 YEARS,
... Petitioner
2. SURAJ SEBASTIAN, AGED 39 YEARS,
Vs
1. BANK OF INDIA, REP. BY THE MANAGER,
... Respondent
2. CHIEF MANAGER AND AUTHORIZED OFFICER,
For Petitioner :SRI.A.T.ANILKUMAR
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :30/08/2010
O R D E R
C.K.ABDUL REHIM, J
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W.P(C) No.26869 of 2010-G
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Dated this the 30th day of August, 2010.
J U D G M E N T
1. Challenge in this Writ Petition is against Exts.P1 and P2
notices issued under Section 13(2) of the Securitization and
Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 (SARFAESI Act). The petitioners, having defaulted
repayment of the loan availed from the respondent, has now been
proceeded against for taking over possession of the secured assets.
According to the petitioners the property, which is the secured asset
has already been agremented for sale, as evident from Ext.P3, and
that they need only some time to pay off the liability.
2. Learned Standing Counsel appearing for respondents
disputed genuineness of Ext.P3, contending that the purchaser has
not come forward with any concrete proposal or had undertaken for
payment of the amounts due.
3. It is noticed that the proceedings are only at the stage of
Section 13(2) notice. The petitioners are at liberty to object such
W.P(C) No.26869 of 2010-G 2
notice and further to seek appellate remedy available under the
statute. Therefore I am not inclined to interfere with the
proceedings in this jurisdiction.
4. However, learned counsel appearing for the petitioners
made a fervent appeal to permit payment of the entire arrears
within a reasonable time in instalments. Eventhough the learned
counsel for the respondent Bank opposed the prayer, having
considered totality of circumstances attendant in this case, I am
inclined to show indulgence in permitting the petitioners to pay off
the entire liability in instalments.
5. In the result, the writ petition is disposed of directing the
respondents to keep further steps pursuant to Exts.P1 and P2
notices in abeyance, on condition of the petitioners remitting the
entire arrears due, in 5 (five) equal monthly instalments falling due
on or before 15.9.2010 and on or before the 15th day of every
succeeding months.
6. It is made clear that on the event of default in payment
of any of the instalments as stipulated above, the respondents will
be free to proceed with further steps. It is further made clear that
the above indulgence will be subject to the condition that the
W.P(C) No.26869 of 2010-G 3
petitioners are precluded from raising any subsequent challenge
against such proceedings either before this Court or before any
other forum.
C.K.ABDUL REHIM
JUDGE
ab