IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 30645 of 2008(W)
1. MATHUNNY MATHEW
... Petitioner
Vs
1. STATE BANK OF TRAVANCORE
... Respondent
For Petitioner :SRI.M.RAMASWAMY PILLAI
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :17/10/2008
O R D E R
THOTTATHIL B.RADHAKRISHNAN, J.
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W.P(C).No.30645 OF 2008
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Dated this the 17th day of October, 2008
JUDGMENT
This writ petition is filed on the premise that the petitioners
had availed three facilities from the first respondent, which
included a mortgaged loan, home maintenance loan and an
educational loan for the son of the petitioners. It is stated that
the first petitioner become sick and his son could not continue
with the eduction in Andra Pradesh and returned home and now,
attempts to sustain the family by doing some menial jobs locally.
Learned counsel for the Bank states, on instructions, that the
education loan is not connected with the mortgaged loan while
there is yet another mortgaged loan, which is part of the
transactions which have been clubbed together for the purpose
of recovery under the provisions of the SARFAESI Act.
2. Learned counsel for the petitioners gives up all contentions
on behalf of the petitioners and states that his clients give up
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their right to challenge the impugned proceedings before the
Debts Recovery Tribunal or other authorities under the Act. He
accordingly states that the petitioners will be able to wipe off the
outstandings only by sale of a portion of the hypothica and that
they may be granted time by a couple of months so that they will
find a purchaser for private sale with the intervention of the
Bank and wipe off all the outstandings in the four different loans,
including the education loan. Taking this submission into
consideration and repelling all other contentions, this writ
petition is ordered directing that if the petitioners deposit an
amount of Rs.1,00,000/- within a period of four weeks, the
impugned proceedings will stand deferred by three months, to
enable the petitioners to wipe off all the loans, including the
education loan.
Having regard to the facts and circumstances, it is ordered
that this judgment will not stand in the way of the Bank
considering any ameliorative measures being extended to the
petitioners, if such request is made. However, if there is default
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in remitting the amount of Rs.1,00,000/- as afore-directed or if
the petitioners do not find a purchaser and have the transaction
effected within the period fixed above, the Bank will be at liberty
to immediately proceed further with the impugned proceedings
and also for recovery as regards the education loan.
Sd/-
THOTTATHIL B.RADHAKRISHNAN,
Judge.
kkb.
