IN THE HIGH COURT OF KERALA AT ERNAKULAM WP(C) No. 34482 of 2007(E) 1. SEBASTIAN @ DEVASSYKUTTY, AGED 59 YEARS, ... Petitioner 2. SAIN SEBASTIAN, AGED 33 YEARS, Vs 1. STATE BANK OF TRAVANCORE, ... Respondent 2. THE AUTHORIZED OFFICER, For Petitioner :SRI.A.T.ANILKUMAR For Respondent : No Appearance The Hon'ble MR. Justice ANTONY DOMINIC Dated :22/11/2007 O R D E R ANTONY DOMINIC, J. =================== W.P.(C) NO.34482 OF 2007 E =================== Dated this the 22nd day of November, 2007 J U D G M E N T
Proceedings initiated against the petitioners under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 is under challenge. As
at present, it is seen that even possession notice has been issued
by the Bank. Petitioners submit that they have already entered
into an agreement with a third party for the sale of the
mortgaged property and once this materialises, they will be in
comfortable position to discharge the whole liability. For that
reason, petitioners seek time till the end of February 2008 and a
direction to the Bank to defer further proceedings untill them.
2. I heard the counsel for the Bank, who rightly points
out that if there is any bonafides in the request now made,
petitioners should a make a part payment for the present.
3. Having regard to the facts that are stated by both
sides, I dispose of this writ petition directing that within four
WPC No.34482/07
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weeks from today, if the petitioners remit an amount of
Rs.5,00,000/- (Rupees five lakhs only) towards their liability to
the Bank, further proceedings pursuant to Exts.P1 and P3 shall be
deferred by the Bank until the end of February 2008. In the
meantime, it will be open to the petitioners to discharge their
liability and get the property released. Needless to say that if the
petitioners do not comply with the condition imposed as above,
the Bank will be at liberty to proceed with Exts. P1 to P3, without
any further notice.
ANTONY DOMINIC, JUDGE
Rp