Sebastian @ Devassykutty vs State Bank Of Travancore on 22 November, 2007

Kerala High Court
Sebastian @ Devassykutty vs State Bank Of Travancore on 22 November, 2007
       

  

  

 
 
  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
: 2 :

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

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