Judgment:
IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT: THE HONOURABLE MR.JUSTICE P.R.RAMACHANDRA MENON MONDAY,THE17H DAY OF MARCH201426TH PHALGUNA, 1935 WP(C).No. 7175 of 2014 (V) --------------------------- PETITIONER(S): -------------------------- 1. R. SHAJI, S/O.RAVEENDRAN, MELEKAVADIKUZHI VEEDU, KUTTIYANI KADU, KEEZHARUR, NEYYATTINKARA, THIRUVANANTHAPURAM DISTRICT.
2. ARIJA, W/O.SHAJI, MELEKAVADIKUZHI VEEDU, KUTTIYANI KADU, KEEZHARUR, NEYYATTINKARA, THIRUVANANTHAPURAM DISTRICT. BY ADVS.SRI.D.KISHORE SMT.MINI GOPINATH RESPONDENT(S): ---------------------------- 1. THE NEYYATTINKARA CO-OPERATIVE URBAN BANK LTD. NO.931, REPRESENTED BY ITS CHIEF MANAGER (AUTHORISED OFFICER), HEAD OFFICE, NEYYATTINKARA -695 121.
2. THE AUTHORISED OFFICER, THE NEYYATTINKARA CO-OPERATIVE URBAN BANK LTD NO.931, HEAD OFFICE,NEYYATTINKARA -695 121. R1 & R2 BY SRI.R.S.KALKURA,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON1703-2014, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: sts WP(C).No. 7175 of 2014 (V) ---------------------------------------- APPENDIX PETITIONER(S)' EXHIBITS ------------------------------------- EXHIBIT P1. COPY OF THE SALE NOTICE PUBLISHED IN THE MATHRUBHOOMI DAILY DATED142.2014. EXHIBIT P2. COPY OF THE PROCEEDINGS DATED13.2014 OF THE2D RESPONDENT. RESPONDENT(S)' EXHIBITS: NIL /TRUE COPY/ P.S.TO.JUDGE sts P.R. RAMACHANDRA MENON, J.
.............................................................................. W.P.(C)No. 7175 OF2014......................................................................... Dated this the 17th March, 2014
JUDGMENT
The petitioners had availed a loan from the respondent Bank, creating security interest over the property in question. By virtue of the default on the part of the petitioners, the Bank proceeded with the steps under the SARFAESI Act, taking symbolic possession of the property, which is sought to be intercepted in this writ petition. It is also pointed out that the respondents have issued a sale notice, proposing auction sale of the property to be held on 19.03.2014.
2. The default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances, submits the learned Counsel for the petitioners. Despite all the adverse circumstances, the learned Counsel for the petitioners submits that the petitioners are ready and willing to clear the entire outstanding liability, for which some breathing time is sought for..
3. Heard the learned Standing Counsel for the respondent W.P.(C)No. 7175 OF20142 Bank as well.
4. After considering the facts and figures, this Court finds it fit and proper to grant an opportunity to the petitioners to clear the entire liability in a phased manner. Accordingly, the petitioners are directed to clear the entire liability by way of 6 installments, first five installments at the rate of Rs. one lakh each and the last installment will constitute the total figure to clear the balance liability. The first installment shall be effected on or before the last working day of this month, to be followed by similar installments to be effected on or before the last working of the succeeding months. Respondents are free to proceed with the sale scheduled to be held on 19.03.2014, but confirmation of the sale will be subject to the outcome of satisfaction of the liability by the petitioners, as mentioned above. It is made clear that, if any default is committed by the petitioners in remitting any of the installments as above, the respondent Bank/Neyyattinkara Co- operative Urban Bank will be at liberty to proceed with coercive steps from the stage where it stands now for realisation of the W.P.(C)No. 7175 OF20143 amount in a lump sum. The Writ Petition is disposed of as above. P.R.RAMACHANDRA MENON JUDGE lk