2025:KER:26406 W.P (C) No.33763/2024 -1- IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT THE HONOURABLE MR. JUSTICE GOPINATH P. THURSDAY, THE 27TH DAY OF MARCH 2025 / 6TH CHAITHRA, 1947 WP(C) NO. 33763 OF 2024 PETITIONER/S: 1 VIJAYAKUMARI, AGED 60 YEARS W/O.RAGESHKUMAR, RESIDING AT KRISHNAMURTHAM, 32/3037-D, POONURUNNI, VYTILLA P.O, PONNURUNNI DESOM, POONITHURA VILLAGE, KANAYANNUR TALUK, ERNAKULAM DISTRICT, PIN - 682019 2 RAGESHKUMAR, AGED 63 YEARS S/O.DHAMODHARAN, RESIDING AT KRISHNAMURTHAM, 32/3037-D, POONURUNNI, VYTILLA P.O, PONNURUNNI DESOM, POONITHURA VILLAGE, KANAYANNUR TALUK, ERNAKULAM DISTRICT, PIN - 682019 3 RAJEEV, AGED 57 YEARS S/O.MADHAVAN, RESIDING AT THEKKUMKARIYIL HOUSE, PANANGAD P.O, PANANGAD DESOM, KUMBALAM VILLAGE, KANAYANNUR TALUK, ERNAKULAM DISTRICT, PIN - 682019 BY ADVS. NAVANEETH.N.NATH ABHIRAMI S.(K/3067/2022) ABDUL LATHEEF P.M.(K/1873/2024) RESPONDENT/S: 1 THE CHIEF EXECUTIVE OFFICER, PEOPLES URBAN COOPERATIVE BANK LTD., PB NO. 1, H.O, TRIPUNITHURA, ERNAKULAM DISTRICT, PIN - 682301 2025:KER:26406 W.P (C) No.33763/2024 -2- 2 BANK MANAGER, PEOPLES URBAN COOPERATIVE BANK LTD., NETTOOR BRANCH, PANANGAD P.O, ERNAKULAM DISTRICT, PIN - 682506 BY ADVS. Devaprasanth P.J SMINI JOSE(K/262/2015) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27.03.2025, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2025:KER:26406 W.P (C) No.33763/2024 -3- J U D G M E N T The petitioners faced proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to recover the amounts due under credit facilities availed by the petitioners from the respondent bank. The property of the petitioners was brought to sale for recovery of the amounts due. For want of bidders, the bank itself purchased the property of the petitioners. However the property continued to be in possession of the petitioners. 2. According to the learned counsel for the respondent bank, the petitioners adopted various measures to delay the taking of physical possession. It is submitted that the bank now intends to take physical possession of the secured asset so that it can be sold to recover the amounts that have been paid by the bank to acquire the asset. 3. The learned counsel for the petitioners would submit that the petitioners have identified a buyer for the property. It is submitted that the proposed buyer has also been sanctioned a loan from the State Bank of India (in principle). It is submitted that there is an attachment over the property at the instance of the wife of the 3rd petitioner and once this attachment is lifted, the property will be purchased by the proposed buyer. It is submitted that the petitioners seek 3 weeks time to enable the petitioners to seek lifting of 2025:KER:26406 W.P (C) No.33763/2024 -4- attachment and repay the entire loan due to the bank, by entering into a sale agreement with the proposed buyer. 4. Having heard the learned counsel for the petitioners and the learned counsel for the respondent bank, I am of the view that since the petitioners are seeking only 3 weeks time to clear the entire liability to the respondent bank, in the facts and circumstances noticed above, the steps for taking physical possession of the secured asset can be deferred for a period of 3 weeks from today (27-03-2025). If the petitioners are unable to pay off the entire liability within the aforesaid period of 3 weeks, it will be open to the respondent bank to take physical possession of the secured asset. The petitioners shall also peacefully handover the vacant possession of the secured asset to the authorised officer of the respondent bank in the event that the petitioners fail to clear the entire liability within the aforesaid period of 3 weeks. Writ petition ordered accordingly. Sd/- GOPINATH P. JUDGE AMG 2025:KER:26406 W.P (C) No.33763/2024 -5- APPENDIX OF WP(C) 33763/2024 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER IN MC 188/2021 ON THE FILES OF ADDL. CHEIF JUDICIAL MAGISTRATE COURT, ERNAKULAM TO THE PETITIONERS DATED 05.09.2024 Exhibit P-2 A TRUE COPY OF THE REPRESENTATION LETTER DATED 24/03/2025 ADDRESSED BY THE PETITIONER TO THE RESPONDENT BANK