IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 16TH DECEMBER 2008 / 25TH AGRAHAYANA 1930 WP(C).No. 37051 of 2008(J) -------------------------- PETITIONER(S): --------------- C.NARAYANAN, AGED 64 YEARS, S/O.ARMUKHAN, CHIRUVAIKARA HOUSE, BIYYAM, MALAPPURAM. BY ADV. SRI.C.KHALID SRI.N.GOPINATHA PANICKER SRI.R.O.MUHAMED SHEMEEM SRI.T.P.SAJID SMT.NAMITHA JYOTHISH RESPONDENT(S): --------------- MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY AUTHORIZED OFFICER, GENERAL MANAGER-IN-CHARGE, MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM. BY ADV.SRI.V.KRISHNA MENON, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.37051 OF 2008 ------------------------------------------- Dated this the 16th day of December, 2008 JUDGMENT Notice to the respondent dispensed with preserving its right to move for review of this judgment, if aggrieved. The plea of the petitioner, a debtor of the respondent, is that the SARFAESI Act proceedings on account of non payment of a loan is being carried out against an item of property, which, according to him, has a market value of Rs.70 lakhs, however, that the bank had undervalued it at Rs.7.25 lakhs. The petitioner is stated to be bedridden and is under treatment. Whatever that be, outstandings due as evidenced by Ext.P2 could be easily satisfied rather than have the property put to sale provided the petitioner makes appropriate and prompt effort. Under such circumstances, it is directed that if the petitioner provides the entire fund covered by Ext.P2 and accruals thereon, evenby finding appropriate purchaser for that property, the bank will permit the entire amounts to be paid into and if the entire WPC.37051/08 Page numbers amounts are paid, the property will be released. Let this be done before 15.3.2009, as last chance. All other issues are left open. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.