IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 15TH OCTOBER 2008 / 23RD ASWINA 1930 WP(C).No. 29637 of 2008(C) -------------------------- PETITIONER(S): --------------- DR.N.VIJAYAN, AGED 80 YEARS, S/O.LATE P. NARAYANAN, RESIDING AT 29/865, PRASANNA, INDIRA GANDHI ROAD, KOZHIKKODE-16. BY ADV. SRI.B.G.BHASKAR SRI.BIJU ABRAHAM RESPONDENT(S): --------------- 1. THE FEDERAL BANK LTD., HAVING REGISTERED OFFICE AT ALWAYA, REPRESENTED BY ITS AUTHORIZED OFFICER & SENIOR MANAGER. 2. THE SENIOR MANAGER, THE FEDERAL BANK LTD., S.M.STREET BRANCH, PARCO TOWERS, CALICUT. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.29637 OF 2008 ------------------------------------------- Dated this the 15th day of October, 2008 JUDGMENT Heard learned counsel for the petitioner and learned counsel for the respondents. 2. The petitioner is a senior citizen, aged 80 years, stated to be a reputed Psychiatrist, who has two sons. It appears that the petitioner created an equitable mortgage in favour of the respondents to support a facility availed for the business purpose of his sons. Though he states in the writ petition that he acted on the request of his sons and daughters-in-law because of his love and affection for them, but was ultimately, apparently, deceived in the matter by his children, he has a different version in the representation made by him to the Bank, which has been exhibited. Though learned counsel for the respondents states that the Bank has not received any such representation, a perusal of those documents as exhibited by the petitioner would show that he stands admitting the liability and pleads only for a WPC.29637/08 Page numbers time bound facility to discharge the entire outstandings in view of the notice issued under Section 13 (2) of the SARFAESI Act for a total amount of Rs.61,00,000/-. The petitioner, through learned counsel, also states that he gives up all other contentions and also forgoes his right to move the Debts Recovery Tribunal or any other tribunal, court or authority in relation to the transaction. The petitioner is the absolute owner of the property in question. Taking the aforesaid and also the offer of the petitioner to pay off the entire outstandings in a phased manner on its face value, having regard to his profession as a doctor, his age and attendant circumstances and taking his words as an undertaking, this writ petition is ordered directing that any distress action following the impugned demand will stand deferred without liability of any further notice, on condition that an amount of Rs.3,00,000/- is deposited on or before 20.11.2008, a further amount of Rs.3,00,000/- on or before 30.11.2008, an amount of Rs.5,00,000/- on or before 15.12.2008, a further amount of WPC.29637/08 Page numbers Rs.15,00,000/- on or before the last working day of December, 2008 and the entire remaining amounts in three equal monthly instalments, payable on or before the last working days of January and February, and the penultimate banking day of March, 2009, without fail. However, if there is default in remitting any of the instalments as aforesaid, any benefit that accrues to the petitioner by virtue of this judgment will stand recalled automatically and the Bank will be at liberty to forthwith dispossess the petitioner and further proceed with action on the strength of this judgment. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.