IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 18TH NOVEMBER 2008 / 27TH KARTHIKA 1930 WP(C).No. 32995 of 2008(C) --------------------------------------- PETITIONER: ------------------- M/S.P.G.R DIAMONDS, REPRESENTED BY PROPRIETOR P.G. RAVI, S/O. GOPALAN, POOVASSERY HOUSE, P.O. KAIPARAMBU, THRISSUR. BY ADV. SRI.C.PRABIN BENNY. RESPONDENTS: ------------------------ 1. AUTHORISED OFFICER UNDER SARFAESI ACT, UCO BANK, ZONAL OFFICE, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, UCO BANK, SWARAJ ROUND EAST, THRISSUR. BY ADV. SRI. GEORGE K. VARGHESE, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/11/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.32995 of 2008-C = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 18th day of November, 2008. JUDGMENT The petitioner availed a loan and failed to repay in time. The cash credit facility has grown with accrual of interest and the transaction became sticky and was classified as a non-performing asset. Proceedings were initiated under Section 13(2) of the SARFAESI Act. That led to measure under Section 13(4). This is under challenge. There is no jurisdictional error or legal infirmity pointed out in the impugned proceedings. In fact, all that is requested is that the petitioner may be granted some instalments to pay off the outstandings. Recording the said request and repelling all other contentions and the right if any to challenge the impugned proceedings before the DRT WP(C)32995/08 -: 2 :- or any other authority, this writ petition is ordered directing that if the petitioner remits an amount of Rs.7.5 lakhs on or before 15th December, 2008, another sum of Rs.5 lakhs on or before 15th January, 2009 and a further amount of Rs.4 lakhs on or before 27th February, 2008 and the remaining amounts on or before 27th March, 2009, the impugned proceedings will stand deferred and ultimately dropped. On settlement of the transaction as aforesaid, the bank will do the needful to release the documents immediately. If there is default in remitting any of the instalments as aforesaid, the benefits of this judgment will stand recalled and the writ petition will stand dismissed automatically enabling the respondents to forthwith proceed with further distress action without fresh notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/201108