IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 25TH JULY 2008 / 3RD SRAVANA 1930 WP(C).No. 21585 of 2008(T) -------------------------- PETITIONER: ------------ K.V. GOVINDAN,S/O.AMBUKUTTY, SREENILAYAM, THOTTADA, KANNUR. BY ADV. SRI.JACOB SEBASTIAN RESPONDENTS: ------------- THE KERALA STATE CO-OPERATIVE BANK LTD REP. BY ITS AUTHORISED OFFICER (RREGIONAL MANAGER) KOZHIKODE REGIONAL OFFICE, COLOMBO TOWERS M.M.ALI ROAD, KOZHIKODE. BY ADV. SRI.NAGARAJ NARAYANAN FOR RESPONDENT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.21585 OF 2008 ------------------------------------------- Dated this the 25th day of July, 2008 JUDGMENT Having heard learned counsel for the petitioner and learned counsel for the respondent, it is seen that there is no jurisdictional error or legal infirmity in the impugned proceedings, which have been initiated on account of default in repayment of amounts due under a loan transaction. The transaction is admitted. The default is not disputed. Hence, there is no ground for interference. Faced with this situation, giving up all other contentions on behalf of the petitioner, learned counsel for the petitioner requested for an opportunity to wipe off the entire outstandings in instalments and thereby avert further distress action. Heard counsel for parties on that account also. As of now, the outstandings is around Rs.30,00,000/-. Having regard to the different aspects of the matter, including the rate of interest and the growing accruals, learned counsel for the petitioner submitted that his client would be able to repay the outstandings in six months. Accordingly, WPC.21585/08 Page numbers this writ petition is ordered directing that if the petitioner pays the entire outstandings in six equal monthly instalments, payable on or before the 15th of every month commencing from August, 2008, the impugned distress action will be held back, letting the petitioner pay off the entire outstandings, including accruals. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment shall stand recalled automatically and distress action shall follow. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.25/7.