IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 19TH SEPTEMBER 2008 / 28TH BHADRA 1930 WP(C).No. 26718 of 2008(E) ---------------------------------------- PETITIONERS: ---------------------- 1. SRI. P.T.MOHAN BABU, AGED 58 YEARS, S/O.LATE THOMAS VAIDHYAN, MANAGING PARTNER, HOTEL VRINDAVANAM INN, JAYABHARATHAM GARDENS, KSRTC JUNCTION, PUNALUR. 2. MRS. SERU MOHAN BABU, AGED 53 YEARS, W/O.P.T.MOHAN BABU, PARTNER, HOTEL VRINDAVANAM INN, JAYABHARATHAM GARDENS. KSRTC JUNCTION, PUNALUR. BY ADV. SRI.V.V.RAJA SRI.R.RANJITH RESPONDENTS: ------------------------- 1. CENTRAL BANK OF INDIA,REPRESENTED BY ITS REGIONAL MANAGER, REGIONAL OFFICE, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER (REGIONAL MANAGER), CENTRAL BANK OF INDIA, REGIONAL OFFICE, THIRUVANANTHAPURAM. 3. THE BRANCH MANAGER, CENTRAL BANK OF INDIA, KUNNIKKODE. ADV. SRI.DEVAN RAMACHANDRAN, SC FOR R1 SRI.SUMESH KUMAR N.C. FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.26718 of 2008 ================================== Dated this the 19th day of September, 2008. JUDGMENT Having heard the learned counsel for the petitioner and the learned counsel for the respondents, I am satisfied that there is no jurisdictional error or legal infirmity in the impugned proceedings. Learned counsel for the bank points out that the loan, as originally availed, was re-scheduled twice and the present arrears have accumulated and it would not be commercially feasible for the bank to re-schedule the transaction or to extend any facility further. I do not find any justifiable ground to direct the bank to re-schedule the transaction or to extend any facility other than to provide a breathing time to pay off the outstandings. Having regard to the facts and circumstances, WPC26718/08 -:2:- repelling all other contentions, this writ petition is ordered directing that if the petitioner makes a down payment of Rs.10 lakhs within one month from now and remits the remaining amounts in monthly instalments of Rs.10 lakhs, payable on or before the last working day of every month, commencing from November, 2008, distress action will stand dropped. This is as a last chance and it is also clarified that in view of the directions and the fact that the challenge against the proceedings have been repelled, the petitioner will not be entitled to move the Debts Recovery Tribunal under the SARFAESI Act. It is also further clarified that this judgment will not stand in the way of the petitioner working out any other arrangement with the bank. Thottathil B.Radhakrishnan, Judge. sl.