IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 25TH JANUARY 2008 / 5TH MAGHA 1929 WP(C).No. 2708 of 2008(V) ------------------------- PETITIONER: ------------ RAHUL VIJAY, S/O. L.REMADEVI, KANNANGOTTU HOUSE, MUTHUVAZHY, PANDANAD (P.O), CHENGANNUR. BY ADV. SRI.S.SHANAVAS KHAN RESPONDENTS: ------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, REPRESENTED BY ITS MANAGER, STATE CO-OPERATIVE BANK BUILDING, OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM-695001. 2. THE KERALA STATE CO-OPERATIVE BANK LTD., ALAPPUZHA BRANCH, REPRESENTED BY ITS MANAGER. 3. THE AUTHORISED OFFICER (REGIONAL MANAGER-IN-CHARGE) THIRUVANANTHAPURAM REGIONAL OFFICE. R1 BY ADV. SRI.NAGARAJ NARAYANAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.2708 of 2008-V = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 25th day of January, 2008. JUDGMENT 1.The petitioner availed a cash credit facility from the first respondent. He committed default in repaying the amount. Accordingly, the first respondent issued Ext.P1 invoking the provisions of the SARFAESI Act. 2.Having heard the learned counsel for the petitioner and the learned counsel for the first respondent, I am satisfied that there is no jurisdictional error or legal infirmity in invoking the provisions of the SARFAESI Act and issuing Ext.P1. 3.Under such circumstances, on behalf of the petitioner, all other contentions are given up WP(C)2708/2008 -: 2 :- and it is submitted that the petitioner confines his request to a facility to repay the entire outstandings in instalments. 4.Having heard learned counsel for parties on that issue also, this writ petition is disposed of directing that the impugned proceedings shall stand deferred, if the petitioner remits the entire outstandings, including the accruals, at the rate of Rs.3 lakhs per month payable on or before the 10th of every month commencing from February, 2008. If there is any default in remitting any of the instalments as aforesaid, the respondents will be at liberty to proceed with the impugned proceedings without further notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/