IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 22ND JULY 2008 / 31ST ASHADHA 1930 WP(C).No. 22022 of 2008(V) -------------------------------------- PETITIONER: ------------------ RAMESAN, S/O. KOCHAKKAN, NADUVILAPPURA HOUSE, MURIYADU, THRISSUR. BY ADV. SMT.S.MUMTAZ SHAMSUDDIN RESPONDENTS: ---------------------- 1. MURIYAD SERVICE CO-OPERARTIVE BANK LTD. NO.479, REP. BY THE SECRETARY, MURIYAD, THRISSUR. 2. THE SPECIAL SALE OFFICER, OFFICE OF THE ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL), MUKUNDAPURAM, THRISSUR. 3. STATE OF KERALA, REP. BY THE SECRETARY TO GOVERNMENT, CO-OPERATIVE DEPARTMENT, SECRETARIAT, THIRUVANANTHAPURAM. R2, R3 BY SR. GOVERNMENT PLEADER SMT.ANU SIVARAMAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.22022 of 2008-V = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 22nd day of July, 2008. JUDGMENT 1. Having regard to the nature of the orders being issued hereunder, notice to the first respondent is dispensed with preserving its right to move this Court for review of this judgment, if aggrieved. 2. Having heard the learned counsel for the petitioner and the learned Senior Government Pleader for respondents 2 and 3, I find no jurisdictional error or legal infirmity in the impugned proceedings which have been initiated under the provisions of the SARFAESI Act on account of non-payment of amounts due under a loan transaction. 3. Faced with the aforesaid situation, the WP(C)22022/2008 -: 2 :- learned counsel for the petitioner seeks that the petitioner may be permitted to wipe off the entire outstanding in instalments. Having heard the learned counsel on either side on this matter also, it is ordered that if the petitioner remits the entire outstanding in eight equal monthly instalments payable on or before the 15th of every month commencing from August, 2008, the impugned distress action will be dropped upon payment of the entire accruals. If there is default in remitting any of the instalments as afore-directed, the benefits of this judgment shall stand recalled automatically and the writ petition shall stand dismissed leaving liberty to the respondents to forthwith proceed with further action. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/220708