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. 27917 of 2008(W) ----------------------------------------- PETITIONERS: ---------------------- 1. K.K.RAJEEVAN, KIZHAKKOOT HOUSE, NEDUPUZHA P.O., THRISSUR. 2. K.K.SURESH, KIZHAKKOOT HOUSE, NEDUPUZHA P.O., THRISSUR. 3. K.K.SUNIL, KIZHAKKOOT HOUSE, NEDUPUZHA P.O., THRISSUR. BY ADV. SRI.JAGADEESH LAKSHMAN SRI.A.R.GANGADAS SRI.T.GANGADHARA BHAT RESPONDENTS: ------------------------- 1. THE AUTHORISED OFFICER, TRICHUR URBAN CO-OPERATIVE BANK LTD NO. 87, HEAD OFFICE MISSION QUARTERS, TRICHUR-1. 2. THE SPECIAL SALE OFFICER, THRISSUR URBAN CO-OPERATIVE BANK GROUP, O/O.THE ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL), THRISSUR-1. 3. THE BRANCH MANAGER, TRICHUR URBAN CO-OPERATIVE BANK LTD. NO.87, PUNKUNNAM BRANCH, THRISSUR P.O., THRISSUR. BY ADV. SRI. C.D. DILEEP, SC – R1 TO R3 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.27917 of 2008 ================================== Dated this the 19th day of September, 2008. JUDGMENT Petitioners availed a loan from the bank of which respondents 1 to 3 are the concerned officers. After the loan was availed in 1999, it was not repaid in time. The security interest offered was an item of property belonging to the three petitioners and their mother. With the passage of time, it happened that the mother became seriously ill and according to the petitioners, huge amounts were spent in connection with her treatment, which turned futile resulting in her death on 20-8-2008. She was also a co-obligant for the transaction. 2. The materials on record do not disclose any jurisdictional error or legal infirmity in the impugned proceedings. With that scenario, learned WPC27917/08 -:2:- counsel for the petitioners states that his clients give up all contentions on merits and also give up their right, if any, to move the Debts Recovery Tribunal under the SARFAESI Act and that they may be provided an opportunity to wipe off the outstandings in instalments, as a last opportunity. In the result, repelling all other contentions, this writ petition is ordered directing that if an amount of Rs.2 lakhs is remitted on or before 14- 10-2008 and further amounts at the rate of Rs.1,00,000/- on or before the 10th of every month, commencing from November, 2008, the impugned distress action will be adjourned from time to time to let the petitioners wipe off the outstandings. However, if the petitioners fail to remit any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and the petitioners have waived their right for a fresh notice for sale and the respondents will be WPC27917/08 -:3:- entitled to sell the property, without any further notice. Thottathil B.Radhakrishnan, Judge. sl.