IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 14TH OCTOBER 2008 / 22ND ASWINA 1930 WP(C).No. 29993 of 2008(U) ------------------------------------- PETITIONER: ------------------ V.RAMACHANDRAN, S/O.SEKHARAN NAIR, AGED 43, RESIDING AT ELAYATTIL HOUSE, P.O. NIRAMARATHUR, MALAPPURAM DISTRICT. BY ADV. SRI.HARISH R. MENON SRI.K.T.SHYAMKUMAR SMT.T.M.BINITHA RESPONDENT(S): ------------------------- 1. THE GENERAL MANAGER (AUTHORISED OFFICER) MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE , UP HILL, MALAPPURAM DISTRICT. 2. THE MANAGER, MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., TIRUR BRANCH (EVENING), MALAPPURAM DISTRICT. BY STANDING COUNSEL SRI. V. KRISHNA MENON THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------------------------ W.P.(C) NO.29993 OF 2008 (U) ------------------------------------------------------------------------ Dated this the 14th day of October, 2008 J U D G M E N T Due to immediate financial need, the mother of the petitioner availed a loan from the respondents. With the passage of time, she committed default in repayment, resulting in the transaction being classified as NPA and initiation of action against the security interest under the SARFAESI Act. 2. With the pleading on record, it appears that the petitioner and his sister along with their mother will be able to repay the outstandings, if the facility by way of instalments is granted. In fact, no other plea is raised in this writ petition. I do not find any jurisdictional error or legal infirmity in the impugned proceedings. Having regard to the fact that, as on 09-08-2008, the total outstandings was Rs.2,32,473/-, to be recovered with accruals and expenditure, it is ordered that if amounts at the rate of Rs.20,000/- is deposited per month, payable on or before the last working day of every month, commencing from October, 2008, the impugned action shall stand suspended and ultimately W.P.(C) No.29993/2008 - 2 - dropped. If the petitioner or his mother makes prompt payment, the bank will consider whether any relief could be granted by way of reducing the total outstandings, if permissible. If there is default in remitting any of the instalments as afore-directed, the benefit of this judgment shall stand recalled automatically and the bank will be at liberty to forthwith proceed with further recovery action. Sd/- THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/15/10 // True copy // P.A. to Judge.