IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 16TH OCTOBER 2008 / 24TH ASWINA 1930 WP(C).No. 30228 of 2008(W) --------------------------------------- PETITIONER: ------------------- V.R.SIVAKUMAR, AGED 50, S/O.RAGHAVAN, VANKALATH HOUSE, MANATHALA P.O., THIRUVATHIRA. BY ADV. SRI.RAJIT, ADV. SRI.RANJIT BABU. RESPONDENTS: ------------------------ 1. SALE OFFICER/AUTHORISED OFFICER, GURUVAYUR CO-OPERATIVE URBAN BANK LTD., GURUVAYOOR, CHAVAKKAD TALUK, THRISSUR. 2. GURUVAYUR CO-OPERATIVE URBAN BANK, BLANGAD BRANCH, GURUVAYUR, CHAVAKKAD, REPRESENTED BY ITS SECRETARY. R1 BY GOVT. PLEADER SRI. K.C. SANTHOSH KUMAR, R2 BY ADV. SRI. DEVAPRASANTH.P.J, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/10/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.30228 of 2008-W = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 16th day of October, 2008. JUDGMENT The limited submission on behalf of the petitioner challenging proceedings under the SARFAESI Act is that certain instalments paid were not given due credit and that the property is very valuable. It is ultimately pointed out that the petitioner would be satisfied, if amounts already paid are given due credit and the petitioner given a breathing time to pay off the entire amounts. Taking that submission into consideration and because it is stated that the petitioner gives up the right to challenge the SARFAESI Act proceedings in other jurisdictions, including Tribunals, this writ petition is ordered directing that if the petitioner remits an amount of Rs.1 lakh at or before the time fixed for sale as per Ext.P1 and remits the WP(C)30228/08 -: 2 :- remaining portion in five equal monthly instalments payable on or before the last working day of every month commencing from November, 2008, the impugned distress action will be held back giving the petitioner opportunity to pay off the entire outstandings and save the property. If there is default in remitting any of the instalments as aforesaid, the benefits of this judgment will stand recalled and the writ petition will stand dismissed automatically enabling the respondents to forthwith proceed with further distress action without fresh notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/161008