IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 12TH DECEMBER 2008 / 21ST AGRAHAYANA 1930 WP(C).No. 36678 of 2008(N) -------------------------- PETITIONER(S): --------------- 1. THE BEST BUY,T.V. & HOME APPLIANCES, PUTHUSSERY BUILDINGS, KALOOR A PARTNERSHIP CONCERN REP. HEREIN BY ITS MANAGING PARTNER SUJARIA RANI W/O. RAZIK AGED 40 YEARS, RESIDING AT J.K.ROYAL APARTMENTS KALOOR, KOCHI-17. 2. THE BEST BUY ELECTONICS & APPLIANCES, RAVEL BUILDING,KARAMANA, THIRUVANANTHAPURAM, A PARTNERSHIP CONCERN REP.HEREIN BY ITS MANAGING PARTNER SUJARIA RNI W/O. RAZIK AGED 40 YEARS, RESIDING AT J.K.ROYAL APARTMENTS KALOOR, KOCHI-17. BY ADV. SRI.K.R.VINOD SRI.T.R.RENJITH RESPONDENT(S): --------------- ORIENTAL BANK OF COMMERCE M.G.ROAD, THIRUVANANTHAPURAM. BY ADV.SRI.N.RAJAGOPALAN NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.36678 OF 2008 ------------------------------------------- Dated this the 12th day of December, 2008 JUDGMENT Petitioners have a long standing financial relationship with the respondent bank. Owing to the commercial activities, the respondent had also shown the courtesy of re-scheduling the repayment pattern of a loan availed. Petitioners were to pay at the rate of Rs.4 lakhs per month from 12.10.2007. Till date, they paid only one instalment. As of now, it is agreed that about 13 instalments were defaulted. The accruals have led to the impugned distress action. On a fair consideration of the total outstandings vis.a.vis. the spread out of the EMI rates and the probable add ons that would accrue with the time lag generated by the delay in repayment, on the basis of the submissions and deliberations, including by suggestions by this Court, it appears to be a firm view for both sides that if the petitioner pays an amount of Rs.12 lakhs per month from December, 2008 for six months and thereafter continues at the EMI rate of Rs.4 lakhs per month, the transaction could be sustained. The monthly EMI WPC.36678/08 Page numbers of Rs.4 lakhs, which ought to have been otherwise paid from December, 2008, will also be part of this Rs.12 lakhs as already stated. This is a fair way of regularising this transaction. It is, hence, ordered that the parties will stand regulated by what is stated above and distress action will stand deferred and ultimately dropped if the aforesaid arrangement is honoured by the petitioner. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and distress action shall follow. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.