IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 7TH FEBRUARY 2008 / 18TH MAGHA 1929 WP(C).No. 4488 of 2008(H) ------------------------- PETITIONER: ------------ K.U.SREENIVASAN NAIR, S/O.RADHAMMA, KUNDOOR, MALLEPPIL UPPINIPPURATAH, PERILAT HOUSE, PANTHARANGADI (P.O), MALAPPURAM (DT). BY ADV. SRI.T.K.AJITH KUMAR RESPONDENTS: ------------- 1. TIRUR CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK, TIRUR (PO), MALAPPURAM (DT), PIN. 676 101 REPRESENTED BY ITS SECRETARY. 2. THE SPECIAL SALE OFFICER, TIRUR CO-OPERATIVE AGRICULTRUAL AND RURAL DEVELOPMENT BANK, TIRUR (PO), MALAPPURAM (DT) PIN 676 101. FOR R1 SENIOR GOVERNMENT PLEADER, SMT.ANU SIVARAM FOR R2 ADVS.SRI V.G.ARUN SRI.T.R.HARIKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ W.P.(C) No. 4488 of 2008-H ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Dated this the 7th day of February, 2008 J U D G M E N T Heard counsel for the parties. 2. Petitioner availed a loan from the first respondent, committed default and faced consequent proceedings for recovery under the Kerala State Co-operative (Agricultural & Rural Development Banks) Act. He moved this Court earlier and obtained a judgment directing the bank to consider the case of the petitioner for one time settlement scheme. The bank repeatedly extended the benefit. However, the loan in hand was not wiped of. He is now faced with distress sale. Giving up all other contentions, when the matter came up for admission, the counsel for the petitioner confined his request on behalf of his client to be one for paying of the outstanding in instalments and save the property from distress action. 3. The principal amount borrowed itself is Rs.3,00,000/-. Interest have accrued thereon. It would be improper to force the bank to W.P.(C).No.4488/2008-H -: 2 :- further wait for recovery of the entire outstanding until the petitioner pays a substantial amount. In the result, this writ petition is disposed on condition that, if the petitioner remits Rs.2,00,000/- within one month from now, the impugned sale will stand deferred. The petitioner shall continue to remit the remaining outstanding in equal monthly instalments of Rs.1,00,000/- payable on or before the last working day of every month commencing from April 2008. The petitioner shall thereby wipe of all the accruing incidentals. If the petitioner commits default in remitting any of the amounts as aforesaid, the benefit of this judgment shall stand recalled automatically. The parties shall ensure that the time limit fixed here shall be treated as peremptory. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge ms