IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 18TH SEPTEMBER 2008 / 27TH BHADRA 1930 WP(C).No. 27495 of 2008(W) -------------------------- PETITIONER: ------------ P.PRABHAKARAN, S/O.PAZHANIYANDI, RENUKA SADAN, KAVILPPAD.P.O, PALAKKAD. BY ADV. SRI.JACOB SEBASTIAN RESPONDENTS: ------------- 1. UCO BANK, PALAKKAD BRANCH, MARKET ROAD, PALAKKAD-678014.REP.BY ITS AUTHORISED OFFICER. 2. THE SUB DIVISIONAL MAGISTRATE, PALAKKAD, PALAKKAD DISTRICT. R1 BY ADV.SRI.GEORGE K.VARGHESE, S.C. R2 BY GOVT. PLEADER SRI.K.C.SANTHOSH KUMAR. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.27495 OF 2008 ------------------------------------------- Dated this the 18th day of September, 2008 JUDGMENT Petitioner's son availed a loan from the first respondent. Petitioner was guarantor for that transaction. He also offered his property as security. Amounts were not deposited in time and repayment was thus defaulted. The interest component accrued and hence, the Bank classified the transaction as an NPA. Resultantly, action was taken under the SARFAESI Act. This has led to Ext.P1 notice dated 4.9.2008 for sale. 2. After having argued the matter for quite some time on the merits and faced with a situation that there is no legal infirmity or jurisdictional error in the impugned proceedings, learned counsel for the petitioner submitted that his client gives up all contentions on merits and the right, if any, to proceed before the DRT under the SARFAESI Act and prays that his client may be given a period of six months to wipe off the entire outstandings. WPC.27495/08 Page numbers Having heard learned counsel for the Bank also on the question of total outstandings, the purpose of the loan since according to the bank, there was a diversion of the funds, and the fact that the establishment was closed down, as a last opportunity, it is ordered that the impugned sale will stand deferred if the petitioner pays an amount of Rupees Five Lakhs within a period of one month from now and remits the entire balance amounts within a further period of three months. If any remittance as aforesaid is defaulted, the benefit of this judgment will stand recalled automatically and the writ petition will stand dismissed. The respondents will then be at liberty to proceed with further recovery action without any further notice. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.