IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 6TH FEBRUARY 2009 / 17TH MAGHA 1930 WP(C).No. 4042 of 2009(F) ------------------------- PETITIONER(S): --------------- A.K.NAZAR, AGED 46 EYARS S/O. ALIYAR KUNJU, PROPRIETOR, AL-SAFA COLOUR LAB, AL-SAFA TOWERS, MAIN ROAD, ATTINGAL. BY ADV. SRI.G.S.REGHUNATH RESPONDENT(S): --------------- 1. UNION BANK OF INDIA, REP. BY ITS REGIONAL MANAGER UNION BANK BHAVAN, M.G.ROAD,STATUE THIRUVANANTHAPURAM. 2. UNION BANK OF INDIA ATTINGAL, SHAMS COMPLEX, OPP.K.S.R.T.C BUS STAND ATTINGAL, THIRUVANANTHAPURAM, REP. BY ITS MANAGER. BY SC SRI A S P KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 4042 OF 2009 ............................................ DATED THIS THE 6TH DAY OF FEBRUARY, 2009 JUDGMENT Petitioner faces SARFAESI Act proceedings. He gives up all contentions in challenge to those proceedings and also the right to move the Debt Recovery Tribunal under Section 17 of the SARFAESI Act. Under such circumstances, learned counsel for the Bank stated that if an amount of Rs.30,00,000/- is paid, the distress action would stand deferred, enabling the petitioner to continue to make payments. Hence it is ordered that if the petitioner deposits an amount of Rs.15,00,000/- on or before 28.2.2009 and another Rs.15,00,000/- on or before 15.3.2009, the parties will stand bound by what is recorded above. If there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will be recalled automatically and respondents will be at liberty to proceed with further action. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk