IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 18TH MARCH 2009 / 27TH PHALGUNA 1930 WP(C).No. 8554 of 2009(L) ------------------------- PETITIONER(S): --------------- SIBI GEORGE, AMBAZHATHUNGAL, POONJAR, THEKKEKKARA P.O., KOTTAYAM DIST. BY ADV. SRI.B.S.SURESH (CHIRAKKARA) RESPONDENT(S): --------------- 1. CHIEF MANAGER (ADV)/AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, REG.11, Z.O. KOTTAYAM. 2. STATE OF KERALA REPRESENTED BY PUBLIC PROSECUTOR, HIGH COURT OF KERALA. R2- BY GOVT. PLEADER SRI K C SANTHOSH KUMAR R1- BY SC SRI R S KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 8554 OF 2009 ............................................ DATED THIS THE 18TH DAY OF MARCH, 2009 JUDGMENT Adv.Sri R.S.Kalkura appears for first respondent. Government Pleader takes notice for second respondent. The petitioner availed a loan from the first respondent. Due to default in repayment, action under SARFAESI Act has been initiated. The accruals have grown. There is no jurisdictional error or legal infirmity in the impugned proceedings. Taking the total outstandings which have now accrued to be around 1,20,000/-, including securitization expenses, it is ordered that if the petitioner deposits @ Rs.25,000/- each payable on or before 28th of every month commencing from March 2009, first respondent will defer further action and close the transaction on payment of the entire amounts due including accruals. If there is default in payment of any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/18/3