IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 22ND JULY 2008 / 31ST ASHADHA 1930 WP(C).No. 21872 of 2008(D) -------------------------------------- PETITIONER: ------------------ ABDULLAKUTTY, S/O.KOCHU, PUTHUVEETTIL HOUSE, MANATHALA, THIRUVATHRA, TRISSUR. BY ADV. SMT.S.MUMTAZ SHAMSUDDIN RESPONDENTS: ---------------------- 1. GURUVAYOOR CO-OPERATIVE URBAN BANK LTD. NO.F 1652, MAIN BRANCH, REPRESENTED BY THE MANAGER GURUVAYOOR, TRISSUR. 2. AUTHORISED OFFICER, GURUVAYOOR CO-OPERATIVE URBAN BANK LTD.1652, GURUVAYOOR, TRISSUR. 3. STATE OF KERALA, REPRESENTED BY THE SECRETARY TO GOVERNMENT, CO-OPERATIVE DEPT. SECRETARIAT, THIRUVANANTHAPURAM. R3 BY SR. GOVERNMENT PLEADER SMT.ANU SIVARAMAN R1 BY ADV. SRI.DEVAPRASANTH P.J., SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.21872 of 2008-D = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 22nd day of July, 2008. JUDGMENT Heard the learned counsel for the petitioner and the learned counsel for the first respondent bank. I find no jurisdictional error or legal infirmity in the impugned proceedings which have been initiated under the provisions of the SARFAESI Act on account of non-payment of amounts due under a loan transaction. Faced with the aforesaid situation, the learned counsel for the petitioner seeks that the petitioner may be permitted to wipe off the entire outstanding in instalments. Having heard the learned counsel on either side on this matter also, it is ordered that if the petitioner remits the entire outstandings in WP(C)21872/2008 -: 2 :- eight equal monthly instalments payable on or before the 15th of every month commencing from August, 2008, the impugned distress action will be dropped upon payment of the entire accruals. If there is default in remitting any of the instalments as afore-directed, the benefits of this judgment shall stand recalled automatically and the writ petition shall stand dismissed leaving liberty the respondents with liberty to forthwith proceed with further action. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/220708