IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 8TH JULY 2008 / 17TH ASHADHA 1930 WP(C).No. 20290 of 2008(W) -------------------------------------- PETITIONERS: ------------------- 1. P.T. HANEEFA, S/O HAMZA, RESIDING AT PALLITHODI HOUSE, CHAPPAPPADY, P.O. TANUR, MALAPPURAM DISTRICT. 2. A.P. BEEPATHU, W/O MUHAMMADALI, ATHANTE PURAKKAL HOUSE, P.O. TANUR, MALAPPURAM DISTRICT. BY ADV. SRI.HARISH R. MENON SRI.K.T.SHYAMKUMAR RESPONDENTS: ---------------------- 1. THE GENERAL MANAGER (AUTHORISED OFFICE), MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, UPHILL, MALAPPURAM. MALAPPURAM DISTRICT. 2. THE MANAGER, MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., TANUR BRANCH, TANUR, MALAPPURAM DISTRICT. BY ADV. SRI.P.V.LOHITHAKSHAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.20290 of 2008 ================================== Dated this the 8th day of July, 2008. JUDGMENT Having heard the learned counsel for the petitioners and the learned counsel for the first respondent bank, no jurisdictional error or legal infirmity is established as regards the impugned proceedings initiated under the provisions of the SARFAESI Act. Petitioners are debtors. The outstandings are quantified. The debtor-creditor relationship is not disputed. The security interest is also not disputed. Therefore, the grounds raised in the writ petition challenging the proceedings fail. 2. Faced with the aforesaid situation, the learned counsel for the petitioners, giving up all the contentions on behalf of the WPC20290/2008 -:2:- petitioners, requested that the petitioners may be permitted to pay off the entire outstandings in instalments and thereby wipes off further accruals and save the property from distress action. I have heard the learned counsel for the parties on this aspect also. In the result, repelling all the contentions of the petitioners, this writ petition is ordered directing that if the petitioners remit at the rate of Rs.20,000/- per month, payable on or before the 25th of every month, commencing from July, 2008 and thereby wipes off the entire amounts covered by the impugned demand, including all accruals, further distress action will be dropped. If the petitioners fail to remit any of the instalments as aforesaid, the benefit of this judgment will stand recalled WPC20290/2008 -:3:- automatically and the respondents will be at liberty to forthwith proceed with distress action. Thottathil B.Radhakrishnan, Judge. sl.