IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 1ST JANUARY 2009 / 11TH POUSHA 1930 WP(C).No. 38319 of 2008(J) -------------------------- SA.261/2008 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER(S): --------------- A.N.MADHUSOODHANAN, S/O.K.A.NAIR, AGED 48 YEARS, NO.1413, GARDEN AVENUE, MOGHAPAYER, CHENNAI-600 0037. BY ADV. SRI.K.S.DILIP SRI.SAJU N.A. SMT.G.LEKHA SMT.P.J.FLONY SMT.UMA.G.KRISHNAN RESPONDENT(S): --------------- 1. INDIAN BANK, CIRCLE OFFICE, CHENNAI, 55, ETHIRAJ SALAI, CHENNAI 600 008. REPRESENTED BY ITS AUTHORISED OFFICER. 2. DEBTS RECOVERY TRIBUNAL, (KERALA & LAKSHDWEEP), REPRESENTED BY THE PRESIDING OFFICER, DEBTS RECOVERY TRIBUNAL-I, CHENNAI. 3. NIRMALA.C.MADHU, PROPREITRIX UNIVERSAL PHARMA NO.1413, GARDEN AVENUE, MOGHAPAYER, CHENNAI-37. 4. MABEL JOHNY, C/O.A.N.MADHUSODHANAN, NO.1413, GARDEN AVENUE, MOGHAPAYER, CHENNAI-37. R1 BY ADV.SRI.S.EASWARAN, S.C. R2 BY ADV. SRI.P.PARAMESWARAN NAIR,ASG. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/01/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.38319 OF 2008 ------------------------------------------- Dated this the 1st day of January, 2009 JUDGMENT The petitioner, one of the co-obligants under a transaction with the first respondent, challenges Ext.P2 interim order granted by the Debts Recovery Tribunal in a securitisation application. The amount fixed as condition for stay has not been paid till now. The petitioner was obliged as per Ext.P2 order to pay the amount covered thereby in two instalments. Having considered the total amounts fixed for recovery vis.a.vis. the contentions of the petitioner in this petition, in particular, the fact that the amounts were availed in 1990 and 1991, I do not find any legal infirmity or jurisdictional error in Ext.P2 order. I also do not find that the condition imposed is, in any manner, irrational. Leaving open all other issues as also the entitlement of the petitioner to move the DRT for expeditious consideration of the securitisation application, if so advised, this writ petition is dismissed. However, it is directed that if the total amounts WPC.38319/08 Page numbers covered by the impugned interim order of the DRT is paid in four equal instalments, payable on or before 9.1.2009, 20.1.2009, 30.1.2009 and 5.2.2009, the sale shall not be confirmed. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.1/1.