IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 11TH JANUARY 2008 / 21ST POUSHA 1929 WP(C).No. 1456 of 2008(W) ------------------------- PETITIONER: ------------------ JAMES P.O., S/O.UNNUNNI, PEEDIKAYIL PUTHENVEETTIL HOUSE, NALLAMTHANNI P.O., KOYAPPANVALAVU, NILAMBUR, MALAPPURAM DISTRICT. BY ADV. SRI.P.SAMSUDIN RESPONDENTS: -------------------- 1. THE AUTHORISED OFFICER, (DEPUTY GENERAL MANAGER), NILAMBUR CO-OPERATIVE BANK LTD., HEAD OFFICE NILAMBUR. 2. THE NILAMBUR CO-OPERATIVE BANK LTD., REPRESENTED BY ITS GENERAL MANAGER, HEAD OFFICE NILAMBUR. 3. THE REGISTRAR OF CO-OPERATIVE SOCIETIES, THIRUVANANTHAPURAM. R1 & R2 BY ADV. SRI.P.J.DEVAPRASANTH. R3 BY GP SMT. ANU SIVARAMAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.1456 of 2008 ================================== Dated this the 11th day of January, 2008. JUDGMENT Learned counsel Sri.P.J.Devaprasanth appears for respondents 1 and 2. Learned Government Pleader appears for the second respondent. 2. Petitioner is a defaulter under a loan transaction. He availed the loan from a Co- operative Bank, which has now initiated the provisions of the SARFAESI Act. The loan is not disputed. The loan amount and the accruals are also not disputed. I, therefore find no jurisdictional error or legal infirmity in the impugned proceedings. 3. Giving up his right to move the Debts Recovery Tribunal under the SARFAESI Act, the petitioner, through the learned counsel appearing WPC1456/2008 -:2:- for him, requests that he may be permitted to wipe off the outstandings in instalments and also to let him have an opportunity to regularise the loan transaction since the loan, as initially granted, has to be repaid by 2015. In the aforesaid circumstances, while rejecting all other contentions of the petitioner, this writ petition is disposed of directing that if the petitioner makes appropriate application for regularising the transaction in question, the bank will consider the same and the petitioner will abide by such directions as may be lawfully issued by the bank. In the meanwhile, the petitioner will pay an amount of Rs.50,000/- on or before 14-1-2008 and continue to remit at the rate of Rs.75,000/-, payable on or before the 20th of every month, commencing from February, 2008 and thus wipes off the entire outstandings, including accruals, in which event, the impugned action shall stand WPC1456/2008 -:3:- dropped. If the petitioner fails to comply with any of the conditions imposed above, this judgment will stand recalled automatically and the respondents will be at liberty to forthwith proceed with distress action. Thottathil B.Radhakrishnan, Judge. sl.