IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 2ND FEBRUARY 2009 / 13TH MAGHA 1930 WP(C).No. 38124 of 2008(L) -------------------------- PETITIONER(S): --------------- 1. K.G.DEEPAK, AGED 38 YEARS, S/O.M.M.GOPALAN, KARANAMKOT HOUSE, THOZHIYOOR P.O., KUNNAMKULAM, THRISSUR DISTRICT. 2. K.G.SUDEEP, AGED 36 YEARS, S/O.M.M.GOPALAN, KARANAMKOT HOUSE, THOZHIYOOR P.O., KUNNAMKULAM, THRISSUR DISTRICT. BY ADV. SRI.RAJIT RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, UNION BANK OF INDIA, KUNNAMKULAM BRANCH, KUNNAMKULAM, THRISSUR DISTRICT. 2. UNION BANK OF INDIA, KUNNAMKULAM BRANCH, KUNNAMKULAM, THRISSUR DISTRICT, REP. BY THE BRANCH MANAGER. ADDL.3. KARTHIAYANI, W/O.M.M.GOPALAN, KARANAMKOT HOUSE, THOZHIYOOR P.O., KUNNAMKULAM, THRISSUR DISTRICT. 4. K.G.SUNIL KUMAR, S/O.M.M.GOPALAN, KARANAMKOT HOUSE, THOZHIYOOR P.O., KUNNAMKULAM, THRISSUR DISTRICT. (ADDL.R3 AND R4 IMPLEADED VIDE ORDER DATED 8.1.09 ON I.A.NO.44/09) ADV. SRI.M.L.SURESH KUMAR FOR ADDL.R.3,4 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.38124 OF 2008 ------------------------------------------- Dated this the 2nd day of February, 2009 JUDGMENT The petitioners availed an Over Draft facility from the second respondent; defaulted repayment and are facing proceedings under the SARFAESI Act. The petitioners did not dispute the total outstandings and the legality and propriety of the impugned proceedings. They forego their right to move the Debts Recovery Tribunal under Section 17 of the SARFAESI Act. This was so stated on behalf of the petitioners. Hence, taking into consideration the total outstandings after the payment of Rs.5,00,000/- in terms of the interim order dated 16.1.2009, it is directed that if the petitioners deposit a further amount of Rs.8,00,000/- on or before 31.3.2009 and continue to deposit the remaining amounts in two instalments, payable on or before the last working day of April and May, 2009, the impugned distress action will be deferred and dropped. Since the transaction is a commercial one and an O/D facility, I do not find any room to grant any further relaxed WPC.38124/08 Page numbers instalment mode. However, if there is default in remitting any of the amounts as aforesaid, the benefit of this judgment will stand recalled automatically and distress action will follow. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.