IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 6TH OCTOBER 2008 / 14TH ASWINA 1930 WP(C).No. 29060 of 2008(H) ----------------------------------------- PETITIONER: -------------------- DEVARAJAN.M.S. S/O.MUTHUSWAMY SAMARTHAKAM, DRS NIVAS, NINNAMKUZHY, KOTTUKAL VILLAGE, BALARAMAPURAM. BY ADV. SRI.G.SUDHEER RESPONDENT: ------------------------ THE THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK REPRESENTED BY ITS AUTHORISED OFFICER, HEAF OFFICE, EAST FORT, THIRUVANANTHAPURAM. BY SRI. K.G.RADHAKRISHNAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No. 29060 of 2008-H ================================== Dated this the 6th day of October, 2008. JUDGMENT The petitioner challenges proceedings under the SARFAESI Act. The transaction is admitted. The outstandings are not disputed. The total accruals have to be paid. Even going by the grounds raised, the petitioner confines the request to be one for an opportunity to pay the outstandings in instalments. The learned counsel for the petitioner also states that all other contentions in opposition to the impugned proceedings are given up by the petitioner and he also waives his right, if any, to move the DRT or any authority challenging the impugned proceedings. Recording those submissions and taking into consideration the entire outstandings, this writ petition is ordered directing that if the petitioner deposits an amount of Rs.1.5 lakhs on or before the 31-10-2008 and WPC29060/08 -:2:- continues to deposit the entire remaining portion, including accruals, in six equal monthly instalments, payable on or before the 25th of every month commencing from November, 2008, the impugned distress action will be deferred and ultimately dropped. If there is default in depositing any of the instalments as aforesaid, the benefits of this judgment will stand recalled and the writ petition will stand dismissed enabling the respondent to forthwith proceed with further distress action without further notice to the petitioner. Thottathil B.Radhakrishnan, Judge. sl.