IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 10TH JULY 2008 / 19TH ASHADHA 1930 WP(C).No. 20637 of 2008(F) -------------------------- PETITIONER: ------------ REVEENDRADAS, S/O.KUNJU EZHATHASSAN, ATTUPURATH HOUSE, PERUNPILLYSSERI, CHERPU, P.O. THRISSUR. BY ADV. SRI.K.A.SREEJITH RESPONDENTS: ------------- THE TRICHUR URBAN CO-OPERATIVE BANK LTD, MISSION QUARTERS, THRISSUR REPRESENTED BY ITS GENERAL MANAGER. BY ADV.SRI.C.D.DILEEP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.20637 OF 2008 ------------------------------------------- Dated this the 10th day of July, 2008 JUDGMENT Heard learned counsel for the petitioner and counsel for the first respondent quite in extenso on the merits of the matter. The first respondent obtained an arbitration award against the petitioner under the Kerala Co-operative Societies Act, 1959. That has become final. This Court had granted certain directions to the petitioner to pay the amount covered by that award in instalments. The amount was not so paid. This means that the first respondent is entitled to execute that award and reach at the entire amount covered by the award at the earliest. However, the first respondent initiated proceedings under the SARFAESI Act. As the award has become final under the KCS Act, reasonableness of the situation require that the total amount that could be treated as secured amount for enforcing the security interest under the SARFAESI Act has to be the entire amount referable in terms of the award passed under the KCS Act. With such clarification, this writ petition is ordered WPC.20637/08 Page numbers directing that the impugned distress action will stand suspended for two months, provided the petitioner pays one half of the entire amounts due as on today under Ext.P1 award and Ext.P2 order of the Co-operative Tribunal within a period of one month and the remaining portion with all accruals within a further period of one month. If there is default in remitting any of the amounts as aforedirected, the benefit of the judgment shall stand recalled and the respondents will be at liberty to forthwith proceed with further recovery action. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.10/7.