IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 21ST NOVEMBER 2008 / 30TH KARTHIKA 1930 WP(C).No. 34432 of 2008(Y) --------------------------------------- PETITIONER: ------------------- S.V. SAJUKUAR, THEVILAKATHU PUTHEN VEEDU, MARIYAPURAM P.O., THIRUVANANTHAPURAM DIST. BY ADV. SRI.RAJESH P.NAIR RESPONDENT(S): ---------------------- STATE BANK OF TRAVANCORE, REP. BY ITS CHIEF MANAGER/AUTHORIZED OFFICER (ADVANCES), REGION - II, ZONAL OFFICE, SANTHINAGAR, THIRUVANANTHAPURAM. BY STANDING COUNSEL SRI.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------ W.P.(C) NO.34432 OF 2008 (Y) ------------------------------------------------------ Dated this the 21st day of November, 2008 J U D G M E N T The petitioner faces proceedings under Section 13(4) of SARFAESI Act, following notices under Section 13(2) of that Act, on account of default in two cash credit facilities. In fact, the only submission made on behalf of the petitioner today is that even after the order under Section 14 of the SARFAESI Act, the petitioner has paid Rs.1,20,000/-, as evidenced by Exhibit P4 and he may be given a breathing time to pay off the remaining outstandings. The request is for spread out facility for twelve months. The learned counsel for the bank states that this is impermissible and that the balance amount would be Rs.5,50,000/-. Taking into consideration the bonafides of the petitioner in having made the payments even after the order under Section 14 of the Act, repelling all other contentions and foreclosing the right of the petitioner to move before any statutory authority including DRT for relief, this writ petition W.P.(C) No.34432/2008 - 2 - is ordered directing that if the petitioner remits an amount of Rs.1,50,000/- per month, payable on or before the 10th day of every month, commencing from December, 2008 the impugned distress action will be withheld and dropped on satisfaction. If there is default in remitting any of the instalments as afore-directed, the benefit of this judgment shall stand recalled and this writ petition will stand dismissed automatically, enabling the respondents to forthwith proceed with further distress action. THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/22/11