IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 22ND JULY 2008 / 31ST ASHADHA 1930 WP(C).No. 21930 of 2008(I) ------------------------------------ PETITIONERS: -------------------- 1. C.N.VIJAYAN, CHERUKUNNEL HOUSE KALAMKULAM, VASDAKKANCHERRY PALAKKAD DISTRICT. 2. C.N.THANKAPPAN, CHERUKUNNEL HOUSE KALAMKULAM, VADAKKANCHERRY PALAKKAD DISTRICT. BY ADV. SRI.K.B.GANGESH SMT.SMITHA CHATHANARAMBATH RESPONDENTS: ---------------------- 1. THE KERALA STATE CO.OP.BANK LTD., REP. BY ITS GENERAL MANAGER, REGIONAL OFFICE, DORAISWAMY ROAD, KOCHI-35. 2. AUTHORIZED OFFICER, THE KERALA STATE CO.OPERATIVE BANK LTD., REGIONAL OFFICE, DORAISWAMY ROAD, KOCHI-35. R1 BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.21930 of 2008-I = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 22nd day of July, 2008. JUDGMENT Heard the learned counsel for the petitioners and the learned counsel for the first respondent bank. The impugned proceedings have been initiated on account of default in repaying a loan. That has led to proceedings under the SARFAESI Act. Having heard the learned counsel for parties, I find that there is no jurisdictional error or legal infirmity in the impugned proceedings. No other issues are raised pivotally. It is further pointed out that though the request of the writ petitioner is essentially for an opportunity to have sale of only a portion of the hypotheca, the petitioner will be given time to wipe off the entire instalments in instalments. The question of selling a portion WP(C)21930/2008 -: 2 :- of the property is a matter that can easily be worked out even at the time of sale by the petitioner making available any purchaser who can purchase that portion to satisfy the entire outstandings. Having regard to the total amount involved, it is ordered that if the petitioner remits at the rate of Rs.40,000/- per month payable on or before the 15th of every month commencing from September, 2008 after remitting an initial instalment of Rs.30,000/- on or before the 15th of August, 2008, the impugned distress action will be held back. If there is default in remitting any of the intalments as afore-directed, the benefits of this judgment shall stand recalled automatically and the writ petition shall stand dismissed leaving the respondents with liberty to forthwith proceed with further action. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/220708