IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC WEDNESDAY, THE 6TH FEBRUARY 2008 / 17TH MAGHA 1929 WP(C).No. 3637 of 2008(G) ------------------------- PETITIONER: ------------ K.B. VENUGOPAL, S/O. BALAN, KUTTANELLUR HOUSE, ARATTUPUZHA P.O., THRISSUR. BY ADV. SRI.DILIP J. AKKARA RESPONDENTS: ------------- 1. THE DHANALAKSHMI BANK LTD., REP. BY CHIEF MANAGER AND AUTHORISED OFFICER, ZONAL OFFICE, DHANALAKSHMI BANK BUILDING, PUNKUNNAM, THRISSUR-680 002. 2. THE MANAGER, DHANALAKSHMI BANK LTD., ARATTUPUZHA P.O.,THRISSUR. BY ADV. SRI.C.K.KARUNAKARAN,SC,DHANALAKSHMI BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. ------------------------------------ W.P.(C) 3637 of 2008 ------------------------------------- Dated: February 6, 2008 JUDGMENT Petitioner submits that in Ext.P1 the Lok Adalath had passed an award directing him to pay Rs.2,50,000/- on or before 30.6.2003 with a default clause that if payment is not made, the bank will be entitled to realise the said amount with interest. According to him he is willing to pay the balance due and for that purpose he has filed Ext.P8 before the Sub Court, Thrissur. It is submitted that while the application for recording satisfaction of the decree is pending, the bank has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. On the other hand, the learned counsel for the Bank would submit that the dispute is regarding interest that is payable and what is offered by the petitioner is only 6% interest. According to the counsel, the bank is entitled to interest at commercial rates. 2. Now that the petitioner has already applied to the WP(C) 3637/08 Page numbers execution court offering to pay Rs.1,84,669/- and for recording satisfaction of the decree, in my view, the dispute on the rate of interest that is payable by the petitioner as per Ext.P1 award of the Lok Adalath is also a matter which arises for determination by the execution court. When the execution court is so seized of the situation, in my view, the bank should not proceed further with the coercive action it has already initiated. However, it is noticed that the balance amount that is admitted to be payable in Ext.P8 filed by the petitioner, has not been deposited by him. 3. Therefore, I direct that the petitioner shall deposit the balance amount that is admitted to be due from him in terms of Ext.P8 before the execution court within ten days from today. Subject to deposit as above, I direct that further proceedings pursuant to Ext.P4 will stand deferred until the Sub Court, Thrissur passes in E.P.533/07. With this direction the writ petition is disposed of. ANTONY DOMINIC, JUDGE mt/-