IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 18TH AUGUST 2008 / 27TH SRAVANA 1930 WP(C).No. 24819 of 2008(D) -------------------------- PETITIONER: ------------ JOY JOSEPH, THYKKOTTATHIL HOUSE MURIKASSERY PO., IDUKKI. BY ADV. SRI.M.R.SARIN PANICKER SRI.M.R. SASITH PANICKER SRI.K.K.SUNIL KUMAR (IDUKKI) RESPONDENTS: ------------- 1. AUTHORISED OFFICER, KERALA STATE CO.OP.BANK LTD., REGIONAL OFFICE, ERNAKULAM. 2. MANAGER, KERALA STATE CO.OP.BANK LTD., IDUKKI BRANCH , IDUKKI. BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.24819 OF 2008 ------------------------------------------- Dated this the 18th day of August, 2008 JUDGMENT The petitioner availed a mortgage loan of Rs.3,00,000/- on 16.7.2003, with a repayment schedule of 60 months, at the rate of Rs.6990/- per month, commencing from August, 2003. He defaulted in repayment and the Bank initiated action under the SARFAESI Act. I find no jurisdictional error or legal infirmity in the said proceedings. However, the petitioner contends in the writ petition that he will be able to pay off the entire outstandings in a short time. It is so submitted by his learned counsel also, who, after arguing the matter for quite some time, gave up all other contentions. The petitioner also gave up his right to move the Debts Recovery Tribunal or other authorities, challenging the SARFAESI Act proceedings. In the aforesaid circumstances, after hearing learned counsel for the petitioner and learned counsel for the respondent Bank, this writ petition is ordered directing that if the petitioner WPC.24819/08 Page numbers remits an amount of Rs.1,00,000/- within three weeks from now and continues to deposit the remaining portion in five equal monthly instalments, payable on or before the last working day of every month commencing from September, 2008, the impugned distress action will be suspended to let the petitioner to pay off the entire outstandings, including accruals. However, if there is default in remitting any of the instalments as directed above, the benefit of this judgment shall stand recalled automatically. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.18/8.