IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 6TH OCTOBER 2008 / 14TH ASWINA 1930 WP(C).No. 28772 of 2008(A) -------------------------------------- PETITIONER: ----------------- SRI.GEORGE JOSEPH KACHAPPALLY, LALITHA BHAVAN, STADIUM WARD, ALAPPUZHA DISTRICT. BY ADV. SRI.S.SANAL KUMAR SMT.BHAVANA.V. RESPONDENTS: ----------------------- 1. CANARA BANK, REPRESENTED BY ITS BRANCH MANAGER, BRANCH OFFICE, B.J.ROAD, ALAPPUZHA. 2. THE REGIONAL MANAGER, CANARA BANK, REGIONAL OFFICE, IIND FLOOR, SHENOY CHEMBERS, SHANMUGHAM ROAD, ERNAKULAM. ADV. SRI.P.GOPINATH MENON, SC, FOR R1, R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Rs/ Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.28772 of 2008 ================================== Dated this the 6th day of October, 2008. JUDGMENT The first respondent has initiated action under the SARFAESI Act on account of default in repayment of a loan, which, the petitioner states, was availed by his son. He moved this writ petition on 26-9-2008 and obtained an interim order deferring the sale listed to 29-9-2008 on condition that he will deposit an amount of Rs.1,00,000/- at or before the time fixed for sale and a further amount of Rs.1,00,000/- on or before 4-10-2008. The fact remains that the petitioner deposited only an amount of Rs.25,000/-. Petitioner's attempt was only to dodge off the sale and not to repay the debt. Though he projects in the writ petition that he will be able to wipe off the outstandings and that reserve price fixed for sale is much below the market value, going by the impugned Ext.P2, by now, WPC28772/08 -:2:- the outstandings might have accrued to Rs.4.5 to 5 lakhs. I do not find any jurisdictional error or legal infirmity in the impugned proceedings. Under such circumstances, repelling all contentions, this writ petition is ordered directing that if the petitioner files an affidavit before the first respondent within one week from now, giving up all rights to challenge the impugned proceedings before other Tribunals, Courts etc., the sale will be deferred, if he remits at the rate of Rs.75,000/- per month, payable on or before the last working day of every month, commencing from October, 2008. Such an order is being granted in spite of the fact that the interim order was not complied with only because, the petitioner has projected himself as a senior citizen aged 65 years and this shall be treated as a last opportunity to pay off the outstandings. If the petitioner fails to remit any of the instalments as aforesaid, the benefits of this judgment will stand recalled and this writ WPC28772/08 -:3:- petition will stand dismissed automatically enabling the respondents to forthwith proceed under the SARFAESI Act. Thottathil B.Radhakrishnan, Judge. sl.