IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 3RD SEPTEMBER 2008 / 12TH BHADRA 1930 WP(C).No. 23774 of 2008(E) ---------------------------------------- PETITIONERS: --------------------- 1. M.KASTHURI, DHEERENDRA, MANGALATHU KONAM, KATTACHALKUZHY PO., THIRUVANANTHAPURAM. 2. B.KRISHNAN, DHEERENDRA, MANGALATHU KONAM, KATTACHALKUZHY PO., THIRUVANANTHAPURAM. BY ADV. SRI.ANIL K.NARENDRAN RESPONDENTS: ------------------------- 1. KERALA STATE CO.OP.BANK LTD., COBANK TOWERS, PALAYAM, THIRUVANANTHAPURAM-695 033, REP. BY ITS MANAGING DIRECTOR. 2. THE AUTHORISED OFFICER AND REGIONAL MANAGER, KERALA STATE CO.OP.BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, STATE CO.OPERATIVE BANK BUILDING, OVERBRIDGE JUNCTION,THIRUVANANTHAPURAM-695 001. 3. THE BRANCH MANAGER, THE KERALA STATE CO.OP. BANK LTD., STATUE BRANCH, M.G.ROAD, STATUE, THIRUVANANTHAPURAM-695001. BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1-3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.23774 of 2008-E = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 3rd day of September, 2008. JUDGMENT Petitioners challenge the impugned proceedings initiated under the Securitisation Act. There is no jurisdictional error or legal infirmity in the impugned proceedings. The writ petition filed on such grounds essentially fails. Faced with that situation, at the request of the learned counsel for the petitioners in that regard and on his submission that the petitioners give up all other contentions and also the right to all further proceedings, including under the Securitisation Act, this writ petition is ordered directing that if the petitioners remit the outstandings, including accruals in eight equal monthly instalments payable on or before the 15th of every month commencing from October, 2008 and wipes off the entire outstandings, the distress action will WP(C)23774/2008 -: 2 :- stand dropped. If there is default in remitting any of the instalments as afore-directed, the benefits of this judgment will stand recalled and the writ petition will stand dismissed automatically enabling the respondents to forthwith proceed with further recovery action without further notice to the petitioners. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/060908