IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 24TH MARCH 2008 / 4TH CHAITHRA 1930 WP(C).No. 9624 of 2008(U) ------------------------- PETITIONERS: ------------ 1. VASUDEVAN.P.V., S/O.P.M.KESAVAN NAMBOODIRI, VARKARA HOUSE, (UDAYA BHAVAN), THAYANNUR VILLAGE, HOSDURG TALUK. 2. T.P.RADHALAKSHMI, W/O.P.V.VASUDEVAN, DO. DO. BY ADV. SRI.BABU CHERUKARA SRI.ANZAR BASHEER RESPONDENTS: ------------- 1. THE ASSISTANT REGISTRAR/ARBITRATOR CUM SALE OFFICER, KASARGOD DISTRICT CO-OPERATIVE BANK LTD., KASARGOD. 2. THE GENERAL MANAGER, KASARGOD DISTRICT- CO-OPERATIVE BANK LTD., KASARGOD. 3. THE SECRETARY, KASARGOD DISTRICT CO-OPERATIVE BANK LTD., KANHANGAD BRANCH, KASARGOD. R1 BY GOVT. PLEADER SMT. ANU SIVARAMAN R2 & 3 BY ADV. SHRI. T.R. HARIKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/03/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------------ W.P.C. No 9624 of 2008 ------------------------------------------------------------ Dated this the 24th March 2008 JUDGMENT Second petitioner is the wife of the first petitioner. Pledging certain properties they availed a loan. That apparently led to arbitration proceedings and the sale proceedings started in 2007. Exts P1 and P2 sale notices show that an amount of Rs 24,82.154/- with interest was outstanding as on 03.05.2007. A perusal of the pleadings in the writ petition would disclose that the petitioners seek six months to liquidate the outstanding amount. 2. I have heard counsel for the petitioners, Standing Counsel for respondents 2 and 3 and Senior Government Pleader for the first respondent. I am satisfied that the petitioners' claim is bonafide. Having regard to the total amount outstanding and the accrual thereon I direct that If the petitioners remit at the rate of Rs 4.25 lakhs payable on or before last day of every month commencing from March 2008 the impugned distress action shall be withheld allowing the petitioners thereby to liquidate the outstanding amount including accruals. After remitting the first three consecutive instalments if the petitioners apply to the Bank for any remission as may be available the same will be WPC 9624/08 2 considered and appropriate decision taken in accordance with law and communicated the same to the petitioners. The writ petition is ordered accordingly. Sd/- THOTTATHIL B. RADHAKRISHNAN Judge 24/03/2008 en [true copy]