IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 16TH DECEMBER 2008 / 25TH AGRAHAYANA 1930 WP(C).No. 37060 of 2008(J) -------------------------- PETITIONER(S): --------------- 1. ALICE MATHEW, W/O.MATHEW, THAVALAKUZHIYIL HOUSE, PATTITHANAM JUNCTION, KANAKKARI P.O., KOTTAYAM. 2. T.A.MATHEW, THAVLAKUZHIYIL HOUSE, PATTITHANAM JUNCTION, KANAKKARI P.O., KOTTAYAM. BY ADV. SRI.K.L.JOSEPH RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE KOTHANELLOOR BRANCH, KOTTAYAM. 2. CHIEF MANAGER (ADVANCE), REGION III, STATE BANK OF TRAVANCORE, ZONAL OFFICE, KOTTAYAM. ADV. SRI.K.S.DILIP FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.37060 OF 2008 ------------------------------------------- Dated this the 16th day of December, 2008 JUDGMENT Heard. No other grounds are raised for decision, except the request of the petitioners for a facility to pay off the outstandings in instalments. The petitioners availed a vehicle loan to purchase a lorry for the purpose of their business. They defaulted repayment and the account was classified as NPA and proceedings were initiated under the SARFAESI Act. There is no jurisdictional error or legal infirmity in the impugned proceedings. Taking the request of the petitioners for an opportunity to pay off the outstandings, it is directed that if the petitioners pay an amount of Rs.65,000/- on or before 31.12.2008 and continues to pay amounts at the rate of Rs.1 lakh per month, payable on or before the last working day of every month commencing from January, 2009 and thus wipe off the entire outstandings, including accruals, distress action will stand deferred and ultimately dropped on satisfaction. However, if WPC.37060/08 Page numbers there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and distress action shall follow. The writ petition ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.