IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 2ND APRIL 2009 / 12TH CHAITHRA 1931 WP(C).No. 10843 of 2009(A) -------------------------- CMP.1749/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- 1. SHIJIL.R, PROPRIETOR MANJIPUZHA TRADING COMPANY, MANJIPUZHA HOUSE, ARINALLOOR.P.O, THEVELLAKKARA CHAVARA. 2. C.V. UMA PRASAD, MANJIPUZHA HOUSE, ARINALLOOR.P.O, THEVELLAKKARA CHAVARA. BY ADV. SRI.A.N.RAJAN BABU SRI.P.GOPALAKRISHNAN (MVA) SRI.A.R.EASWARLAL RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY THE AUTHORISED OFFICER (CHIEF MANAGER) REGION IV, ZONAL OFFICE, STATE BANK OF TRAVANCORE, TRIVANDRUM. 2. THE DEPUTY GENERAL MANAGER, STATE BANK OF TRAVANCORE, ZONAL OFFICE, TRIVANDRUM. 3. THE MANAGER, STATE BANK OF TRAVANCORE, CHAVARA SOUTH BRANCH, KOLLAM. 4. SANTHOSH KUMAR, ADVOCATE COMMISSIONER (UNDER THE PROVISIONS OF SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSE4TS AND ENFORCEMENT OF SECUTY INTEREST ACT) KOLLAM. R1 TO R3 BY ADV.SRI.R.S.KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/04/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.10843 OF 2009 ------------------------------------------- Dated this the 2nd day of April, 2009 JUDGMENT Petitioners availed a facility from the first respondent. On default in repayment, action was taken under the SARFAESI Act for a total outstandings of more than Rupees Sixteen Lakhs by the end of 2008. The only request made is for an opportunity to pay off the entire outstandings and avoid distress action. Having heard counsel for parties, it is directed that if an amount of Rupees Three Lakhs is paid on or before 15.4.2009, the impugned distress action will stand deferred to enable the petitioners to pay off the remaining outstandings in five equal monthly instalments, payable on or before the 15th of every month commencing from May, 2009. However, if there is default in remitting any of the amounts as aforesaid, the benefit of this judgment will stand recalled automatically and distress action will follow. The proceedings before the learned Chief Judicial Magistrate, including the direction for dispossession will stand WPC.10843/09 Page numbers regulated by what is stated above. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.3/4.