IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 23RD JUNE 2008 / 2ND ASHADHA 1930 WP(C).No. 18715 of 2008(C) --------------------------------- PETITIONER: --------------- GEETHA, D/O.KAMALAM, THADATHIL HOUSE, PLAKKATTU LANE, THRISSUR. BY ADV. SMT.S.MUMTAZ SHUMSUDDIN RESPONDENTS: ------------- 1. THE TRICHUR URABAN CO-OPERATIVE BANK LTD POONKUNNAM BRANCH, REP. BY ITS MANAGER, TRISSUR. 2. THE AUTHORISED OFFICER, TRICHUR URBAN CO-OPERATIVE BANK LTD., HEAD OFFICE, MISSION QUARTERS, TRISSUR. 3. STATE OF KERALA, REPRESENTED BY THE SECRETARY TO GOVERNMENT, CO-OPERATIVE DEPARTMENT, TRISSUR. BY STANDING COUNSEL SRI.P.J. DEVAPRASANTH FOR R1 SR. GOVT. PLEADER SMT. ANU SIVARAMAN FOR R2 & R3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ----------------------------------------------- W.P.(C) No.18715 OF 2008(C) ----------------------------------------------- Dated this the 23rd day of June, 2008 J U D G M E N T A loan was availed by the petitioner for business purpose. On account of default in repayment, steps have been taken for recovery under the SARFAESI ACT. 2. Having heard the learned counsel for the parties and having regard to Exts.P1 and P2, which show that there was some remittance towards second half of 2006 and not thereafter, I find that there is no jurisdictional error or legal infirmity in the impugned proceedings. Faced with that situation, the learned counsel for the petitioner submitted that the petitioner may be given an opportunity to repay the amounts after being notified the total outstandings on the basis of appropriate statements of accounts and thus, avert distress action. 3. Ext.P4 discloses that, on 15-3-2008, the amount realisable was Rs.4,02,860/- and obviously expenditures were suffered. In view of the amount fixed for recovery, it is W.P.(C)No.18715 of 2008 2 directed that if the petitioner deposits an amount of Rs.1,00,000/- within a period of two weeks and a further amount of Rs.1,00,000/- within a period of one month therefrom, the bank will issue a statement of accounts to her and hold back distress action to let the petitioner repay and avoid distress proceedings by remitting the remaining amounts in six equal monthly instalments payable on or before the last working day of every month, thereafter. If there is default in remitting any of the instalments as afore-directed, the benefit of this judgment will stand recalled automatically leading to the respondents to proceed with further recovery action. It is also clarified that this judgment will not stand in the way of the bank considering any request of the petitioner or her husband, the original debtor, to reduce the total outstandings either by way of slashing interest or other permissible reductions. This writ petition is ordered accordingly. THOTTATHIL B. RADHAKRISHNAN, Judge bps/26-6-2008 W.P.(C)No.18715 of 2008 3 W.P.(C)No.18715 of 2008 4