IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 30TH OCTOBER 2008 / 8TH KARTHIKA 1930 WP(C).No. 30739 of 2008(H) --------------------------------------- PETITIONER: ------------------- R.JAYAKUMAR, SREENILAYAM, MUTHUKATTUKARA, NOORANADU. BY ADV. SRI.RASHEED C.NOORANAD. RESPONDENTS: ------------------------ 1. STATE BANK OF TRAVANCORE, REPRESENTED BY ITS GENERAL MANAGER, HEAD OFFICE, POOJAPPURA, THIRUVANANTAPURAM. 2. CHIEF MANAGER, STATE BANK OF TRAVANCORE, NOORANAD. 3. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, NOORANAD. BY ADV. SRI. SAJI VARGHESE, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/10/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.30739 of 2008-H = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 30th day of October, 2008. JUDGMENT The petitioner availed a facility from the third respondent. That cash credit transaction became sticky and has been classified as NPA and proceedings have been initiated under the provisions of the SARFAESI Act. Though the petitioner challenges the proceedings, the learned counsel for the bank states, on instructions, that the cash credit facility was availed by hypothecating the goods in trade and the petitioner has, without the knowledge of the bank, transferred the entire stock to third parties. Under such circumstances, the learned counsel for the petitioner confines the submissions to a request that the petitioner may be granted a facility to pay off the outstandings in instalments and that his client foregoes WP(C)30739/08 -: 2 :- right, if any, to move the DRT or other authority against the impugned proceedings. Recording those submissions, this writ petition is ordered directing that if the petitioner deposits 1/3rd of the entire amounts within three weeks from now and deposits the remaining portion in four equal monthly instalments payable on or before the 20th of every month commencing from December, 2008, the impugned distress action will be deferred and dropped ultimately on being satisfied of payment of all amounts, including accruals and expenses. If there is default in depositing any of the instalments as aforesaid, the benefits of this judgment will stand recalled and the writ petition will stand dismissed automatically enabling the respondents to forthwith proceed with further distress action without fresh notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/311008