IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 13TH NOVEMBER 2008 / 22ND KARTHIKA 1930 WP(C).No. 32661 of 2008(L) -------------------------------------- PETITIONER(S): ---------------------- T. MOHAMMED, PROPRIETOR, FARSANA TIMBER AND FURNITURE MART, NADUVAKKAD, MAMPAD, MALAPPURAM DISTRICT. BY ADV. SRI.P.SAMSUDIN RESPONDENT(S): ------------------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD. REGIONAL OFFICE, COLOMBO COMPLEX, MM ALI ROAD, KOZHIKODE, REPRESENTED BY ITS REGIONAL MANAGER. 2. THE REGIONAL MANAGER, KERALA STATE CO-OPERARTIVE BANK LTD., COLOMBO COMPLEX, MM ALI ROAD, KOZHIKODE. 3. THE REGISTRAR OF CO-OPERATIVE SOCIETIES, THIRUVANANTHAPURAM. R3 BY GOVERNMENT PLEADER SRI.K.C.SANTHOSH KUMAR R1, R2 BY ADV. SRI.NAGARAJ NARAYANAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Rs/ Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.32661 of 2008 ================================== Dated this the 13th day of November, 2008. JUDGMENT Petitioner availed a cash credit facility from the first respondent in 2004. In 2006, that became sticky and there was no renewal of the limit. According to him, the unit became sick. The bank has now proceeded against the security interest created in support of that loan. The residential property as well as commercial property of the petitioner is thus being proceeded against. The total amount due as per Ext.P1 is nearly Rs.22,78,630/- as on 1-9-2006. The transaction is not disputed. The default is not under challenge. The classification of the transaction as NPA is not disputed. Learned counsel for the petitioner after arguing the matter for quite sometime and in further consultation with his client gives up all the contentions against the impugned proceedings WPC32661/08 -:2:- and also states that his client forgoes right, if any, to move the Debts Recovery Tribunal challenging the impugned proceedings. He, accordingly, confines his submission to a request that the petitioner may be permitted to pay off the entire amounts by 1-1-2009 as a last opportunity. 2. Though this Court is inclined to impose a condition of payment of at least one third as a pre-condition for adjourning the distress action, recording the undertaking that the entire amounts will be paid on or before 1-1-2009 and because the said day is only six weeks ahead, this writ petition is ordered granting the request of the petitioner, as sought for before me today and the impugned proceedings shall, by the force of this judgment, stand adjourned to 2-1-2009 to be enforced without any further notice on that day if the entire amounts due is not remitted on or before WPC32661/08 -:3:- 1-1-2009. This judgment will not stand in the way of the bank granting any benefit of waiver etc. Thottathil B.Radhakrishnan, Judge. sl.