IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 22ND SEPTEMBER 2008 / 31ST BHADRA 1930 WP(C).No. 25497 of 2008(I) -------------------------------------- PETITIONER: ------------------- K.V.VINOD, KANNAYIL HOUSE, KARAKURISSIKARA, VAZHUKPURAM P.O., PALAKKAD DISTRICT. BY ADV. SMT.S.MUMTAZ. RESPONDENT: ---------------------- UNION BANK OF INDIA, REPRESENTED BY THE AUTHORISED OFFICER, REGIONAL OFFICE, UNION BANK OF INDIA BHAVAN, P.B.NO.307, M.G.ROAD, STATUE, THIRUVANANTHAPURAM. BY ADV. SRI. A.S.P. KURUP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/09/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.25497 of 2008-I = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 22nd day of September, 2008. JUDGMENT The petitioner obtained a mortgage loan and defaulted in repayment. This led to action under the SARFAESI Act resulting in issuance of Ext.P1 followed by Ext.P3 issued after giving credit to due payments. The default is not disputed. I am not prepared to accept the contention of the petitioner that it was an agricultural loan. It was a mortgage loan and there is nothing on record to show that the petitioner is entitled to any facility by way of reduction on the outstandings in such a transaction. I do not find any jurisdictional error or legal infirmity in the impugned proceedings. Faced with this situation, the learned counsel for the petitioner states that the petitioner gives up all WP(C)25497/2008 -: 2 :- contentions on merits and also the right, if any, to move the DRT or other statutory bodies and courts against the impugned proceedings and requests that the petitioner may be given an opportunity to wipe off the entire outstandings in instalments. Having heard learned counsel for parties in this regard also, repelling all other contentions, this writ petition is ordered directing that if the petitioner remits at the rate of Rs.2.5 lakhs per month payable on or before the last working day of every month commencing from September, 2008, the distress action will stand stayed and ultimately dropped, if the entire amounts are remitted. If there is default in remitting any of the instalments as afore-directed, the benefits of this judgment will stand recalled and the writ petition will stand dismissed automatically. The petitioner may also notice that the first instalment is fixed to be on the last working day of this month in view of the fact that Ext.P3 was issued on 24- 6-2008 and this writ petition was filed on 22-8- WP(C)25497/2008 -: 3 :- 2008 and by the last working day of this month, petitioner gets more than 30 days from the institution of this writ petition. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/230908