IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 19TH FEBRUARY 2009 / 30TH MAGHA 1930 WP(C).No. 5466 of 2009(C) ------------------------- PETITIONER(S): --------------- FAIZAL.M.S, MAVUMKAL PURAYIDAM, ERUMELI.P.O, KOTTAYAM DISTRICT. BY ADV. SRI.M.P.MADHAVANKUTTY RESPONDENT(S): --------------- 1. THE BRANCH MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., PATHANAMTHITTA. 2. THE REGIONAL MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, THIRUVANANTHAPURAM. ADV. SRI.NAGARAJ NARAYANAN,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.5466 OF 2009 ------------------------------------------- Dated this the 19th day of February, 2009 JUDGMENT 1. The petitioner and his co-obligants face recovery proceedings under the SARFAESI Act. The time limit prescribed for filing application under Section 17 of that Act to the Debts Recovery Tribunal, against the measure taken, has already run out. Therefore, the petitioner gives up all contentions on merits touching the jurisdictional issue and all other aspects of the impugned proceedings. After arguing the matter for quite some time, learned counsel for the petitioner confines the submissions to state that all grounds in opposition to the impugned proceedings are given up and the petitioner may be given six months time to wipe off the entire outstandings. I am not impressed. The bank also is not amenable to this proposal. This is because the total outstandings, even after giving credit to all remittances stated to have been made by the petitioner by now, is around Rs.32,00,000/-. Under such circumstances, the bank has to WPC.5466/09 Page numbers take care of its credit limits and debit limits which have to be reconciled by the end of the current financial year. Therefore, if the petitioner remits a further amount of Rs.10,00,000/- on or before 28.3.2009, further distress action will stand deferred by a further period of three months therefrom, to enable the petitioner to liquidate the entire outstandings. If the aforesaid condition is not satisfied, the benefit of this judgment will stand recalled and the respondents can forthwith proceed with the impugned action. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.19/2.