IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 30TH JULY 2008 / 8TH SRAVANA 1930 WP(C).No. 23084 of 2008(W) --------------------------------------- PETITIONER: ----------------- ANILKUMAR, S/O KARUNAKARA KURUP, AGED 40 YEARS, PARVATHY, 1/4797, VELUTHEEDATH PARAMBU, P.O. NADAKKAVU, CALICUT. BY ADV. SRI.K.M.FIROZ RESPONDENTS: ----------------------- 1. THE CALICUT CO-OPERATIVE URBAN BANK LTD., NO. 1538, KALLAI ROAD, CALICUT 673 002, REPRESENTED BY AUTHORISED OFFICE/GENERAL MANAGER. 2. THE UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING & INSURANCE), DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI -110 001. R1 BY ADV. SRI.DEVAPRASANTH.P.J., SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Rs/ THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C)No.23084 of 2008-W = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 30th day of July, 2008. JUDGMENT 1.Heard the learned counsel for the petitioner and the learned counsel for the first respondent bank. Notice to the second respondent is dispensed with. 2.The petitioner challenges proceedings taken under the SARFAESI Act in connection with a facility availed by him. The transaction is not disputed. The outstandings are established. The petitioner challenges the proceedings by saying that he is prepared to pay off the entire outstandings in six months. No other grounds are raised. The petitioner gives up the right to challenge the impugned proceedings or any other proceedings under the SARFAESI Act before the Debts Recovery Tribunal in terms of the provisions of the Act. He also waives any further statutory notice WP(C)23084/2008 -: 2 :- regarding dispossession as he requests that the publication of the dispossession notice in the newspapers may be deferred. This is also recorded. With the aforesaid on record, after hearing the learned counsel for parties and rejecting all the contentions of the petitioner, this writ petition is ordered directing that if the petitioner remits the entire outstandings after giving due credit to all remittances already made, in six equal monthly instalments, the first instalment to be remitted within 15 days from now and the remaining instalments to be remitted on or before the 15th of every month commencing from September, 2008, the impugned proceedings will stand deferred and later dropped on payment of all accruals. This judgment will not preclude the petitioner from moving the bank for any other ameliorative benefits. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/300708