IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 27TH JANUARY 2009 / 7TH MAGHA 1930 WP(C).No. 2438 of 2009(M) ----------------------------------- PETITIONER: ------------------ REMMEY ALBY, S/O.XAVIER ALBY, AGED 44 YRS TC.27/844, HOUSE NO.70, AMBA NAGAR, ATHANI LANE, VANCHIYOOR, THIRUVANANTHAPURAM. BY MR.G.SUDHEER, ADVOCATE RESPONDENT: --------------------- STATE BANK OF TRAVANCORE,REPRESENTED BY IT'S AUTHORISED OFFICER,CHIEF MANAGER(ADVANCES) REGION II, ZONAL OFFICE, THIRUVANANTHAPURAM. BY MR. SAJI VARGHESE, ADVOCATE (SC) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/01/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.2438 of 2009-M ================================== Dated this the 27th day of January, 2009. JUDGMENT Petitioner availed a loan of Rs.5 lakhs on 31-10- 2007 for a commercial purpose and hypothecated an item of property belonging to one Surendran and Radha as security for the loan. On default in repayment, SARFAESI Act was invoked and the security property is being proceeded against. As of now, the total outstandings is stated to be around Rs.4,20,000/-. Taking that into consideration, the only plea of the petitioner today is that she gives up all the contentions to challenge the impugned proceedings and confines the request to be one for an opportunity to pay off the entire amount. Under such circumstances, it is ordered that, if the petitioner pays an amount of Rs.2,00,000/- on or before 20-2-2009 and continues to pay at the rate of Rs.75,000/- WPC2438/09 -:2:- per month, payable on the 20th of every month commencing from March, 2009, the impugned distress action will be deferred and ultimately dropped on payment of the entire amounts due. If the petitioner fails to pay any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and the respondents will be at liberty to forthwith proceed with distress action. Writ petition ordered accordingly. Thottathil B.Radhakrishnan, Judge. sl.