IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 3RD JANUARY 2008 / 13TH POUSHA 1929 WP(C).No. 38028 of 2007(B) -------------------------- PETITIONER: ------------ PRINCE ZACHARIAS, S/O. ZACHARIAS, KANIKUNNEL HOUSE, PADUVA P.O., MATTAKKARA, KOTTAYAM DISTRICT. BY ADV. SRI.PHILIP T.VARGHESE SRI.THOMAS T.VARGHESE RESPONDENTS: ------------- 1. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LIMITED, KOTTAYAM REPRESENTED BY ITS GENERAL MANAGER. 2. THE AUTHORIZED OFFICER UNDER SARFESI ACT KOTTAYAM DISTRICT CO-OPERATIVE BANK LIMITED., KOTTAYAM. BY ADV. SRI.T.R.HARIKUMAR,SC,KTM DIST CO.BANK LTD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/01/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ W.P.(C) No. 38028 of 2007-B ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Dated this the 3rd day of January, 2008 J U D G M E N T Heard the learned counsel for the petitioner and the learned counsel for the first respondent. The petitioner availed certain loan from the first respondent Co-operative Bank and he defaulted certain instalments leading to the impugned action under the SARFAESI Act. The same is not faulted on any ground of jurisdictional error or legal infirmity. 2. At the time of hearing today, the learned counsel for the petitioner confined the submissions on behalf of the petitioner to a request that the petitioner may be permitted to pay off the outstandings in 12 monthly instalments. 3. It is submitted by the learned counsel for the first respondent that the total amount due, as on 23/12/2007, is W.P.(C).No.38028/2007-B -: 2 :- around Rs.5,15,000/- and that the loan was availed for the industrial purpose. Having regard to the totality of the facts and circumstances, it is directed that if the petitioner remits at the rate of Rs.60,000/- (Rupees sixty thousand only) per month, payable on or before 25th of every month, commencing from January, 2008, the impugned distress action will be held back. However, if the petitioner fails to remit any of the instalments, as aforesaid, and thereby fails to wipe off the entire outstandings including the accruals, the benefit of this judgment will stand recalled automatically and the respondent shall forthwith proceed against the petitioner without any further notice. Writ petition is disposed of as above. THOTTATHIL B. RADHAKRISHNAN, Judge ms