IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 30TH MAY 2008 / 9TH JYAISHTA 1930 WP(C).No. 16078 of 2008(L) ------------------------------------- PETITIONER: ------------------ P.THYAGU, S/O. UPENDRAN, CHANTHU NIVAS, CHEMMARUTHI VILLAGE, CHIRAYANKIZHU TALUK, THIRUVANANTHAPURAM. BY ADV. SRI.LATHEESH SEBASTIAN RESPONDENTS: ------------------------ 1. THIRUVANANTHAPURAM DIST.CO-OPERATIVE BANK REPRESENTED BY ITS GENERAL MANAGER THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK HEAD OFFICE, FORT, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICERM UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK HEAD OFFICE, FORT, THIRUVANANTHAPURAM. 3. BRANCH MANAGER KALLAMBALAM BRANCH, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK. BY STANDING COUNSEL SRI.V.G.ARUN AND SRI.T.R.HARIKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ---------------------------------------------------- W.P.(C) NO.16078 OF 2008 ---------------------------------------------------- Dated this the 30th day of May, 2008. J U D G M E N T The petitioner availed a loan from the first respondent. He failed to repay. This led to proceedings under the SARFAESI Act. There is no jurisdictional error or legal infirmity in the impugned proceedings. The learned counsel for the petitioner submitted that the petitioner's limited request is for some time to wipe off the entire outstandings and to avert distress action. As of now, the dispossession notice has been issued, though the petitioner is yet to be dispossessed. The premises is a residential one, as stated by the petitioner. Having regard to the amount involved i.e., Rs.4,19,747/- with interest thereon from 23-8-2007 and taking into consideration the payment of an amount of Rs.40,000/- by the petitioner on 12-3-2008, after hearing the learned counsel for the petitioner and the learned counsel for the first respondent, this writ petition is ordered directing that if the petitioner remits a further amount of Rs.60,000/- on or before 15th June, 2008 and continues to remit at the rate of Rs.75,000/- per month payable on or before the last working day of every month commencing from July, 2008 and thereby wipes off the entire arrears, W.P.C. 16078/2008 - 2 - including all accruals, the impugned proceedings shall stand dropped. If there is default in remitting any of the afore-directed installments, the benefit of this judgment will stand recalled and the writ petition will stand dismissed automatically, enabling the respondents to forthwith proceed with further distress action. Sd/- THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/300508 // True copy // P.A. to Judge.