IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 21ST NOVEMBER 2008 / 30TH KARTHIKA 1930 WP(C).No. 33505 of 2008(L) ------------------------------------- PETITIONER(S): -------------------- 1. MRS. N.C. ASMABI, W/O. SRI.T.K. MOHAMMEDKUTTY, HANSAM, VANIAMBALAM, MALAPPURAM DISTRICT. 2. T.K. MOHAMMED KUTTY, S/O. SRI.P.K. KUNJAN KUTTY, HANSAM, VANIAMBALAM, MALAPPURAM DISTRICT. 3. MANOJ KUMAR, S/O. SRI. KESAVAN NAIR, PARIYARATH HOUSE, MUDAPALASSERY, VANIAMBALAM, MALAPPURAM DISTRICT. BY ADV. SRI.K.M.SATHYANATHA MENON RESPONDENT(S): ------------------------- THE CHIEF MANAGER (AUTHORISED OFFICIAL), STATE BANK OF TRAVANCORE, MANJERI BRANCH, MALAPPURAM DISTRICT. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------ W.P.(C) NO.33505 OF 2008 (L) ------------------------------------------------------ Dated this the 21st day of November, 2008 J U D G M E N T Petitioners face proceedings under the SARFAESI Act in relation to four different transactions. One transaction is for an agricultural loan. For that, they were given certain concessions on certain conditions. They did not avail that benefit. The total amount due from the petitioners as in May 2008 is around Rs.18,23,000/-. Faced with that situation, the only submission made by the petitioners through their learned counsel is that they may be given an opportunity to wipe off the entire outstandings in installments. The learned counsel for the petitioners state that the proceedings have reached the stage of institution of an application under Section 14 of the SARFAESI Act. Hence, foreclosing the right of the petitioners to move before any statutory authority including DRT under Section 14 of the Act, this writ petition is ordered directing that the distress action including the W.P.(C) No.33505/2008 - 2 - enforcement of any order under Section 13 or under Section 14 of the Act by the competent authority will stand deferred, if the petitioners remit an amount of Rs.5,00,000/- within a period of three weeks and continue to deposit at the rate of Rs.2,00,000/- per month, payable on or before the 15th day of every month, commencing from January, 2009. It is also directed that the payment schedule shall be treated as peremptory . If there is default in remitting any of the installments as afore-directed, 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. It is also clarified that this judgment does not stand in the way of the competent authority passing final orders under Section 14 of the Act against the petitioners, however, its enforcement would be on the basis of what is stated above. THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/22/11