IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 3RD OCTOBER 2008 / 11TH ASWINA 1930 WP(C).No. 28922 of 2008(R) ---------------------------------------- PETITIONER: -------------------- K.SREEKUMAR, AGED 35 YEARS, S/O KRISHNAN NAIR, KATTAKKALIL HOUSE, NEDUMANGAD, TRIVANDRUM. BY ADV. SRI.T.A.UNNIKRISHNAN SRI.K.SATHEESHKUMAR RESPONDENT: ----------------------- THE AUTHORISED OFFICER AND ASSISTANT GENERAL MANAGER, UNION BANK OF INDIA, THIRUVANANTHAPURAM MAIN BRANCH,M.G. ROAD, THIRUVANANTHAPURAM. ADV. SRI. A.S.P. KURUP, SC FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.28922 of 2008-R = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 3rd day of October, 2008. JUDGMENT The petitioner availed a loan for purchasing a residential house with land. He defaulted in repayment. This has led to action under the SARFAESI Act. There is no jurisdictional error or legal infirmity in such proceedings. Faced with this situation, the learned counsel for the petitioner states that his client gives up all contentions on merits and also abandons any right to move the DRT or other Tribunal or authorities under the SARFAESI Act and confines the submissions to a request that the petitioner may be permitted to have the transaction regularized by paying the entire outstandings of which he states that the defaulted instalments shall be paid on or before the Deepawali, 2008. This is recorded. WP(C)28922/08 -: 2 :- On the basis of the foregoing, this writ petition is ordered directing that if the petitioner remits the entire accrued instalments and securitization charges on or before 28-10-2008 and remits the remaining outstandings in 12 equal monthly instalments payable on or before the 15th of every month commencing from December, 2008, the impugned distress action will stand dropped. If there is default in remitting any of the instalments as aforesaid, the benefits of this judgment will stand recalled and the writ petition will stand dismissed automatically enabling the respondents to forthwith proceed with further distress action without further notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/031008