IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 28TH JULY 2008 / 6TH SRAVANA 1930 WP(C).No. 18983 of 2008(I) ------------------------------------- PETITIONER: -------------------- M.PRADEEP, S/O.VELAYUDHAN MARUNNUMKUZHIYIL PO.PACHATTIRI, MALAPPURAM BY ADV. SRI.K.K.MOHAMED RAVUF RESPONDENTS: ----------------------- 1. TIRUR URBAN CO.OP.BANK LTD., NO.F.1818, HEAD OFFICE, TIRUR 2. AUTHORISED OFFICER, TIRUR URBAN CO.OP.BANK LTD.,(F.1818), TIRUR ADV. SRI.DEVAPRASANTH.P.J. FOR R1 AND R2. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) No.18983/2008 - 2 - APPENDIX PETITIONER'S EXHIBITS:- P1 True copy of the notice issued to the petitioner. P1 A True copy of the notice. P2 True copy of the certificate P3 True copy of the Notice issued to the petitioner. P3A True copy of the notice. RESPONDENTS' EXHIBITS :- NIL Sd/- THOTTATHIL B. RADHAKRISHNAN, Judge. // True copy // P.A. to Judge. THOTTATHIL B. RADHAKRISHNAN, J. ---------------------------------------------------------------- W.P.(C) NO. 18983 OF 2008(I) ---------------------------------------------------------------- Dated this the 28th day of July, 2008 J U D G M E N T Petitioner challenges proceedings under the SARFAESI Act. 2. The transaction is not disputed. The outstandings are also not disputed. Hence, default is proved. Under such circumstances, there is no jurisdictional error or legal infirmity in the impugned proceedings. 3. Faced with that situation, the learned counsel for the petitioner submits that the petitioner gives up all other contentions and prays that he may be granted four months' time to liquidate the remaining outstandings by selling the entire or a portion of security property and thus wipes off the outstandings. This is recorded. It is also stated that out of the amount of Rs.5 lakhs ordered to be paid on 24-6- 2008 an amount of Rs.4.5 lakhs has been paid. The principal amount itself is Rs.15 lakhs. W.P.(C) No.18983/2008 - 2 - 4. Under such circumstances, it is ordered that the impugned proceedings will stand deferred by four months as a last chance and if the petitioner finds any buyer for the whole or a portion of the security property and if the funds are paid directly to the first respondent bank, security property will be released on payment of the entire amounts due. It is also further directed that if the petitioner approaches the first respondent bank with any request for slashing the total outstandings, that will also be considered, in accordance with law. If the amounts as aforesaid, is not brought in, to the bank within the time limit prescribed above, further proceedings can be had against the petitioner and the property, without any further notice. The writ petition is ordered accordingly. THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/29/7