IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 3RD DECEMBER 2008 / 12TH AGRAHAYANA 1930 WP(C).No. 34725 of 2008(H) -------------------------------------- PETITIONER: ------------------ P.SASIDHARAN, PAYYAPPANTHA HOUSE, P.O.MEENADATHOOR, VIA THANOOR-676 307, MALAPPURAM DISTRICT. BY ADV. SRI.N.J.JOHNSON RESPONDENT(S): ------------------------- 1. THE CHIEF MANAGER, AUTHORISED OFFICER, SYNDICATE BANK REGIONAL OFFICE, PIONEER TOWERS, ERNAKULAM-682031. 2. THE SENIOR BRANCH MANAGER, SYNDICATE BANK, TIRUR, MALAPPURAM DISTRICT. BY STANDING COUNSEL SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/12/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------ W.P.(C) NO. 34725 OF 2008 (H) ------------------------------------------------------ Dated this the 3rd day of December, 2008 J U D G M E N T Petitioner availed a loan from the respondents, defaulted in repayment and was issued notice under Section 13 of the SARFAESI Act. The learned counsel for the bank states that the transaction became sticky and was classified as NPA, on 23-11-2008. He was afforded an opportunity of one Time Settlement scheme. He did not utilise that. The request of the petitioner for regularisation of the transaction is hence opposed. Exhibit P1 shows that the petitioner paid an amount of Rs.70,000/- after receipt of Section 13(2) notice of the SARFAESI Act. This is apparently shows that the petitioner seeks to save his property from distress action. Under such circumstances, this writ petition is ordered directing that if the petitioner deposits an amount of Rs.75,000/- within a period of four weeks and continues to remit at the rate of Rs.8,500/- per month, payable on or before the last working day of every month, commencing from January, 2009, the impugned distress action will be withheld and dropped on satisfaction. If W.P.(C) No.34725/2008 - 2 - there is default in remitting any of the installments as afore-directed, the benefit of this judgment will stand recalled and this writ petition will stand dismissed automatically, enabling the respondents to forthwith proceed with further distress action. Sd/- THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/5/12 // True copy // P.A. to Judge.