IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 5TH FEBRUARY 2009 / 16TH MAGHA 1930 WP(C).No. 3879 of 2009(J) ------------------------- PETITIONER(S): --------------- K.BABU, ERAVAKKATTU VELI, S.L.PURAM P.O. CHERTHALA, ALAPPUZHA 688 524. BY ADV. SRI.R.KRISHNAKUMAR (CHERTHALA) RESPONDENT(S): --------------- 1. THE KERALA CO-OPERATIVE BANK LTD REP. BY ITS GENERAL MANAGER OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM 695 001. 2. AUTHORIZED OFFICER THE KERALA CO-OPERATIVE BANK LTD REGIONAL OFFICE, OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM 695 001. 3. BRANCH MANAGER, KERALA CO-OPERATIVE BANK LTD BRANCH OFFICE, ALAPPUZHA. BY ADV.SRI.NAGARAJ NARAYANAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.3879 OF 2009 ------------------------------------------- Dated this the 5nd day of February, 2009 JUDGMENT The petitioner faces action taken under Section 13(4) of the SARFAESI Act. As of now, the petitioner has the remedy under Section 17 of that Act. The said remedy is not time barred even now. The petitioner states that he gives up the right to seek such remedy before the Debts Recovery Tribunal and also gives up all rights against the impugned proceedings and confines the requests to be one that he may be given an opportunity to regularise the transaction. Taking into consideration the submissions on behalf of the petitioner and the bank regarding the total outstandings, it is ordered that if one half of the total defaulted amounts and accruals thereon, including expenditure, is paid on or before 28.2.2009 and the remaining one half on or before 30.3.2009, the bank will regularise the transaction and permit the petitioner enjoy the facility by payment of instalments, as may be fixed by the bank. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.11/2.