IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 26TH MARCH 2009 / 5TH CHAITHRA 1931 WP(C).No. 3399 of 2009(D) ------------------------------------ PETITIONER(S): ---------------------- N.S.THULASIDAS, AGED 54, S/O.SANKARAN, NAMBIPARICHI HOUSE, VALAPAD P.O. THRISSUR. BY ADV. MR.G.SREEKUMAR (CHELUR) RESPONDENT(S): ------------------------- 1. THE ANDHRA BANK, REPRESENTED BY ITS MANAGER, M.G.ROAD, ERNAKULAM. 2. THE AUTHORISED OFFICER, ANDHRA BANK, M.G.ROAD, ERNAKULAM. 3. SMT.YESODA, W/O.KARUNAKARAN, CHEMBANGATTU HOUSE, ANCHANGADI, VALAPPAD P.O., THRISSUR. BY ADV. MR.ABRAHAM MATHEW (VETTOOR) FOR R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 3399 OF 2009 ............................................ DATED THIS THE 26TH DAY OF MARCH, 2009 JUDGMENT The petitioner availed a loan from the first respondent. That transaction was classified as a non-performing asset on 31.3.2008. Statutory notice under Section 13(2) of SARFAESI Act was issued. This was followed by further action in terms of Section 13(4). The transaction is not disputed. The accruals have grown. Hence there is no jurisdictional error or legal infirmity in the impugned proceedings which relate to a commercial transaction. With the interim order dated 2.2.2009, the petitioner has paid an amount of Rs.4,00,000/- . The balance outstanding would be around or about Rs.8,00,000/-. The expenditure incurred by the bank and other incidentals have also to be paid. Taking all relevant facts into consideration and upon hearing the learned counsel for the parties on that ground also, it is ordered that if the petitioner remits @ Rs.2,00,000/- each in four monthly instalments payable on before 20th of every month commencing from April 2009 and thereby wipes off the entire WP(C) 3399/2009 2 remaining outstandings and other incidental expenses and accruals along with the last instalment, the impugned distress action will be deferred and thereby ultimately dropped. If there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically. It is also clarified that this judgment will not prevent the petitioner from making any application for reduction in the total outstandings which request would be considered sympathetically by the bank. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/27/3