IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 4TH MARCH 2009 / 13TH PHALGUNA 1930 WP(C).No. 5063 of 2009(C) ------------------------- PETITIONER(S): --------------- 1. GEORGE JOSEPH.M, AGED 48, S/O.JOSEPH, THALIYATH HOUSE, CHURCH LANDING ROAD, KOCHI-16. 2. MRS.MINI GEORGE, AGED 42, W/O.GEORGE JOSEPH, THALIYATH HOUSE, CHURCH LANDING ROAD, KOCHI-16. BY ADV. SRI.P.V.GEORGE(PUTHIYIDAM) RESPONDENT(S): --------------- 1. STATE BANK OF INDIA, REPRESENTED BY BRANCH MANAGER, ALUVA BRANCH, ALUVA P.O. 2. AUTHORISED OFFICER AND CHIEF MANAGER, STATE BANK OF INDIA, KHAJA SHOPPING COMPLEX, R.S.ROAD, ALUVA. 3. THE ASST. GENERAL MANAGER, STATE BANK OF INDIA, CREDIT MONITORING AND NPA MANAGEMENT CELL, S.S.KOVIL ROAD, THIRUVANANTHAPURAM. BY SC SRI K K CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 5063 OF 2009 ............................................ DATED THIS THE 4TH DAY OF MARCH, 2009 JUDGMENT The petitioners face distress action under SARFAESI Act. After arguing the matter for quite sometime and faced with the situation that the questions raised are those that could be appropriately raised under Section 17 of SARFAESI Act, learned counsel for the petitioner submitted that his clients give up all other contentions and confine the submission to a request for an opportunity to pay off the entire outstandings within a period of five months. The petitioners state that there was a theft in the business premises, in relation to which, loan was availed. The contentions on merits are referable to Section 13(3) and other provisions regarding the contents of notice. Prima facie, it does not appear that there is much for the petitioners to argue since the total outstandings cannot be disputed. Under such circumstances, taking the submission of the petitioners into consideration, it is ordered that if an amount of Rs.1,00,00,000/- (Rupees One Crore only) is deposited on or before 28.3.2009 and WP(C) 5063/2009 2 if petitioners continue to deposit @ Rs.1,00,00,000/-(Rupees One Crore only) per month, payable on or before the last working day of every month, commencing from April 2009, and thereby wipes of the entire outstandings including accruals, the impugned distress action will be deferred under law. If there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and respondents will be at liberty to proceed with further action. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/6/3