IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 11TH MARCH 2010 / 20TH PHALGUNA 1931 WP(C).No. 4820 of 2010(B) ------------------------- PETITIONERS: --------------- 1. MR.RAJAN @ PADMADHARAN, AGED 46, S/O.SREEDHARAN, T R MANDIRATHIL, NEDUMKANDOM P.O 2. MR.K.N.SAIDHARAN, AGED 58, S/O.NARAYANAN, KUNNIL HOUSE, KOMBAYAR P.O., NEDUMKANDOM. BY ADV. SRI.S.SACHITHANANDA PAI RESPONDENTS: --------------- 1. THE IDUKKI DISTRICT CO-OPERATIVE BANK LTD, IDUKKI, IDUKKI COLONY P.O. 685 602. 2. THE AUTHORISED OFFICER, THE IDUKKI DISTRICT CO-OPERATIVE BANK LTD, IDUKKI, IDUKKI COLONY P.O. 685 602. BY GOVT. PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 4820 of 2010-B ---------------------------- Dated this the 11th day of March, 2010. J U D G M E N T The learned counsel for the petitioner submits that the various contentions raised by the petitioner in this Writ Petition, particularly as to the status and nature of the property in question over which security interest has been created placing reliance of right for exemption under Section 31(i) of the 'SARFAESI Act' are not pressed and so also, the petitioner does not intend to challenge the action being pursued by approaching the Debt Recovery Tribunal, availing the statutory remedy. The learned counsel for the petitioner submits that the grievance now pressed before this Court is only to enable the petitioner to clear the entire liability in a phased manner, as to be finalized by the Bank, for which negotiations are going on. 2. Heard the learned standing counsel for the Bank as well. 3. After hearing both the sides, interference in the Writ Petition is declined on merits and the same is disposed, permitting the petitioner to clear the entire outstanding liability towards the Bank within a period of six weeks. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON, JUDGE ab //True Copy// P.A to Judge