IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 14TH JULY 2008 / 23RD ASHADHA 1930 WP(C).No. 21103 of 2008(K) ------------------------------------- PETITIONERS: -------------------- 1. C.R. SHAJI, CHERUPARAMBU, NADUVATHUNAGAR, CHERTHALA. 2. SHEEBAMOL, CHERUPARAMBU, NADUVATHUNAGAR.P.O, CHERTHALA. BY ADV. SRI.BABU CHERUKARA SRI.ANZAR BASHEER RESPONDENTS: ---------------------- 1. AUTHORISED OFFICER (REGIONAL MANAGER IN CHARGE), THIRUVANANTHAPURAM REGIONAL OFFICE, KERALA STATE CO-OPERATIVE BANK LTD., STATE CO-OP BANK BUILDINGS, OVER BRIDGE JUNCTION, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., ALAPPUZHA. R1, R2 BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 14/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Rs/ THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.21103 of 2008-K = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 14th day of July, 2008. JUDGMENT Petitioners availed a facility from the second respondent as an O.D.facility in connection with business transactions. On default of repayment, distress action followed and the first respondent has acted in terms of the SARFAESI Act. The transaction is not in dispute. The total outstanding is also not disputed. I, therefore, do not find any jurisdictional error or legal infirmity in the impugned proceedings. Faced with this situation, the learned counsel for the petitioner submits that an amount of Rs.70,000/- was paid during the transaction and an amount of Rs.49,000/- was made available as per Ext.P2 demand draft which the respondents failed to receive. It is accordingly urged that the petitioners may be given sufficient time to pay WP(C)21103/2008 -: 2 :- off the entire outstandings. Having heard learned counsel for parties, repelling all contentions, this writ petition is ordered directing the respondents to receive Ext.P2 demand draft and give due credit to the loan account and permit the petitioners to continue to pay the remaining outstandings at the rate of Rs.50,000/- per month payable on or before the 15th of every month commencing from August, 2008. If such amounts are paid, the impugned distress action will stand suspended. If there is default in paying any of the instalments as afore-directed, the benefits of this judgment shall stand recalled and the writ petition dismissed automatically. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/140708