IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH TUESDAY, THE 3RD MARCH 2009 / 12TH PHALGUNA 1930 WP(C).No. 6525 of 2009(I) ------------------------------------------ PETITIONER(S): ---------------------- 1. MR.MOHAMEDKUNHI,PROPRIETOR,SULFEX MATTRESS COMPANY,PARASSINIKKADAVU,KANNUR. 2. M/S SULFEX FIBER PRODUCTS,ANDOOR, PARASSINIKKADAVU,REPRESENTED BY MANAGING PARTNER. BY ADV. SRI.A.MOHAMED MUSTAQUE RESPONDENT(S): ------------------------- 1. THE CANARA BANK, REPRESENTED BY BRANCH MANAGER, MAIN BRANCH, KANNUR. 2. THE CHIEF MANAGER,CANARA BANK,MAIN BRANCH, KANNUR. BY ADV.SHRI P. GOPINATHA MENON, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K. M. JOSEPH, J. -------------------------------------- W.P.C. NO. 6525 OF 2009 I -------------------------------------- Dated this the 3rd March, 2009 JUDGMENT Petitioners availed a loan and Ext.P1 is a notice issued under the SARFAESI Act. I heard the learned counsel for the petitioners and Shri P. Gopinatha Menon, learned standing counsel appearing for the respondent Bank. Shri P. Gopinatha Menon submits that if the petitioners remit Rs.81,00,000/= (Rupees Eightyone Lakhs), the respondent Bank will consider taking the petitioners outside the NPA. Of course, he submits that actually the amount due is over Rs.4 Crores. Learned counsel for the petitioners submits that the petitioners are willing to pay off the amount of Rs.81 lakhs and they seek some time. Accordingly, the Writ Petition is disposed of as follows: If the petitioners remit Rs.30,00,000/= (Rupees Thirty Lakhs) within a week from today and pays off an amount of Rs.51,50,000/= (Rupees Fiftyone Lakhs & Fifty Thousand) within two months from the date of payment of Rs.30 Lakhs, the WPC.6525/09 I 2 respondent Bank will consider dropping further proceedings under the SARFAESI Act. Further proceedings pursuant to Ext.P1 will be kept in abeyance, provided the petitioners pay the amount of Rs.30 Lakhs and also Rs.51.5 Lakhs as aforesaid. Sd/= K. M. JOSEPH, JUDGE kbk. // True Copy // PS to Judge