IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 23RD SEPTEMBER 2008 / 1ST ASWINA 1930 WP(C).No. 27949 of 2008(B) -------------------------- CMP.3392/2008 of C.J.M.,KOLLAM .................... PETITIONERS: ---------------------- 1. P.T.PREMJITH, SREEKANTESWARA PUTHUVAL, NADUVATHUCHERRY, CHAVARA SOUTH, KOLLAM. 2. R.JAYASREE, SREEKANTESWARA PUTHUVAL, NADUVATHUCHERRY, CHAVARA SOUTH, KOLLAM. BY ADV. SRI.ABRAHAM MATHEW (VETTOOR) RESPONDENTS: ------------------------- 1. THE AUTHORIZED OFFICER(CHIEF MANAGER) THE STATE BANK OF TRAVANCORE, ZONAL OFFICE, REGION IV , THIRUVANANTHAPURAM. 2. MANAGER, THE STATE BANK OF TRAVANCORE, CHAVARA SOUTH BRANCH, KOLLAM. BY ADV. SRI. SAJI VARGHESE, SC, SBT – R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.27949 of 2008-B = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 23rd day of September, 2008. JUDGMENT The petitioners availed a housing loan and are facing distress action under the SARFAESI Act. The fact that the loan was availed and has been defaulted in its repayment is not in dispute. In the writ petition, though certain cash credit loans are also referred to, there is no such complication on facts since the cash credit facilities were closed long ago, in 2006. The learned counsel for the bank states that not a pie has been paid to the home loan for the last 2½ years and only a total amount of Rs.28,000/- was paid after the loan was availed on 10-9-2004. It also appears that later an amount of Rs.50,000/- was granted as home decor loan. There is no jurisdictional error or legal infirmity in the impugned proceedings. Faced with that WP(C)27949/2008 -: 2 :- situation, the learned counsel for the petitioners sought an opportunity for his clients to pay off the entire outstandings within four months and to avert the sale. Hence, repelling all contentions of the petitioners and precluding the petitioners from taking recourse to any other statutory or other proceedings against the impugned action, this writ petition is ordered directing that the proceedings which have reached at the stage of dispossession through the Court of the Chief Judicial Magistrate, Kollam, will stand deferred, if the petitioners remit at the rate of Rs.1.75 lakhs per month payable on or before the last working day of every month commencing from September, 2008, without fail. The expenditure incurred for the SARFAESI proceedings, including the bata for the Advocate Receiver etc. shall also be paid by the petitioners through the bank as part of the outstandings. If there is default in remitting any of the instalments as aforesaid, the benefits of this judgment will stand recalled WP(C)27949/2008 -: 3 :- automatically. It is also clarified that the time limit for each instalment shall be treated as peremptory and shall not be enlarged. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/240908