IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 13TH AUGUST 2008 / 22ND SRAVANA 1930 WP(C).No. 24537 of 2008(U) -------------------------------------- PETITIONERS: -------------------- 1. ANSALAN, S/O. KARUNAKARAN NADAR, AGED 40, VATTAVILA PUTHEN VEEDU, VAZHUTHOOR, NEYYATTINKARA. 2. VINUKUMAR, S/O. -DO-, AGED 35, RESIDING AT -DO- BY ADV. SRI.R.T.PRADEEP SRI.V.VIJULAL RESPONDENTS: ----------------------- 1. AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, THIRUVANANTHAPURAM. 2. THE MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, NEYYATINKARA BRANCH. BY STANDING COUNSEL SRI.T.R.HARIKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13-8-2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ---------------------------------------------------------------- W.P.(C) NO. 24537 OF 2008 (U) ---------------------------------------------------------------- Dated this the 13th day of August, 2008 J U D G M E N T Heard the learned counsel for the petitioners and the learned counsel for the respondents. 2. Petitioners are brothers, who availed two consumption loans of Rs.2,00,000/- each by mortgaging the same item of property. The outstandings have grown to be more than Rs.8,00,000/- by now. The bank has issued a demand notice. Hence, this writ petition. 3. The transaction is not disputed. The creation of the security interest cannot be impeached. The total outstandings cannot be denied. Under such circumstances, I do not find any jurisdictional error or legal infirmity in the impugned distress action. W.P.(C) No.24537/2008 - 2 - Since the bank has only issued the official notice under the SARFAESI Act, as of now, if the petitioner deposits a total amount of Rs.2,00,000/- within a period of two weeks and a further amount of Rs.1,00,000/- within a period of one month therefrom, the bank will consider the request of the petitioner for deferring further proceedings under the SARFAESI Act and to grant any ameliorative benefits as may be available, and the repayment of further amounts will be in terms of the decision of the bank, as directed above. This writ petition is ordered accordingly. THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/14/8