IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 6TH MARCH 2009 / 15TH PHALGUNA 1930 WP(C).No. 7367 of 2009(M) ------------------------- PETITIONER(S): --------------- 1. GIGIMON.K.,AGED 38 YEARS, S/O.LATE K.K.KUMARAN, GIGI SADANAM, PATHIRAPPALLY P.O., ALAPPUZHA DISTRICT. 2. RADHAMANI,AGED 65 YEARS, LATE K.K.KUMARAN, GIGI SADANAM, PATHIRAPPALLY P.O., ALAPPUZHA DISTRICT. BY ADV. SRI.B.S.SIVAJI RESPONDENT(S): --------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., ALAPPUZHA BRANCH,REP.BY ITS SENIOR MANAGER, STADIUM WARD,ALAPPUZHA. 2. THE AUTHORISED OFFICER, (REGIONAL MANAGER IN-CHARGE), THE KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE,STATE CO-OPERATIVE BANK BUILDING, THIRUVANANTHAPURAM-01. ADV. SRI.NAGARAJ NARAYANAN FOR R1,2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 7367 OF 2009 ............................................ DATED THIS THE 6TH DAY OF MARCH, 2009 JUDGMENT The first petitioner is the son of the second petitioner. An item of property was mortgaged for the purpose of availing a loan. On account of failure to repay, notice under Section 13(2) of SARFAESI Act was issued. No reply was given to that notice. In December 2008, the constructive possession of the property was taken. Now the matter is listed for sale. After Section 13(2) notice, an amount of Rs.1,00,000/- was paid, as against the total outstandings of Rs.9,08,208/- as on 31.1.2008. This means that even as on that date, an amount of above Rs.8,00,000/- remained due. Since the petitioners confine their submission to a request for an opportunity to pay the outstandings in instalments, it is ordered that the impugned proceedings will stand suspended, if an amount of Rs.3,50,000/- is paid on or before 28.3.2009 and the entire further amounts are paid off @ Rs.1,00,000/- per month, payable on or before the last working day of every month commencing from April 2009. If there is WP(C) 7367/2009 2 default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand automatically recalled. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/9/3