IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 26TH SEPTEMBER 2008 / 4TH ASWINA 1930 WP(C).No. 28411 of 2008(G) -------------------------------------- PETITIONER: ------------------- M/S.VIDYARAMBHAM TOURS AND TRAVELS REP. BY ITS PARTNER, K.BABURAJAN, 20/327, ALAPPUZHA 688 011. BY ADV. SMT.S.MUMTAZ RESPONDENT: --------------------- STATE BANK OF INDIA, ALAPPUZHA BRANCH REP. BY ITS CHIEF MANAGER, ALAPPUZHA. ADV. SRI.K.K.CHANDRAN PILLAI, SC, STATE BANK OF INDIA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------------------------ W.P.(C) NO.28411 OF 2008 (G) ------------------------------------------------------------------------ Dated this the 26th day of September, 2008 J U D G M E N T On 10-11-2006, the respondents issued a notice under Section 13(2) of the SARFAESI Act to the petitioner. The demand was not satisfied, though certain payments were made in 2008 July, as sought to be evidenced by Exhibit P2. The impugned proceedings under Exhibit P3 cannot be impeached and the outstandings still stand. I do not find any jurisdictional error or legal infirmity in the impugned proceedings. 2. The learned counsel for the petitioner submits that as a last opportunity the petitioner may be granted relief by way of deferring the sale on terms. It is also submitted that the petitioner gives up the right to move against the impugned proceedings by way of action under the Act either before the DRT or otherwise. W.P.(C) No.28411/2008 - 2 - Recording those submissions and taking into consideration the submission on behalf of the bank that as of now, the total remaining outstandings is around Rs.5,72,000/-, this writ petition is ordered directing that if the petitioner remits an amount of Rs.3 lakhs within a period of two weeks from now, the bank will defer the opening of bids received, following Exhibit P3 and if the remaining outstandings are paid within a further period of 45 days, the impugned action will be dropped. If there is failure to comply with any of the conditions as stated above, the benefit of this judgment will stand recalled automatically and the respondents will be entitled to proceed with the impugned distress action. THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/27/9