IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 17TH JULY 2008 / 26TH ASHADHA 1930 WP(C).No. 21476 of 2008(F) -------------------------------------- PETITIONER: ------------------- P.S. RASHEED, PUTHENPURACKAL HOUSE, PADINJARUMBHAGOM KARA, ATHIRAMPUZHA.P.O, KOTTAYAM. BY ADV. SRI.M.P.MADHAVANKUTTY. RESPONDENTS: ----------------------- 1. THE BRANCH MANAGER, THE KERALA STATE CO-OPERATIVE BANK LIMITED, PATHANAMTHITTA. 2. THE DEPUTY GENERAL MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, THIRUVANANTHAPURAM. R1 & R2 BY ADV. SRI.NAGARAJ NARAYANAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/07/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.21476 of 2008 ================================== Dated this the 17th day of July, 2008. JUDGMENT Petitioner availed a loan from the first respondent, defaulted it and is facing proceedings under the SARFAESI Act. The property has also been taken possession of by the authorized officer yesterday, it is submitted on behalf of the petitioner. The transaction is admitted. The default is not disputed. Liability has accrued. Therefore, there is no jurisdictional error or legal infirmity in the impugned proceedings. Faced with the situation, learned counsel for the petitioner sought relief by way of an opportunity for the petitioner to wipe off the entire outstandings in instalments. 2. Having regard to the amount involved and having heard the learned counsel for the parties in WPC21476/08 -:2:- that regard, a virtual consensus having been arrived at as regards the rate of instalment, this writ petition is disposed of directing that if the petitioner remits at the rate of Rs.60,000/- per month, payable on or before the 25th of every month, commencing from July, 2008, the impugned distress action will be withheld and ultimately dropped on payment of all accruals also. If the petitioner fails to remit any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and the respondents will be at liberty to forthwith proceed with distress action. It is further ordered that on remitting two instalments as afore-directed, continued possession of the bank will be treated as symbolic. Thottathil B.Radhakrishnan, Judge. sl.17.7.