IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 27TH NOVEMBER 2008 / 6TH AGRAHAYANA 1930 WP(C).No. 35039 of 2008(U) -------------------------- PETITIONER(S): --------------- M.P.VELAYUDHAN, S/O.KORAN, AGED 55 YEARS, MOOTHAMPATTEPARAMBIL, NIRAMARUTHUR, TIRUR, PIN 676 109. BY ADV. SRI.NIRMAL. S RESPONDENT(S): --------------- 1. THE MANAGER, SYNDICATE BANK, TIRUR BRANCH. 2. THE AUTHORISED OFFICER UNDER THE SECURITISATION & RECONSTRUCTION OF FINANCIAL ASSET AND ENFORCEMENT SECURITY INTEREST ACT,2002. 3. CHIEF MANAGER, SYNDICATE BANK, REGIONAL OFFICE, PIONEER TOWERS, SHANMUGHAM ROAD, ERNAKULAM. BY ADV.SRI.R.S.KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/11/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.35039 OF 2008 ------------------------------------------- Dated this the 27th day of November, 2008 JUDGMENT Heard learned counsel for the petitioner and learned standing counsel for the respondent bank. The materials on record show that the petitioner, a member of a backward community, was issued a loan for the construction of a house. The total outstandings as on 31.12.2007 is Rs.1,24,280/-. The bank has initiated proceedings under the SARFAESI Act and has issued Ext.P4 possession notice. While I do not find any ground to interfere with the impugned action, it is ordered that the distress action will be deferred if the petitioner remits an amount of Rs.25,000/- within three weeks and continues to deposit amounts at the rate of Rs.10,000/- per month, payable on or before the 10th of every month, commencing from January, 2009. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this WPC.35039/08 Page numbers judgment shall stand recalled automatically and distress action shall follow. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.