IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 15TH OCTOBER 2008 / 23RD ASWINA 1930 WP(C).No. 30323 of 2008(I) -------------------------- PETITIONER(S): --------------- 1. ASHA LETHA, W/O.K.VIJAYAKUMAR, KARUNALAYAM, ETTUMANNOOR P.O., KOTTAYAM. 2. K.VIJAYAKUMAR, KARUNALAYAM, ETTUMANNOOR P.O., KOTTAYAM. BY ADV. SRI.P.REJINARK SRI.LITHIN THOMAS RESPONDENT(S): --------------- 1. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD., DISTRICT CO-OPERATIVE BANK BUILDING, KOTTAYAM REPRESENTED BY ITS SECRETARY. 2. AUTHORIZED OFFICER, KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD., KOTTAYAM. BY ADV.SRI.T.A.SHAJI, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.30323 OF 2008 ------------------------------------------- Dated this the 15th day of October, 2008 JUDGMENT Heard learned counsel for the petitioners and learned counsel for the respondents. 2. A demand notice under Section 13(2) of the SARFAESI Act was issued to the petitioner on 25.9.2006 for a total outstanding amount of Rs.4,07,965/-. With the passage of last two years, it has grown to Rs.5,33,400/- as on 2.9.2008 and the property is listed for sale on 18.10.2008. I do not find any jurisdictional error or legal infirmity in the impugned proceedings. After having argued the matter for quite some time, learned counsel for the petitioner states that his clients give up all contentions and their right to move the Debts Recovery Tribunal or other tribunals, courts or authorities against the impugned proceedings and pleads that the petitioners may be granted an opportunity to pay off the entire outstandings. WPC.30323/08 Page numbers Having regard to the time lag between the Section 13(2) notice (Ext.P1) and the listing of the property for sale, it is directed that if the petitioner remits an amount of Rs.2,00,000/- at or before the time fixed for sale, the sale will stand deferred letting the petitioner pay off the remaining outstandings in 5 equal monthly instalments, payable on or before the last working day of every month commencing from November, 2008. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment shall stand recalled automatically and distress action shall follow. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.