IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 12TH FEBRUARY 2009 / 23RD MAGHA 1930 WP(C).No. 4713 of 2009(J) ------------------------- PETITIONER(S): --------------- 1. BEENA KUMARI, KARALIL THARAYIL MEMANA, OACHIRA PO. 2. DILEEP.K.R., KARALIL THARAYIL MEMANA, OACHIRA PO. 3. DHANYA , D/O.MADHUSOODANAN PERUMALASSERIL, PONAKAM PUNNAMOODU, MAVELIKKARA. 4. USHA DEVI, W/O.MADHUSOODANAN, PERUMALASSERIL, PONAKAM, PUNNAMOODU, MAVELIKKARA. BY ADV. SRI.D.KISHORE RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCOREOACHIRA BRANCH P.B.NO.1, OACHIRA PO., KOLLAM -680526, REP. BY ITS MANAGER 2. CHIEF MANAGER(AUTHORISED OFFICER) STATE BANK OF TRAVANCORE P.B.NO.1, OACHIRA PO., KOLLAM-690526. BY R SATHISH NINAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/02/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B RADHAKRISHNAN, J ........................................... WP(C).NO. 4713 OF 2009 ............................................ DATED THIS THE 12 TH DAY OF FEBRUARY, 2009 JUDGMENT Petitioners are debtors of first respondent. First petitioner is running a petroleum gas outlet agency. Petitioners face SARFAESI Act proceedings on account of default in repayment of a facility availed by them. Petitioners give up all the contentions and their right to move the Debt Recovery Tribunal against the impugned proceedings and confine their submission to a request for eight months' time to pay off the entire outstandings. 2. Taking into consideration the total outstandings and the accruals, it is ordered that if the petitioners remit an amount of Rs.5,00,000/- on or before 30th March, 2009 and remits the remaining amounts in four equal monthly instalments payable on or before the last working day of every month commencing from April 2009, the impugned distress action will be deferred and dropped. If there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and respondents will be at liberty to proceed with further action. THOTTATHIL B RADHAKRISHNAN, JUDGE lgk/16/2