IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 31ST OCTOBER 2008 / 9TH KARTHIKA 1930 WP(C).No. 30373 of 2008(N) -------------------------- PETITIONER(S): --------------- DHARMARAJAN P.K., S/O.KUNJIPPU, AGED 57 YEARS, PAMPUNGAL HOUSE, PONNOR POST, PIN: 680 552, THRISSUR DISTRICT. BY ADV. SMT.T.D.RAJALAKSHMI RESPONDENT(S): --------------- 1. THRISSUR DISTRICT CO-OPERATIVE BANK LTD HEAD OFFICE, SAHAKARANA SADAPTHI MANDIRAM, KOVILAKATH PADAM, POST THIRUVAMBADI, THRISSUR-22 REPRESENTED BY THE GENERAL MANAGER. 2. AUTHORISED OFFICER, THRISSUR DISTRICT CO-OP.BANK LTD. SAHAKARANA SADAPTHI MANDIRAM, KOVILAKATHUMPADAM, THIRUVAMBADI POST, THRISSUR - 22. BY ADV.SRI.P.C.SASIDHARN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.30373 OF 2008 ------------------------------------------- Dated this the 31st day of October, 2008 JUDGMENT The petitioner availed an amount of Rs.2 lakhs from the respondent bank on 30.3.2006. He did not repay a single pie and this resulted in the impugned proceedings under the provisions of the SARFAESI Act. The aforesaid facts cannot be disputed and the property of the petitioner has been brought to sale. Yet, the respondent bank very fairly states that if an amount of Rs.1 lakh is paid, the transaction could be regularised. Taking this into consideration, it is directed that if the petitioners deposits an amount of Rs.50,000/- within two weeks from now and a further amount of Rs.50,000/- within a further period of three weeks, the bank will consider regularsing the transaction as aforesaid. If amounts are paid as above, the impugned proceedings will stand dropped. However, if there is default in remitting amounts as aforesaid, the benefit of this judgment shall stand recalled automatically and distress action shall follow. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.