IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 23RD JUNE 2008 / 2ND ASHADHA 1930 WP(C).No. 13190 of 2008(T) -------------------------------------- PETITIONER: ----------------- T. R. DEVASSYKUTTY, S/O.LATE T. K. RAPPIA, 14/826, THEKKEKKARA HOUSE, SELVAPALAYAM,PALAKKAD. BY ADV. SRI.DILIP MOHAN RESPONDENTS: --------------------- 1. THE REGISTRAR OF CO-OPERATIVE SOCIETIES, TRIVANDRUM. 2. ASSISTANT REGISTRAR OF CO-OPERATIVE SOCIETIES, PALAKKAD. 3. KERALA STATE CO-OPERATIVE BANK LTD., PALAKKAD BRANCH, NURANI P O, REPRESENTED BY ITS SECRETARY. 4. AUTHORISED SALE OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., PALAKKAD BRANCH. ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R3 & R4 SENIOR GOVERNMENT PLEADER SMT. ANU SIVARAMAN FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ---------------------------------------------------------------- W.P.(C) NO.13190 OF 2008(T) ---------------------------------------------------------------- Dated this the 23rd day of June, 2008 J U D G M E N T The petitioner availed a housing loan. He pledged his properties as collateral security for that facility. On account of default in repayment, the property was put for sale. Having regard to the totality of the facts and circumstances, this Court had issued an order of interim stay on condition of payment of certain amounts. Following the interim orders, the petitioner had deposited an amount of Rs.1,00,000/-. This means that, as of now, the balance outstandings would be an amount of Rs.4,00,000/-. 2. Having heard the learned counsel for the petitioner and the learned counsel for the bank, it is noticed that the impugned proceedings are not vitiated on account of legal infirmity or jurisdictional error. Faced with that situation, the learned counsel for the petitioner stated that having regard to the different aspects, including the health condition of the petitioner as stated in the writ petition, he may be given an opportunity to wipe off the remaining outstandings in instalments. W.P.(C) No.13190/08 - 2 - Taking into consideration the fact that the petitioner had paid an amount of Rs.1,00,000/- after the institution of this writ petition and having heard the learned counsel for the parties in that regard, this writ petition is disposed of ordering that the impugned distress action will be suspended and ultimately dropped, if the petitioner pays the entire remaining outstandings by remitting at the rate of Rs.40,000/- per month payable on or before the 10th of every month commencing from July 2008 and thus, wipes off the entire balance amount, including the accruals. If there is failure to deposit any of the instalments as afore-directed, the benefit of this judgment will stand recalled automatically and the bank will be at liberty to forthwith proceed with further recovery action. Sd/- THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/23-6-08 // True copy // P.A. to Judge.