IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 21ST OCTOBER 2008 / 29TH ASWINA 1930 WP(C).No. 27866 of 2008(P) -------------------------- PETITIONER(S): --------------- K.V.VARAPPAN, S/O.VARU, KURUTHUKULANGARA HOUSE, ANCHERY P.O., THRISSUR TALUK. BY ADV. SRI.BABY JOSEPH(B.JOSE) RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER & GENERAL MANAGER-IN-CHARGE, THE TRICHUR URBAN CO-OP.BANK LTD.NO.87, H.O.MISSION QUARTERS, THRISSUR. 2. THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES, THRISSUR. 3. THE BOARD OF DIRECTORS OF THE TRICHUR URBAN CO-OP.BANK LTD.NO.87, H.O.MISSION QUARTERS, THRISSUR REPRESENTED BY ITS CHAIRMAN. R1, R3 BY ADV.SRI.DILEEP C.D. R2 BY GOVT. PLEADER SRI.I.V.PRAMOD THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 21/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: APPENDIX IN WPC.27866/08 PETITIONER'S EXHIBITS: EXT.P1: TRUE COPY OF THE RELEVANT PORTION OF the MATHRUBHOOMI DAILY DATED 20.8.2008. EXT.P1(a): TRUE COPY OF THE RECEIPT DATED 23.7.2007 EVIDENCING PAYMENT OF RS.3 LAKHS. EXT.P2: TRUE COPY OF THE APPLICATION DATED 19.8.2008 SUBMITTED BEFORE RESPONDENTS 2 AND 3. EXT.P2(a): TRUE COPY OF THE POSTAL RECEIPT EVIDENCING DESPATCH OF EXT.P2 APPLICATION. /TRUE COPY/ THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.27866 OF 2006 ------------------------------------------- Dated this the 21st day of October, 2008 JUDGMENT The petitioner, after the institution of this writ petition, has paid an amount of Rs.3 lakhs. Giving up all other contentions and the right to move the Debts Recovery Tribunal or other authorities against the impugned proceedings, the petitioner prays for an opportunity to wipe off the remaining outstandings, subject to any deduction that the bank would give on the total dues. Having regard to the totality of the facts and circumstances and the remaining amounts due to the bank and having taken into account the remittance made by the petitioner after the institution of this writ petition, it is ordered that the bank will consider reducing the penal interest and letting the petitioner pay off the entire remaining portion in six equal monthly instalments, payable on or before the 29th of every month, commencing from October, 2008, so that the entire amounts WPC.27866/08 Page numbers could be paid during the current financial year. The petitioner will commence payments at the rate of Rs.2 lakhs per month so that any reduction that the bank may extend could be adjusted against the last instalment. 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. The writ petition is ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.