IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 28TH AUGUST 2008 / 6TH BHADRA 1930 WP(C).No. 24427 of 2008(G) -------------------------- PETITIONER: ------------ AHAMMED PUNNAKAYATHIL, S/O. MOIDU, AGED 36, PUNNAKAYATHIL HOUSE, MOONAMKAL, KAVILUMPARA.P.O,KOZHIKODE DISTRICT. BY ADV. SRI.C.KHALID SRI.N.GOPINATHA PANICKER RESPONDENTS: ------------- 1. THE GENERAL MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., KOZHIKODE REGIONAL OFFICE, COLOMBO COMPLEX, M.M. ALI ROAD, KOZHIKODE-673 002. 2. THE UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING AND ISURANCE), DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI - 110 001. R1 BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK R2 BY ADV. SRI.T.SANJAY, CGC FOR R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.24427 OF 2008 ------------------------------------------- Dated this the 28th day of August, 2008 JUDGMENT Learned counsel for the first respondent Bank states, on instructions, that the amount shown in Ext.P1 as the total outstandings due as on 31.1.2008 is correct while there appears to be an error in Ext.P2. This is recorded. Having heard learned counsel for the petitioner, I find no jurisdictional error or legal infirmity in the impugned proceedings which have been initiated on account of default in repayment of a loan. 2. Faced with the aforesaid situation, learned counsel for the petitioner confined his submissions, giving up all other contentions on behalf of the petitioner and also giving up the right of the petitioner to file any other proceedings, including objections, before the Debts Recovery Tribunal under the SARFAESI Act, to request that the petitioner may be permitted to pay off the outstandings in instalments. Learned counsel for the first respondent states that following the interim order dated 14.8.2008, though the petitioner was to deposit an amount of WPC.24427/08 Page numbers Rs.30,000/- within one week, only an amount of Rs.15,000/- has been paid. I am satisfied that the petitioner appears to have a bonafide request for facility to pay off the outstandings in instalments. In the aforesaid circumstances, this writ petition is ordered directing that if the petitioner deposits amounts at the rate of Rs.25,000/- per month, payable on or before the last working day of every month commencing from September, 2008, the impugned distress action will be withheld to let the petitioner wipe off the entire outstandings, including all accruals thereon. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled forthwith and the bank will be entitled to proceed with further action. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.