IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 26TH MAY 2008 / 5TH JYAISHTA 1930 WP(C).No. 13403 of 2008(U) -------------------------------------- PETITIONER: ------------------- K.J.GEORGE, S/O. K.C.JOSEPH, KANJIKARAYIL, PATHIRAPPALLY P.O., POONKAVU, ALAPPUZHA. BY ADV. SRI .R.AZAD BABU RESPONDENTS: ----------------------- 1. THE BRANCH MANAGER, KERALA STATE CO-OPERATIVE BANK LTD., ALAPPUZHA-688 011. 2. THE AUTHORIZED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, THIRUVANANTHAPURAM. R1 & R2 BY SRI.NAGARAJ NARAYANAN , SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 26/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.13403/2008 APPENDIX PETITIONERS EXHIBITS EXT.P1:- COPY OF THE POSSESSION NOTICE DT. 29.10.07 OF THE 2ND RESPONDENT. EXT.P2:- COPY OF THE PUBLIC NOTICE PUBLISHED IN THE HINDU DT. 25.3.06. /TRUE COPY/ P.A. TO JUDGE tss THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.13403 OF 2008 ------------------------------------------- Dated this the 26th day of May, 2008 JUDGMENT Heard the learned counsel for the petitioner and the learned counsel for the Bank on the merits of the contentions. 2. The petitioner faced proceedings under the SARFAESI Act, which have reached the stage of dispossession. Facing the situation that no sustainable grounds of legal or jurisdictional infirmity is made out against the impugned proceedings, learned counsel for the petitioner confined his submissions to a request that the petitioner may be permitted to pay off the outstandings in instalments, to save the property from distress action. 3. The petitioner has complied with the conditions imposed by the interim order dated 25.4.2008. He has, accordingly, remitted an amount of Rs.3,00,000/-. WPC.13403/08 2 4. Having regard to the totality of the facts and circumstances, it is directed that if the petitioner pays at the rate of Rs.75,000/- per month, payable on or before the last working day of every month commencing from June, 2008 and thereby wipes off the entire remaining outstandings, including all accruals, the impugned proceedings shall stand dropped. However, if there is default in remitting amounts as aforedirected, 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.