IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 29TH SEPTEMBER 2008 / 7TH ASWINA 1930 WP(C).No. 28369 of 2008(B) -------------------------- PETITIONERS: --------------- 1. SUDHEESH KUMAR.P.T., S/O.THANKAPPAN PALARIYIL, VMC-1., VAIKOM. 2. M.RADHAKRISHNAN, S/O.N.MADHAVAN, POONTHODATHU HOUSE, VMCI VAIKOM, KOTTAYAM. BY ADV. SMT.G.SUMA SMT.VIJAYAKUMARI RESPONDENT: --------------- CHIEF MANAGER, STATE BANK OF TRAVANCORE VAIKOM BRANCH, KERALA, INDIA. SRI.R.S.KALKURA, STANDING COUNSEL FOR SBT. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. =============================== W.P.(C). No.28369 of 2008 - B =========================== Dated this the 29th day of September, 2008. J U D G M E N T The petitioners availed a loan from the respondent on 31.5.2005 and created a security interest in favour of the respondent, to support that facility. On default in repayment, respondent took action under the SARFAESI Act and issued Ext.P1 notice under Section 13(2) of that Act. Apprehending further action, petitioners have challenged the issuance of Ext.P1 by contending that the petitioners have already paid an amount of Rs.36,310/- and that the respondent did not consider the requests of the petitioners for opportunity to pay the outstanding in instalments. 2. At the hearing of the case today, on behalf of the petitioners, all contentions in the writ petition challenging the impugned proceedings are given up. The petitioners also given up their right to other statutory remedies challenging the impugned action. With that, the learned counsel for the petitioners stated that the petitioners' requests, that they may be given an opportunity to pay off the outstanding in instalments, W.P.(C). No.28369 of 2008 2 may be considered. The learned counsel for the respondent states that as on 4.8.2008, the total outstanding due is 3,30,000/- 3. Having regard to the aforesaid, repelling all contentions of the petitioners and foreclosing their right to challenge the impugned proceedings before any statutory tribunal, authority or court, this writ petition is ordered directing that, if the petitioners deposit at the rate of Rs.35,000/- per month, payable on or before the 25th of every month commencing from October, 2008, the impugned action will be held back, to let the petitioners pay off the entire outstandings including accruals. If there is default in remitting any of the instalments as aforesaid, the benefit of this judgment will stand recalled automatically and the respondent will be at liberty to proceed with further action without any further notice. This judgment does not preclude the bank from extending any leniency by reducing the total outstanding. THOTTATHIL B.RADHAKRISHNAN, JUDGE. bkn/-