IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 22ND SEPTEMBER 2008 / 31ST BHADRA 1930 WP(C).No. 28046 of 2008(L) --------------------------------------- PETITIONER: -------------------- K.K.MUHAMMED MUSALIYAR, VETTIKKATTUVADAKKETHIL, KRISHNAPURAM, KAYAMKULAM, ALAPPUZHA DISTRICT. BY ADV. SRI.C.A.JOSEPH SRI.K.K.MOIDEEN RESPONDENTS: ------------------------- 1. THE KERALA STATE CO.OP.BANK LTD., REPRESENTED BY ITS MANAGING DIRECTOR, OVERBRIDGE.JN., THIRUVANANTHAPURAM-695 001. 2. THE AUTHORISED OFFICER, KERALA STATE CO.OP. BANK LTD., OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM, PIN-695 001. 3. SHARAFUDDIN.M., VETTIKKATTU VADAKKETHIL KRISHNAPURAM, KAYAMKULAM, ALAPPUZHA. 4. SUHARA BEEVI, VETTIKKATTU VADAKKATHIL DO.DO. 5. K.K.MOIDUKUNJU MUSALIYAR, DO.DO. 6. SMT.NAZEERA BEEVI, VETTIKKATTUVADAKKATHIL, KRISHNAPURAM, KAYAMKULAM. BY SRI. NAGARAJ NARAYANAN, SC – R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = W.P.(C).No.28046 of 2008-L = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 22nd day of September, 2008. JUDGMENT Adv.Mr.Nagaraj Narayanan appears for respondents 1 and 2. Having regard to the nature of the orders being issued hereunder, notice to respondents 3 to 6 is dispensed with preserving their right to move for review of this judgment, if aggrieved. The petitioner and fifth respondent are the brothers of the fourth respondent, whose son the third respondent availed a facility from the first respondent bank for a small scale industry. The sixth respondent is stated to be the wife of the third respondent. It is now stated that the small scale industry is not functioning and the third respondent is somewhere abroad. The fact that the outstandings have accrued and default has not been satisfied by making appropriate WP(C)28046/2008 -: 2 :- repayments is not disputed. Under such circumstances, there is no jurisdictional error or legal infirmity in the impugned proceedings initiated under the SARFAESI Act. Faced with this situation, the petitioner, through his learned counsel, sought for some time to pay off the entire outstandings in instalments. The petitioner also gives up all contentions and forecloses the remedies, if any, available in terms of the SARFAESI Act or otherwise either before the DRT or before any other statutory Tribunals or Courts. Recording this submission and taking note of the fact that the entire outstandings as per Ext.P1 is an amount nearly Rs.8,20,000/- as on 1-3-2008, this writ petition is ordered directing that if amounts at the rate of Rs.3 lakhs are deposited per month payable on or before the 14th of every month commencing from October, 2008, distress action on account of the default shall be deferred providing an opportunity to pay off the entire outstandings and accruals. If there is default in remitting any of the instalments as afore-directed, the benefits of this judgment will stand recalled WP(C)28046/2008 -: 3 :- and the writ petition will stand dismissed automatically enabling the respondents to forthwith proceed with further distress action without further notice to the petitioner. THOTTATHIL B. RADHAKRISHNAN, Sha/230908 JUDGE.