IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 5TH FEBRUARY 2009 / 16TH MAGHA 1930 WP(C).No. 3688 of 2009(L) ------------------------- PETITIONER(S): --------------- CHINNATHAI @ CHINNAMMAL W/O. KANDA SWAMY KOUNDER, KAVUNDIKKAL PO AGALI, PALAKKAD. BY ADV. SRI.B.S.SWATHY KUMAR RESPONDENT(S): --------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD THIRUVANANTHAPURAM, REPRESENTED BY ITS MANAGING DIRECTOR. 2. THE AUTHORISED OFFICER THE KERALA STATE CO-OPERATIVE BANK LTD REGIONAL OFFICE, KOCHI. 3. THE MANAGER THE KERALA STATE CO-OPERATIVE BANK LTD PALAKKAD BRANCH. BY ADV. SRI.NAGARAJ NARAYANAN,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/02/2009, ALONG WITH W.P(C).3689 OF 2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).Nos.3688 & 3689 OF 2009 ------------------------------------------- Dated this the 5nd day of February, 2009 JUDGMENT 1. The petitioner in W.P(C).3689/09 is the son of the petitioner in W.P(C).3688/09. Both of them had availed two different mortgage loans for business purpose from the first respondent bank. Both loans were defaulted and SARFAESI Act proceedings were initiated. The petitioner in W.P(C).3688/09 had moved the Minister for Co-operation and obtained an order deferring distress action till 15.2.2009. On default, the properties are listed to 17.2.2009 for sale. Admittedly, the entire amount, even in terms of the direction of the Minister, has not been paid. 2. Petitioners have remedy by way of Section 17 of the SARFAESI Act. But it is stated that they give up that right and would not file any proceedings before the Debts Recovery Tribunal under Section 17, challenging the proceedings impugned in these writ petitions. They state, through their WPC.3688/08 & 3689/09 Page numbers learned counsel, that they give up all contentions as against the impugned proceedings and confines the requests to be one for an opportunity to regulraise the transactions since the period of the mortgage loan is till February, 2015 and April, 2015 respectively. 3. On the basis of the written instructions available with the learned counsel for the first respondent, it is seen that the total defaulted instalments up to 31.1.2009 is Rs.3,85,000/- and 3,60,000/- respectively. Those amounts carry further penalties, securitisation charges, including publication expenditure etc. Taking all the reliefs and submissions into consideration, it is directed that if the petitioners remit Rs.1,00,000/- each on or before the date and time fixed for sale and deposits the remaining amounts covered by defaulted EMIs, penalty and all such accruals due thereon, by 31.3.2009, the bank will consider regularising the transactions and permitting the petitioners to continue to enjoy the loans. The time limits fixed as above shall be treated as peremptory. WPC.3688/08 & 3689/09 Page numbers 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. These writ petitions are ordered accordingly. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.9/2.