IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 30TH MAY 2008 / 9TH JYAISHTA 1930 WP(C).No. 16154 of 2008(W) -------------------------- PETITIONER: ------------- K.SREEKUMARAN NAIR, PANKAJA NILAYAM, ARAYUR PO., AMARAVILA, NEYYATTINKARA BY ADV. SRI.R.GOPAN RESPONDENTS: -------------- 1. THE MANAGER, DISTRICT CO-OPERATIVE BANK, UDIYANKULANGARA BRANCH, NEYYATTINKARA. 2. THE AUTHORISED OFFICER, TRIVANDRUM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, KOTTAKKAKAM, THIRUVANANTHAPURAM. 3. THE GENERAL MANAGER, TRIVANDRUM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, KOTTAKKAKAM, THIRUVANANTHAPURAM. BY ADV. SRI.V.G.ARUN, SC SRI.T.R.HARIKUMAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.16154 of 2008-W = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 30th day of May, 2008. JUDGMENT 1.Petitioner availed a loan from the first respondent and failed to repay as agreed. This has led to proceedings under the SARFAESI Act. A notice for dispossession is issued to him. The transaction is admitted. Default is not disputed. The other incidental issues would not, in any manner, impair the jurisdictional support available to the impugned proceedings in terms of the statute invoked by the respondents. 2.Faced with this situation, after having argued the matter for quite some time, learned counsel for the petitioner confines the submissions to a request that the petitioner may be permitted to pay off the entire outstandings in instalments WP(C)16154/2008 -: 2 :- and also that the bank may be directed to consider extending any ameliorative benefit that may be due. He also presses for consideration certain circulars issued by the Co-operative Department. Having heard the learned counsel for the petitioner and the learned counsel for the respondents and in view of the fact that the outstanding amount fixed for recovery is Rs.4,22,838/- with interest from 28-1-2008, it is directed that if the petitioner remits at the rate of Rs.40,000/- per month payable on or before the 15th of every month commencing from June, 2008, the impugned distress action would be withheld to let the petitioner to pay off the entire outstandings. Having regard to the fact that the accruals include penal interest etc., it is appropriate that the competent authority among the respondents considers any request of the petitioner for waiver of any amount, including accruals and also for other ameliorative benefits WP(C)16154/2008 -: 3 :- as may be available and applicable to the transaction in question. If there is default in remitting any of the instalments as afore- directed, the benefits of this judgment shall stand recalled automatically and the respondents will be at liberty to forthwith proceed with the distress action. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/040608