IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 29TH JULY 2008 / 7TH SRAVANA 1930 WP(C).No. 22862 of 2008(V) -------------------------- PETITIONER: ------------ JAFFER SIDDHIUQE, PROPRIETOR CRAYON CRUSHERS, RESIDING AT KOTTAIKATTIL HOUSE, KALLUR P.O., VADAKKEKADU, THRISSUR DIST. BY ADV. SRI.RAJESH CHAKYAT SRI.RAJESH CHAKYAT SRI.T.R.HARIKUMAR,SC,VAIKOM URBAN CO.OP RESPONDENTS: ------------- THE KERALA STATE CO-OP. BANK LTD. ERNAKULAM AREA BRANCH, KOCHI -35, REPRESENTED BY ITS SECRETARY/MANAGER. BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.22862 OF 2008 ------------------------------------------- Dated this the 29th day of July, 2008 JUDGMENT Having heard learned counsel for the petitioner and learned counsel for the respondent, I do not find any jurisdictional error or legal infirmity in the impugned proceedings under the SARFAESI Act, initiated on the ground of default in repayment of loan of Rs.11,00,000/- availed in 2001. The accrued interest cannot be disputed. The only plea of the petitioner is that the venture for which he availed the loan, i.e., a metal crusher unit, has been placed under financial crisis. Under such circumstances, without expressing anything on merits, this writ petition is ordered directing that if the petitioner deposits amounts at the rate of Rs.5,00,000/- per month, payable on or before the 15th of every month commencing from August, 2008, the impugned proceedings shall stand suspended and the competent authority in the respondent will take up Ext.P2 and issue a decision thereon regarding the total outstandings. However, if there is default in remitting any of the WPC.22862/08 Page numbers instalments as aforesaid, the benefit of this judgment shall stand recalled automatically. It is further directed that consideration of Ext.P2 will be only after paying two instalments as directed above. This judgment also precludes the petitioner from initiating statutory proceedings under the SARFAESI Act, challenging the impugned notice. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge kkb.29/7.