IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN FRIDAY, THE 18TH JANUARY 2008 / 28TH POUSHA 1929 WP(C).No. 36726 of 2007(V) ------------------------------------- PETITIONER: ------------------ VALAPPAN KADIYUMMA, D/O. KUNHIKKOYA @ KOYAKKUTTY, ANAPPARA, AMARAMBALAM, PIN-679 332. BY ADV. SRI.T.K.AJITH KUMAR SRI.P.VINODKUMAR SRI.SUSHANTH.J. RESPONDENTS: ---------------------- 1. NILAMBUR CO-OPERATIVE URBAN BANK LTD., NILAMBUR P.O., MALAPPURAM DIST., REPRESENTED BY ITS SECRETARY, PIN-679 330. 2. THE SALE OFFICER, NILAMBUR CO-OPERATIVE URBAN BANK LTD., O/O THE ASST. REGISTRAR OF CO-OPERATIVE SOCIETIES (GENERAL), MANJERI, PIN-676 121. R1 BY ADV. SRI.DEVAPRASANTH.P.J. GOVERNMENT PLEADER SMT. M.K.PUSHPALATHA THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/01/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C) NO: 36726/2007 V APPENDIX PETITIONER'S EXHIBITS EXT.P1. COPY OF THE NOTICE DATED NIL ISSUED BY THE R2. RESPONDENT'S EXHIBITS NIL. True copy tga THOTTATHIL B. RADHAKRISHNAN, J. = = = = = = = = = = = = = = = = = = = = = = = = WP(C).No.36726 of 2007-V = = = = = = = = = = = = = = = = = = = = = = = = Dated this the 18th day of January, 2008. JUDGMENT 1.Heard the learned counsel for the petitioner and the learned counsel for the Bank. 2.The impugned action is on account of default in repaying a loan. There was an arbitration award in favour of the creditor Bank and execution proceedings have led to sale. The Bank, through the counsel, submits that if the petitioner remits the entire amounts in a lump by the end of this month, the Bank will waive all penal charges or that the petitioner may pay off the entire outstandings at the rate of Ra.15,000/- per month, the rate fixed as per the interim order dated 12-12-2007. Under such circumstances, this writ petition is disposed of directing that if WP(C)36726/2007 -: 2 :- the petitioner does not remit the entire amounts by the end of this month and obtain waiver of penal charges, the respondents will hold back the impugned proceedings, if she continues to remit at the rate of Rs.15,000/- per month, following the interim order dated 12-12-2007, on or before the last working day of every month and thereby wipes off the entire outstandings, including accruals, If there is default in remitting any of the instalments as afore-directed, the benefits of this judgment shall stand recalled automatically and the Bank will be at liberty to proceed with the impugned sale. THOTTATHIL B. RADHAKRISHNAN, JUDGE. Sha/