IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN THURSDAY, THE 18TH DECEMBER 2008 / 27TH AGRAHAYANA 1930 WP(C).No. 37541 of 2008(T) -------------------------------------- PETITIONER(S): ---------------------- DEVADAS, S/O. LATE C.A. KUMARAN, M/S C.A.KUMARAN, ST. GEORGE STREET, ALAPPUZHA. BY ADV. SRI.P.R.RAJA RESPONDENT(S): ------------------------ 1. THE BRANCH MANAGER, UNION BANK OF INDIA, KABEER PLAZA, VCSB ROAD, MULLACKAL, ALAPPUZHA 688 011. 2. THE AUTHORIZED OFFICER, UNION BANK OF INDIA, KABEER PLAZA, VCSB ROAD, MULLACKAL ALAPPUZHA 688 011. 3. SHRI.C. PARAMESWARAN ADVOCATE, ALAPPUZHA 688 013. ADV. SRI.ASP KURUP, SC FOR R1, R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/12/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Rs/ THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------ W.P.(C) NO.37541 OF 2008 (T) ------------------------------------------------------ Dated this the 18th day of December, 2008 J U D G M E N T Heard the learned counsel for the petitioner and Adv.Sri.A.S.P.Kurup on behalf of first and second respondents. Petitioner availed a loan of Rs.20 lakhs in cash credit facility. He is facing proceedings under Section 14 of the SARFAESI Act. He is a business man and partner of a firm. Petitioner's request is only for an opportunity to pay off the outstandings. Recording this submission, this writ petition is ordered directing that if the petitioner remits an amount of Rupees ten lakhs on or before 31-12-2008 and Rupees five lakhs each on or before the last working day of January, 2009 and February, 2009 and the entire remaining outstandings on or before 28th March, 2009, the impugned distress action will be withheld and dropped. Any request of the petitioner for reducing the total outstandings, including by consideration of Exhibit P3, shall be considered after payment of installments of December W.P.(C) No.37541/2008 - 2 - and January. If there is default in remitting any of the installments as afore- directed, the benefit of this judgment will stand recalled and this writ petition will stand dismissed automatically, enabling the respondents to forthwith proceed with further distress action. Sd/- THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/22/12 // True copy // P.A. to Judge.