IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN MONDAY, THE 6TH OCTOBER 2008 / 14TH ASWINA 1930 WP(C).No. 28528 of 2008(U) ----------------------------------------- PETITIONER: --------------------- P.G.VASUDEVAN, S/O.GOPALAN, PULICHIKATTU HOUSE, THALAKKOTTUKARA P.O., THRISSUR - 680 501. BY ADV. SRI.GRASHIOUS KURIAKOSE RESPONDENTS: ------------------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., HEAD OFFICE, P.B.NO.6515, COBANK TOWERS, PALAYAM, THIRUVANANTHAPURAM, REP. BY ITS SECRETARY. 2. THE BRANCH MANAGER, KERALA STATE CO-OPERATIVE BANK LTD., THRISSUR BRANCH, IMMATTI BUILDINGS, MANNUTHI ROAD, THRISSUR. ADV. SRI. NAGARAJ NARAYANAN, SC FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss Thottathil B. Radhakrishnan, J. ================================== W.P.(C)No.28528 of 2008 ================================== Dated this the 6th day of October, 2008. JUDGMENT After having argued the matter for quite sometime and faced with the situation that there is no legal infirmity or jurisdictional error in the impugned proceedings initiated by the bank on account of default in repayment of the loan availed by the petitioner, learned counsel for the petitioner confines his submission to a request that the petitioner may be permitted to pay off the outstandings in instalments. Since it is stated that the petitioner gives up all other contentions and also the right to challenge the impugned proceedings before any other authority and considering the fact the petitioner deposited Rs.2 lakhs following the interim order dated 25-9-2008, this writ petition is ordered directing that if the petitioner remits the remaining amounts in six WPC28528/08 -:2:- equal monthly instalments, payable on the 20th of every month commencing from October, 2008, the impugned proceedings will be held back and ultimately dropped. If the petitioner remits the total outstandings in a lump, the bank will consider reducing the total amounts by slashing such portion as may be found possible in the commercial wisdom of the first respondent. In such event, the bank will consider reducing the rate of interest or penal interest that has accrued on the transaction. Thottathil B.Radhakrishnan, Judge. sl.