IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 26TH NOVEMBER 2008 / 5TH AGRAHAYANA 1930 WP(C).No. 26587 of 2008(M) --------------------------------------- PETITIONER: ------------------- A.K.MOHAMMED ISMAIL, POVVAL HOUSE, MULIYAR P.O., KASARAGOD DISTRICT. BY ADV. SRI.GEORGE JACOB (JOSE), ADV. SRI.MEREENA JOSEPH JOSEPH. RESPONDENTS: ----------------------- 1. THE NORTH MALABAR GRAMIN BANK, N.M.G. TOWERS, POST BOX NO.1424, PALLIKUNNU, KANNUR - 670 004, REPRESENTED BY IT'S GENERAL MANAGER. 2. THE BRANCH MANAGER, NORTH MALABAR GRAMIN BANK, BOVIKANAM BRANCH, MULIYAR, KASARAGOD. R1 BY ADV. SRI.DEVAN RAMACHANDRAN, ADV. SRI.SUMESH KUMAR N.C, ADV. SRI.K.M.ANEESH. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 26/11/2008,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO.26587/2008-M: APPENDIX PETITIONERS' EXHIBITS: EXT.P.1: COPY OF THE NOTICE DTD. 14/06/2008 ISSUED BY THE R.1. EXT.P.2: COPY OF THE WRITTEN OBJECTIONS DTD. 07/08/2008 SUBMITTED BY THE PETITIONER. EXT.P.3: COPY OF THE LETTER DTD. 26/07/2008 OF THE PETITIONER. EXT.P.4: COPY OF THE LETTER DTD. 28/07/2008 OF THE R.1. EXT.P.5: COPY OF THE LETTER DTD. 08/08/2008 OF THE R.1. EXT.P.6: COPY OF THE LETTER DTD. 14/08/208 OF THE R.1. RECEIVED BY THE PETITIONER ON 25/08/2008. RESPONDENTS' EXHIBITS: NIL. //TRUE COPY// P.A. TO JUDGE. prv. THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.26587 OF 2008 ------------------------------------------- Dated this the 26th day of November, 2008 JUDGMENT Heard learned counsel for the petitioner and learned counsel for the respondent bank. 2. Giving up all other contentions and the right to challenge the proceedings before any Tribunal or Court, learned counsel for the petitioner submits that the petitioner may be given an opportunity to pay off the entire outstandings in instalments. The petitioner availed a loan. Did not repay in time. This led to a suit followed by a decree. Without pressing for execution of that decree, the bank invoked proceedings under the SARFAESI Act. The amount fixed for recovery is therefore, certain, being regulated by the decree. Hence, it is ordered that the recovery shall be confined to the amount covered by the decree and in terms of the decree, and the petitioner will be permitted to pay off the outstandings in six equal monthly WPC.26587/08 Page numbers instalments, payable on or before the last working day of every month commencing from December, 2008, without fail. However, if there is default in remitting any of the instalments as aforesaid, the benefit of this judgment shall stand recalled automatically and distress action shall follow. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.