IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN WEDNESDAY, THE 29TH OCTOBER 2008 / 7TH KARTHIKA 1930 WP(C).No. 30410 of 2008(T) ----------------------------------- PETITIONER(S): ----------------------- 1. M/S. S.M.P. SOUNDARARAJAN AND CO., 58/4, ST.ANNS STREET, RAYAPPANPATTY P.O., UTAMAPALAYAM TALUK, THENI DISTRICT,TAMIL NADU, REPRESENTED BY ITS MANAGING PARTNER, S.M.P.CHARLES. 2. S.M.P.CHARLES, 58/4, ST.ANNS STREET, RAYAPPANPATTY P.O., UTAMAPALAYAM TALUK, THENI DISTRICT, TAMIL NADU. 3. NIRMALA PETER SOUNDARARAJAN, 58/4, ST.ANNS STREET, RAYAPPANPATTY P.O. UTAMAPALAYAM TALUK, THENI DISTRICT, TAMIL NADU. 4. P.LEELIYA, 58/4, ST.ANNS STREET, RAYAPPANPATTY P.O., UTAMAPALAYAM TALUK, THENI DISTRICT, TAMIL NADU. 5. JEEVA FATHIMA MARY, 58/4, ST.ANNS STREET, RAYAPPANPATTY P.O., UTAMAPALAYAM TALUK, THENI DISTRICT, TAMIL NADU. BY ADV. SRI.V.GOPIKRISHNA RESPONDENT(S): --------------------- 1. ING VYSYA BANK, ING HOUSE NO.22, M.G.ROAD, BANGLORE, REPRESENTED BY ITS MANAGING DIRECTOR. 2. THE REGIONAL MANAGER, ING VYSYA BANK, REGL.OFFICE, PARAPPILIL ARCADE, PANAMPALLY NAGAR, ERNAKULAM - 36. 3. THE AUTHORISED OFFICER, ING VYSYA BANK, REGL. OFFICE, PARAPPILLIL ARCADE, PANAMPALLY NAGAR, ERNAKULAM - 36. BY STANDING COUNSEL SRI.K.C.JOHN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B. RADHAKRISHNAN, J. ------------------------------------------------------ W.P.(C) NO. 30410 OF 2008 (T) ------------------------------------------------------ Dated this the 29th day of October, 2008 J U D G M E N T Having heard the learned counsel for the petitioners and learned counsel for the first respondent, I do not find any jurisdictional error or legal infirmity in the impugned proceedings. A loan was availed for purchase of land. Thereafter, another loan was availed for carrying out agricultural operations in that land. The said loans were not repaid. This resulted in action under the SARFAESI Act. 2. The learned counsel for the petitioners also could not point out any sustainable reason to interfere with the impugned proceedings. However, having initiated these proceedings and having seen that there is no legal ground, that the petitioners stand precluded from moving the Debt Recovery Tribunal or any other authority against the impugned proceedings. I am therefore, inclined to consider the request of the petitioners for an opportunity to pay off the outstandings in instalments. W.P.(C) No.30410/2008 - 2 - Having particular regard to the fact that the matter relates to agricultural sector, while repelling all other contentions, this writ petition is ordered directing that, the impugned proceedings will stand deferred, if an amount of Rs.20 lakhs is deposited, payable on or before 20-11-2008 and if amounts at the rate of Rs.10 lakhs per month, payable on or before the 20th of every month commencing from December 2008 is deposited and thereby petitioners wipe off the entire outstandings including accruals. If there is default in remitting any of the instalments as afore-directed, the benefit of this judgment will stand recalled and the writ petition will stand dismissed automatically, enabling the respondents to forthwith proceed with further distress action. Sd/- THOTTATHIL B. RADHAKRISHNAN, JUDGE skr/30/10 // True copy // P.A. to Judge.