IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE THOTTATHIL B.RADHAKRISHNAN TUESDAY, THE 2ND SEPTEMBER 2008 / 11TH BHADRA 1930 WP(C).No. 26532 of 2008(H) -------------------------- PETITIONER: ------------ T.B. SHAMSU, S/O. BHASKARA THANDAR, USHANILAYAM, THURAVOOR, ALAPPUZHA. BY ADV. SRI.G.KRISHNAKUMAR SRI.B.S.SURAJ KRISHNA RESPONDENTS: ------------- 1. AUTHORISED OFFICER, KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE, STATE CO-OPERATIVE BANK BUILDING, OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM - 695 001. 2. KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE, STATE CO-OPERATIVE BANK BUILDING, OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM - 695 001 REPRESENTED BY ITS REGIONAL MANAGER. BY ADV.SRI.NAGARAJ NARAYANAN, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: THOTTATHIL B.RADHAKRISHNAN, J. ------------------------------------------- W.P(C).No.26532 OF 2008 ------------------------------------------- Dated this the 2nd day of September, 2008 JUDGMENT The petitioner challenges the proceedings initiated under the SARFAESI Act on account of default in repayment of a loan. That has now led to the issuance of Ext.P2 for sale of the security interest for an amount of Rs.11,81,747/- as on 31.8.2007. Having heard learned counsel for parties, I do not find any jurisdictional error or legal infirmity in the impugned proceedings. Faced with this situation, learned counsel for the petitioner, giving up all the other contentions as also the right of the petitioner to move any other statutory authority, including the DRT, requests an opportunity to pay off the outstandings. The accruals noticed above was issued an year ago. Under such circumstances, this writ petition is ordered directing that if the petitioner remits amounts at the rate of Rupees Three Lakhs per month, payable on or before the 20th of every month commencing from September, 2008, the impugned sale shall stand deferred to WPC.26532/08 Page numbers let the petitioner pay off the outstandings, including the accruals. The bank will also give due credit of all adjustments already made. The amounts to be fixed appropriately at the time of closure, following this judgment. However, if there is default in remitting any of the instalments as aforedirected, the benefit of this judgment shall stand recalled automatically and the respondents will be at liberty to forthwith proceed, without further notice. Sd/- THOTTATHIL B.RADHAKRISHNAN, Judge. kkb.