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. 29331 of 2008(P) --------------------------------------- PETITIONER: ------------------ G.VIJAYANATH, KUTTIKATTU HOUSE, TAGORE MARG, KOTTAYAM 686 001. BY ADV. SRI.K.GOPALAKRISHNA KURUP RESPONDENT(S): ------------------------ 1. KERALA STATE CO-OPERATIVE BANK LTD., REP. BY ITS MANAGING DIRECTOR, STATE CO-OPERATIVE BANK BUILDING, OVER BRIDGE JUNCTION, THIRUVANANTHAPURAM. 2. REGIONAL MANAGER - IN CHARGE, (AUTHORISED OFFICER), THIRUVANANTHAPURAM, REGIONAL OFFICE, KERALA STATE CO-OPERATIVE BANK LTD., STATE CO-OPERATIVE BANK BUILDING,OVER BRIDGE JUNCTION, THIRUVANANTHAPURAM, 3. THE MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD., PATHANAMTHITTA BRANCH, PATHANAMTHITTA. BY STANDING COUNSEL SRI.NAGARAJ NARAYAN 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. 29331 OF 2008 (P) ------------------------------------------------------ Dated this the 29th day of October, 2008 J U D G M E N T The petitioner challenges SARFAESI Act proceedings. The transaction is not disputed and arrears accrued. There is no jurisdictional error or legal infirmity in the impugned proceedings. Hence, giving up the right to move before the Debt Recovery Tribunal or any other authority against the impugned proceedings and also all other contentions, the petitioner through the learned counsel confines to a request for an opportunity to repay the remaining amounts in instalments and for a direction to the first respondent to consider any benefit by way of slashing the interest component and other accruals. Following the interim order dated 3-10-2008, the petitioner had remitted an amount of Rs.8 lakhs. Hence, repelling all other contentions, this writ petition is ordered directing that if the petitioner deposits at the rate of Rs.4 lakhs per month, payable on or before the 25th of every month commencing from November, 2008, the impugned distress action will be held back and after the deposit of three such instalments, if the petitioner makes a representation the bank will W.P.(C) No.29331/2008 - 2 - consider his request for slashing the total outstandings as may be found feasible, in accordance with law. However, the petitioner will continue to remit the instalments without waiting the decision of the bank and the bank will communicate its decision, within a period of one month from the date receipt of representation. If there is default in remitting any of the instalments as afore-directed, the benefit of this judgment shall stand recalled and the writ petition shall 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.