IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 25589 of 2008(U)
1. C.K.AJITH, 41 YEARS,
... Petitioner
Vs
1. KERALA STATE CO.OP.BANK LTD.
... Respondent
2. REGIONAL MANAGER,
3. BRANCH MANAGER, KERALA STATE CO.OP.
For Petitioner :SRI.K.RAMANATHAN
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :26/08/2008
O R D E R
THOTTATHIL B. RADHAKRISHNAN, J.
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W.P.(C) NO.25589 OF 2008 (U)
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Dated this the 26th day of August, 2008
J U D G M E N T
Heard the learned counsel for the petitioner and
the learned counsel appears for the respondents.
2. The petitioner challenges proceedings initiated
under the SARFAESI Act. The transaction is not
disputed. The default is also not in dispute. The
recovery proceedings are, therefore, beyond challenge.
The recovery proceedings are initiated under the
SARFAESI Act and the petitioner waives his right to
move the D.R.T. under the SARFAESI Act. Under such
circumstances, the learned counsel for the petitioner
confines his submission to a request that the
petitioner may be given six months’ time to wipe off
the entire outstandings.
W.P.(C) No.25589/2008
– 2 –
For the foregoing reasons, after hearing the
learned counsel for the parties, this writ petition is
ordered directing that if petitioner remits at the rate
of Rs.75,000/- per month, payable on or before the 15th
day of every month, commencing from September, 2008,
the impugned action will be held back and the
petitioner will be given an opportunity to wipe off the
entire outstandings subject to any reduction in the
total outstandings that may be effected by the
respondents on any request of the petitioner. If there
is default in remitting any of the afore-directed
instalments, 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.
THOTTATHIL B. RADHAKRISHNAN,
JUDGE
skr/27/8
