IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 25TH FEBRUARY 2010 / 6TH PHALGUNA 1931 WP(C).No. 492 of 2010(J) ------------------------ PETITIONER(S): --------------- KENSON VARGHESE, AGED 44 YEARS, S/O.VARGHESE, THOLATH HOUSE, SOUTH CHENGALAM P.O., KOTTAYAM. BY ADV. SRI.N.MAHESH RESPONDENT(S): --------------- THE FEDERAL BANK LIMITED, KOTTAYAM, REP. BY ITS AUTHORIZED OFFICER, CHIEF MANAGER. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R1 SRI.P.R.MILTON FOR R1 SRI.K.J.CHACKOCHAN FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 492 of 2010 ------------------------------------ Dated, this the 25th day of February, 2010 J U D G M E N T The learned counsel for the respondent Bank submits that the condition imposed by this Court while granting the interim order on 07.01.2010 has not been complied with. The learned counsel for the petitioner submits that the petitioner, to prove his bonafide, has already deposited a sum of Rs.40,000/- on 22.02.2010 and that the entire liability will be wiped off on or before 31.03.2010. 2. Considering the facts and circumstances, this Court finds that the matter could disposed of, permitting the petitioner to clear the entire liability on or before 31.03.2010. The submission made from the part of the petitioner that the petitioner does not propose to challenge the proceedings taken by the respondent Bank invoking the remedy under the SARFAESI Act by approaching the DRT is recorded. Accordingly, the petitioner is directed to clear the entire outstanding amount, due to the Bank on or before 31.03.2010. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that if any default is committed by the petitioner in satisfying the liability as above, WP(C) No.492/2010 2 the respondent Bank will be at liberty to proceed with further steps for realisation of the entire dues in a lump. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc