IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 5TH FEBRUARY 2010 / 16TH MAGHA 1931 WP(C).No. 35468 of 2009(C) -------------------------- PETITIONER(S): --------------- N.A.RADHAKRISHNAN, AGED 55 YEARS, S/O.ARUMUKHAN, NEDIYIRIPPIL HOUSE, KAZHIMPRAM P.O., EDAMUTTAM, THRISSUR DISTRICT. BY ADV. SRI.RAJIT SRI.RANJIT BABU SRI.LOWEL CHERIAN SMT.K.R.REMYA (KARUKAYIL) RESPONDENT(S): --------------- 1. AUTHORISED OFFICER, THE STATE BANK OF INDIA LTD, EDAMUTTAM BRANCH, THRISSUR DISTRICT. 2. THE STATE BANK OF INDIA LTD, EDAMUTTAM BRANCH, THRISSUR DISTRICT. REPRESENTED BY THE BRANCH MANAGER. ADV. SRI.P.V.SURENDRANATH FOR R THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 35468 of 2009 -------------------------------------- Dated, this the 5th day of February, 2010 J U D G M E N T The petitioner had availed a loan of Rs.3,00,000/- from the 2nd respondent Bank on 15.06.1998, which however could not be repaid on time; making the petitioner a defaulter and in turn, compelling the respondent Bank to pursue further steps invoking the machinery under the SARFAESI Act; which forms the subject matter of challenge in this Writ Petition. 2. When the matter came for consideration before this Court on 09.12.2009, the coercive steps were intercepted subject to the condition that the petitioner deposited a sum of Rs.75,000/- which has been stated as complied with as already recorded by this Court on 15.01.2010. 3. The learned counsel appearing for the Bank, with specific reference to the contents of the statement filed, submits that, after giving credit to the amount already paid by the petitioner, a balance sum of Rs.2,74,884/- is still due as on 21.01.2010. The learned counsel for the petitioner submits that the petitioner is not in a position to raise the entire amount in a lump sum and that the petitioner might be given some WP(C) No.35468/2009 2 breathing time, to satisfy the liability. 4. Considering the facts and circumstances, the petitioner is permitted to clear the liability by way of 'five' equal monthly instalments, the first of which shall be effected on or before the 10th of March, 2010; to be followed by similar instalments to be effected on or before the 10th of the succeeding months. Subject to the above, all recovery proceedings stated as being pursued by the Bank shall be kept in abeyance for the time being. It is also made clear that, if any default is committed by the petitioner in clearing the liability as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, by pursuing such exercise from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc