IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 22ND JANUARY 2010 / 2ND MAGHA 1931 WP(C).No. 4034 of 2009(E) ------------------------- CMP.10971/2008 of C.J.M. COURT,KOLLAM .................... PETITIONER: --------------- DEVAYANI AMMA, W/O.BALAKRISHNA PILLAI PRAVEENAVILAKATHU VEEDU, KADAMPATTUKONAM, PARIPALLY. BY ADV. SRI.VINOY VARGHESE KALLUMOOTTILL RESPONDENTS: --------------- 1. CHIEF MANAGER, FEDERAL BANK LTD. REGIONAL OFFICE, FEDERAL TOWER STATUE, THIRUVANANTHAPURAM. 2. MANAGER, FEDERAL BANK LTD., KALLUVATHUKKAL. 3. T.AJEESH, ADVOCATE COMMISSIONER, BAR ASSOCIATION, CJM COURT, CIVIL STATION PO., KOLLAM. 4. SAJIKUMAR, S/O.MURALEEDHARAN PILLAI, SAJI VILASAM, KAZHUTHUMOODU, KIZHAKKANALA PO PARIPPALLY. R1-R2 BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) THIS WRIT PETITION (CIVIL) HAVING BEEN BEEN FINALLY HEARD ON 22/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: 2 WP(C) NO. 4034/2009 APPENDIX ------------ PETITIONER'S EXHIBITS ----------------------------- P1:- TRUE COPY OF NOTICE ISSUED BY THE 3RD RESPONDENT DATED 08-01-2009 P2:- TRUE COPIES OF RECEIPTS OF PAYMENTS MADE BY THE 4TH RESPONDENT. //TRUE COPY// PA TO JUDGE rkc P.R.RAMACHANDRA MENON, J. ------------------------- W.P (C) No.4034 of 2009 -------------------------- Dated this the 22nd January, 2010 J U D G M E N T The petitioner who is admittedly a defaulter under the loan transaction being a guarantor to the principal borrower, has approached this Court challenging the coercive steps pursued by the Bank invoking the provisions under the SARFEASI ACT. The grievance projected in the writ petition is only to enable the petitioner to clear the entire liability in reasonable instalments. When the matter came up for consideration before this Court on 6.2.2009 , coercive proceedings were intercepted on condition that the petitioner satisfied a sum of Rs.1.5 lakhs on or before the 5th of March 2009, which is stated as complied with, as put forth by the learned counsel for the petitioner and endorsed as correct by the learned counsel appearing for the respondent Bank. 2. Learned counsel for the Bank submits that, after giving credit to the entire amount paid by the petitioner W.P (C) No.4034 of 2009 2 and the principal borrower, nearly 5.3 lakhs is still due, with further interest and costs, so as to wipe off the liability under the loan transaction. 3. In the above facts and circumstances, petitioner is directed to deposit a sum of Rs.2.5 lakhs within one week and the balance amount shall be cleared by way of 'four' equal monthly instalments; the first of which shall be made on or before 25th February,2010, to be followed by the subsequent instalments to be effected on or before the 25th of the succeeding months. Subject to the above, coercive steps stated as being pursed by the Bank shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in clearing the liability as above, the respondent Bank will be free 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. Writ Petition is disposed of as above. P.R.RAMACHANDRA MENON, JUDGE ma W.P (C) No.4034 of 2009 3 W.P (C) No.4034 of 2009 4 W.P (C) No.4034 of 2009 5 W.P (C) No.4034 of 2009 6