IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 28TH JULY 2009 / 6TH SRAVANA 1931 WP(C).No. 16123 of 2009(I) -------------------------- PETITIONER: --------------- BEERAN KUTTY,AGED 49,S/O.KUNJUMOIDEEN, MANNARATHIL HOUSE,BP ANGADI P.O., TIRUR,MALAPPURAM. BY ADV. SRI.SUNIL NAIR PALAKKAT SRI.K.N.ABHILASH SMT.R.LEELA RESPONDENTS: --------------- 1. TIRUR URBAN CO-OPERATIVE BANK LTD., REP.BY ITS AUTHORISED OFFICER, (UNDER CENTRAL ACT 2054/2002), TIRUR,MALAPPURAM. 2. DISTRICT COLLECTOR,MALAPPURAM. R1 BY ADV. SRI.DEVAPRASANTH.P.J. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 16123 of 2009(I) APPENDIX PETITIONER'S EXHIBITS: EXT. P1 : TRUE PHOTOSTAT COPY OF THE NOTICE U/S.13(4) OF THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002 DATED 04/06/2009. /TRUE COPY/ P.S. TO JUDGE. P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 16123 OF 2009 ......................................................................... Dated this the 28 th July, 2009 J U D G M E N T The petitioner has approached this Court challenging the steps taken by the respondent Bank invoking the relevant provisions under the SARFAESI Act, raising many a ground, legal as well as factual. When the matter came up for consideration before this Court on 11.06.2009, an interim order was passed imposing a condition to deposit a sum of Rs. One lakh, which is stated as complied with. 2. The learned Counsel for the petitioner submits that the entire outstanding liability is being cleared within a few months and that the petitioner might be permitted to have such a course, pointing out that the default was never wilful and that it was only because of some unforeseen and compelling circumstances, involving heart ailments of his mother, necessitating much advance treatment such as 'angioplasty' incurring huge expenses. 3. The learned Counsel for the respondent Bank submits, on instruction, that the petitioner has already complied with the direction given by this Court while granting the interim order and the balance amount as on date will be around Rs.7.65 lakhs, which could W.P.(C) No. 16123 OF 2009 2 be permitted to be satisfied by granting reasonable installments taking note of the plight of the petitioner. 4. In the above facts and circumstances, the petitioner is permitted to clear the entire outstanding liability by way of six equal monthly installments, the first of which shall be paid on or before the 10th September 2009 to be followed by similar installments to be paid on or before the 10th of the succeeding months. Subject to the above, all further coercive steps stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that the respondent Bank will be at liberty to proceed with further steps from the stage where it stands now for realisation of the entire amount in a lump sum, if the petitioner commits any default in effecting the installments, as above. the Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk