IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 28TH AUGUST 2009 / 6TH BHADRA 1931 WP(C).No. 25212 of 2009(V) -------------------------- CMP.5380/2009 of C.J.M., ALAPPUZHA .................... PETITIONER: --------------- SOMAN, S/O. VAVA, SREELAKAM, CMC-IV, CHERTHALA - 699 524 BY ADV. SRI.JOBY CYRIAC RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER & CHIEF MANAGER, UNION BANK OF INDIA, REGIONAL OFFICE, UNION BANK BHAVAN, M.G. ROAD, STATUE, THIRUVANANTHAPURAM - 695 001. 2. THE BRANCH MANAGER, UNION BANK OF INDIA, CHERTHALA BRANCH. 3. S. JAYAN, SREELAKAM, CMC-IV, CHERTHALA -688 524. BY ADV. MR. A.S.P. KURUP, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/08/2009 , THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 25212 OF 2009 ......................................................................... Dated this the 28th August, 2009 J U D G M E N T The petitioner had availed a housing loan of Rs. Eight lakhs from the respondent Bank in the year 2007, creating security interest over the property in question. But repayment could not be effected on time, which made the respondent Bank to declare the account as 'NPA', simultaneously proceeding with coercive steps under the SARFAESI Act, which in turn is sought to be intercepted in the present Writ Petition. 2. Heard the learned Standing Counsel appearing for the respondent Bank as well. 3. The learned Counsel for the petitioner submits that notwithstanding the fact that the loan period is not over, the petitioner does not intend to have the facility to get the loan account regularised and that every earnest attempt is being made to wipe out the entire liability. The only limited prayer is to have some breathing time by way of installments. W.P.(C) No. 25212 OF 2009 2 4. Considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs. Four lakhs within one month and the balance shall be cleared by way of 'five' equal monthly installments, the first of which shall be paid on or before the 20th October, 2009 to be followed by the remaining installments to be effected on or before the 20th of the succeeding months. 5. Subject to the above, all further proceedings pursuant to Ext.P3 shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in satisfying the requirements as above, the respondents 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. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk