IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 1ST JULY 2009 / 10TH ASHADHA 1931 WP(C).No. 17836 of 2009(Y) ------------------------------------- PETITIONER: ------------------- G.SURESHKUMAR,S/O.R.GANGADHARAN PILLAI, AGED 30 YEARS,MANIMANDIRAM,CHIRAYAKOM.PO, THENNADY,THAKAZHI, ALAPPUZHA DISTRICT. BY ADV. SRI.B.RAMACHANDRAN RESPONDENTS: --------------------- 1. KERALA STATE CO-OPERATIVE BANK LTD., ALAPPUZHA BRANCH,ALAPPUZHA REPRESENTED BY ITS BRANCH MANAGER. 2. KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, STATE CO-OPERATIVE BANK BUILDING,OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM-695 001 REPRESENTED BY ITS REGIONAL MANAGER. 3. STATE OF KERALA,REPRESENTED BY SECRETARY MINISTRY OF CO-OPERATION,GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM. 4. UNION OF INDIA,REPRESENTED BY SECRETARY, MINISTRY OF FINANCE,NEW DELHI. R1 & R2 BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK R3 BY GOVT.PLEADER SRI.P.K.BABU R4 BY SRI.P.PARAMESWARAN NAIR, ASG OF INDIA. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 17836 OF 2009 ----------------------------------- Dated this the 1st day of July, 2009 JUDGMENT The petitioner is aggrieved of the coercive steps taken by the respondent Bank invoking the provisions under the SARFAESI Act. The petitioner had availed a loan from the respondent Bank, which however could not be repaid, despite the earnest efforts taken, because of the sudden collapse of the business. The case of the petitioner is that he is ready and willing to clear the entire liability, if some breathing time is given in this regard. 2. Learned Counsel for the respondent Bank submits that, as on date, a sum of about Rs.2.37 lakhs is due from the petitioner for clearing the liability, which is inclusive of interest and other expenses. 3. Considering the facts and circumstances, this Court finds it fit and proper to have the matter disposed of, permitting the petitioner to clear the entire liability by way of three equal monthly instalments, the first of which shall be paid by the petitioner on or before the 25th of July, 2009 and the subsequent instalments shall be paid on or before the 25th of the succeeding months. Subject to the above, the coercive proceedings WPC NO. 17836/2009 2 pursued against the petitioner shall be kept in abeyance and if any default is committed by the petitioner in remitting the instalments, the respondent will at liberty to proceed with further steps for realisation of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc