IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 25TH JUNE 2010 / 4TH ASHADHA 1932 WP(C).No. 2731 of 2010(N) ------------------------------------ PETITIONER(S): ------------------------ 1. O.GEETHAKUMARI, AGED 50 YEARS, W/O.HARIHARAN NAIR, KARUMBI PUTHENVEEDU, IRUMBIL, NEYYATTINKARA.P.O. 2. HARIHARAN NAIR, AGED 53 YEARS, S/O.GANGADHARAN PILLAI, KARUMBIN PUTHENVEEDU, IRUMBIL, NEYYATTINKARA.P.O. BY ADV. SRI.JOHNSON ABRAHAM SRI.S.GOPINATHAN SRI.NELSON ABRAHAM RESPONDENT(S): ------------------------ 1. THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD., NEYYATTINKARA M&E BRANCH, NEYYATTINKARA. 2. THE AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD, HEAD OFFICE, THIRUVANANTHAPURAM-695023. R1- R2 BY ADV. SRI.K.G.RADHAKRISHAN,SC,TVM.DIST.CO.OP. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 2731 OF 2010 -------------------------------------------- Dated this the 25th day of June, 2010 JUDGMENT The petitioners had availed a loan of Rs.2,00,000/- from the 1st respondent Bank on the guarantee of the 2nd petitioner, who is the husband of the 1st petitioner. Since the repayment could not be effected on time, the account was declared as 'NPA' and the Bank proceeded with steps under the SARFAESI Act, seeking to take possession of the property, over which security interest was created, which in turn is under challenge in this Writ Petition. 2. When the matter came up for consideration before this Court on 28.01.2010, coercive proceedings were intercepted on condition that the petitioner deposited a sum of Rs.50,000/- within two weeks and another Rs.50,000/- within two weeks thereafter, which is stated as complied with, of course within the extended time by virtue of the interim order passed in I.A. 3113/2010 on 04.03.2010. 3. The learned counsel appearing for the respondent Bank submits on instructions that, the balance amount to be satisfied by the petitioners to close the loan account is nearly Rs. 2.38 lakhs, plus further interest and cost. 4. The learned counsel for the petitioners submits that, the 2 WP(C) No. 2731/2010 petitioner does not intend to press any of the grounds of challenge or to avail the statutory remedy by approaching the DRT. The only relief now pressed before this Court is to enable the petitioners to clear the entire outstanding arrears by way of reasonable instalments. 5. Considering the facts and circumstances, the petitioners are permitted to clear the entire balance amount by way of 'ten' equal monthly instalments, the first of which shall be effected on or before the 20th of July, 2010, to be followed by similar instalments to be effected on or before the 20th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the liability as above, the respondents will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc