IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 27TH JANUARY 2010 / 7TH MAGHA 1931 WP(C).No. 27067 of 2009(C) -------------------------- CMP.3400/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- K.K.RAJAN, "BEENA HOME", P.V.R.A. 59/- PALAMVILA LANE, N.C.C.NAGAR-TRIVANDRUM. BY ADV. SRI.R.BINDU (SASTHAMANGALAM) SRI.PRASANTH M.P RESPONDENTS: --------------- 1. PUNJAB NATIONAL BANK, STATUE BRANCH, TRIVANDRUM-REPRESENTED BY ITS AUTHORISED OFFICER. 2. THE AUTHORISED OFFICER, PUNJAB NATIONAL BANK, STATUE BRANCH, TRIVANDRUM. R1 AND R2 BY ADV. SRI.C.AJITH KUMAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 27/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 27067 of 2009(C) APPENDIX PETITIONER'S EXHIBITS: EXT. P1 : TRUE COPY OF APPLICATION FILED BY THE BANK BEFORE THE MAGISTRATE COURT. RESPONDENTS' EXHIBITS: EXT.R1(a) : TRUE COPY OF THE CERTIFIED COPY OF THE SALE DEED NO. 3525 OF 2008 REGISTERED BEFORE PATTOM SUB REGISTRY EXECUTED BY K.K. RAJAN IN FAVOUR OF YESHODHARAN. /true copy/ P.S. TO JUDGE. P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 27067 OF 2009 ......................................................................... Dated this the 27th January, 2010 J U D G M E N T The petitioner has approached this Court challenging the steps taken by the respondent Bank invoking the provisions under the SARFAESI Act for realization of the amount, stated as due under a loan transaction. 2. The coercive steps were intercepted by this Court as per the interim 0rder dated 25.09.2009, subject to the condition that the petitioner deposited a sum of Rs. Two lakhs and thereafter, the interim order was extended further on 30.11.2009 on condition that the petitioner remitted a further sum of Rs.1.5 lakhs within the time as specified therein. The learned Counsel for the petitioner submits that the petitioner has complied with the conditions imposed by this Court and that the petitioner is entitled to get the loan account regularized. 3. The learned Counsel appearing for the respondent Bank with reference to the contents of the counter affidavit submits that the property has already been alienated and that W.P.(C) No. 27067 OF 2009 2 regularization of the said account is not liable to be considered by the Bank. 4. The learned Counsel for the petitioner, with reference to the contents of the reply affidavit filed, also producing Ext.P2 complaint filed before the City Police Commissioner, submits that the alleged alienation was not done by the petitioner voluntarily and that the concerned deed was caused to be executed under threat and coercion by the parties concerned, from whom the petitioner had borrowed some amounts. 5. In any view of the matter, this Court does not propose to go into the merits or de-merits of the contentions raised in this regard, but for observing that the petitioner could be permitted to wipe out the entire liability under the loan transaction by way of some reasonable installments. 6. In the above facts and circumstances, the petitioner is permitted to clear the entire outstanding liability, which according to the learned Counsel for the respondents comes to nearly Rs.16,92,838/-(Rupees sixteen lakhs ninety W.P.(C) No. 27067 OF 2009 3 two thousand eight hundred and thirty eight only) as on 31.12.2009 plus further interest and cost, by way of 'six' equal monthly installments , the first of which shall be effected on or before 15.02.2010, to be followed by similar installments to be satisfied on or before the 15th of the succeeding months . Subject to the above, all further coercive proceedings shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in effecting the payments as above, the respondents will be at liberty to proceed with further steps for realization of the entire amount in a lump sum, by resorting to such steps from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk