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. 24821 of 2009(W) -------------------------- PETITIONER(S): --------------- G.SIVAPRASAD, PRAKASH MANDIRAM, KOTHAPURAM, KARALI.P.O., KOLLAM DIST. BY ADV. SRI.A.F.SEBASTIAN RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE REP. BY THE AUTHORISED OFFICER, REGION-V, ZONAL OFFICE KSHB BUILDING, S.S.KOIL ROAD, SANTHINAGAR, TRIVANDRUM-695001. 2. THE RESERVE BANK OF INDIA, REP. BY ITS GOVERNOR, CENTRAL OFFICE, MUMBAI-400001. 3. THARA PRASAD PRAKASH MANDIRAM, KOTHAPURAM, KARALI.P.O., KOLLAM DIST. BY SRI.R.S.KALKURA, 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. ----------------------------------------------- WP(C) NO. 24821 OF 2009 ----------------------------------- Dated this the 28th day of August, 2009 J U D G M E N T The petitioner who availed a loan from the respondent Bank in the year 2005, turned to be a defaulter as the amount due was not repaid on time, under which circumstance, the Bank resorted to the coercive steps under the SARFAESI Act, which in turn are sought to be intercepted in the Writ Petition. Learned counsel appearing for the respondent Bank submits, on instructions that, about Rs.90,000/- plus interest and cost is still overdue towards the defaulted EMIs. 2. Considering the facts and circumstances, the petitioner is permitted to clear the ‘overdue amount’ by way of ‘two’ equal monthly instalments, the first of which shall be effected on or before the 15th of September, 2009 and the next one on or before the 15th of October, 2009. Subject to the above, the loan account will stand regularized and the coercive steps will stand deferred for the time being. This will be in addition to the liability of the petitioner to pay the regular EMIs as well. It is made clear that if any default is made by the petitioner in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc