IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 22ND MARCH 2010 / 1ST CHAITHRA 1932 WP(C).No. 8562 of 2010(U) ------------------------- OA.274/2008 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER(S): ------------------------- 1. JOSEPH PAUL, AGED 42 YEARS, S/O.T.V.PAUL, THANNIPPILLIL HOUSE, EDATHALA P.O., ALUVA. 2. V.J.REJI, AGED 35 YEARS, W/O.JOSEPH PAUL, THANNIPPILLIL HOUSE, EDATHALA P.O., ALUVA. BY ADVS. MR.M.L.SAJEEVAN, MR.M.N.SANJITH. RESPONDENT(S): --------------------------- STATE BANK OF INDIA, HAVING ITS CORPORATE CENTRE AT MUMBAI AND BRANCH AMONG OTHER PLACES INCLUDING LISSIE HOSPITAL JUNCTION, ERNAKULAM, REPRESENTED BY ITS ASSISTANT GENERAL MANAGER STRESSED ASSET RESOLUTION CENTRE, R.S.BUILDING, IIND FLOOR, M.G.ROAD, ERNAKULAM. BY ADV. MR.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRA MENON, J. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ W.P.(C).No. 8562 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dated this the 22nd day of March, 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ J U D G M E N T The petitioner has approached this Court mainly challenging the condition imposed by the Debt Recovery Tribunal (DRT) making the petitioner to deposit a sum of Rs.8 lakhs, so as to avail the benefit of interim order, during the pendency of the proceedings filed by the petitioner, seeking to set aside the exparte order and also to condone the delay in filing the said petition. 2. When the matter came up for consideration before this Court, the coercive proceedings were intercepted, directing to maintain 'status quo', asking the petitioner to ascertain and submit whether there was any concrete proposal to have the liability cleared. 3. The learned counsel appearing for the petitioner submits that, the petitioner has taken earnest efforts to see that the liability is satisfied in a phased manner and that the W.P.(C).No. 8562 of 2010 2 petitioner does not intend to challenge the sustainability of the steps taken by the respondent bank in any manner, making it clear that, all the contentions already raised before the DRT as well as before this Court, could be treated as withdrawn, provided the petitioners are permitted to clear the entire outstanding arrears by way of 12 equal monthly installments. 4. The learned counsel for the respondent bank submits that, the bank has already filed a statement (which is yet to form part of the records) rebutting the averments and allegations raised in the writ petition. The counsel also submits that the prayer of the petitioner now put forthwith before this Court to have 12 months' time to clear the liability is on the higher side. 5. In the above circumstances, this Court finds it fit and proper to permit the petitioner to clear the entire outstanding liability by way of '10' equal monthly installments, the first of which shall be effected on or before W.P.(C).No. 8562 of 2010 3 the 30th of April 2010, to be followed by similar installments to be effected on or before 30th of the succeeding months. Subject to this, all recovery proceedings being pursued by the respondent bank shall be kept in abeyance. It is made clear that, if the time to satisfy the liability as above is not followed, the respondent bank is at liberty to proceed with further steps, to realise the entire amount in a lump sum, from the stage where it stands now. The writ petition is disposed of as above. P.R. RAMACHANDRA MENON JUDGE nl