IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 4TH JANUARY 2010 / 14TH POUSHA 1931 WP(C).No. 35651 of 2009(B) ------------------------- PETITIONER: --------------- VARGHESE K.M., POWATHIKUNNIL, NEAR PANAVILLA JUNCTION, NALANCHIRA P.O.,] THIRUVANANTHAPURAM 695015. BY ADV. SRI.K.C.CHARLES ADV. SRI.M.POLY MATHAI RESPONDENTS: --------------- 1. THE ZONAL MANAGER, BANK OF INDIA, ERNAKULAM. 2. THE CHIEF MANAGER, BANK OF INDIA, PANKAJ TOWERS, SPENCER JUNCTION, A.GS.POST, TRIVANDRUM-695039. BY ADV. SRI.C.A.JOY, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ............................................................................. W.P.(C) No. 35651 OF 2009 ......................................................................... Dated this the 4th January , 2010 J U D G M E N T The petitioner had availed a term loan of Rs. 13 lakhs from the respondent Bank in December 2006. However, he turned to be a defaulter as the repayment could not be effected on time, under which circumstances, there was no other alternative for the Bank, but to resort to coercive steps, which in turn has been subjected to challenge by filing the present Writ Petition. 2. The learned Counsel for the petitioner submits that when the matter had come up for admission on 10.12.2009, this Court was pleased to grant an interim order directing the petitioner to satisfy a sum of Rs. One lakh and that the petitioner has already satisfied the same. The learned Counsel also submits that the outstanding liability as on the date of filing of the Writ Petition was only less than Rs. 2.50 lakhs and after giving credit to sum of Rs. One lakh already paid, the balance amount would be less than Rs.1.5 lakhs and that the petitioner would clear the same by way of two equal monthly installments 2. Heard the learned Counsel for the respondent Bank as W.P.(C) No. 35651 OF 2009 2 well. 3. Considering the facts and circumstances, the petitioner is permitted to clear the outstanding liability in respect of the loan transaction by way of two equal monthly installments, the first of which shall be paid on or before 15.02.2010 and the next one shall be paid on or before 15.03.2010. Subject to the above, all the coercive steps stated as being taken by the Bank will be kept in abeyance. It is made clear that if any default is committed 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 Bank shall also consider and pass appropriate orders on Ext.P3 representation preferred by the petitioner, as expeditiously as possible. The Writ Petition is disposed of accordingly. P.R. RAMACHANDRA MENON, JUDGE. lk