IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 17TH JUNE 2009 / 27TH JYAISHTA 1931 WP(C).No. 15790 of 2009(P) -------------------------- PETITIONER: --------------- P.USHAKUMARI, SAI NILAYAM, KUNDOORKONAM, MANAPURAM, MACHEL P.O., THIRUVANANTHAPURAM. BY ADV. SRI.D.AJITHKUMAR RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE, CHALAI BRANCH-70021, TRIVANDRUM-695 036, REPRESENTED BY THE BRANCH MANAGER. 2. THE AUTHORISED OFFICER AND CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE REGION-II, ZONAL OFFICE, SANTHINAGAR, THIRUVANANTHAPURAM. R1 AND R2 BY ADV. SRI.R.S.KALKURA, SC, SBT. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 15790 OF 2009 ......................................................................... Dated this the 17th June, 2009 J U D G M E N T The petitioner has approached this Court challenging the coercive steps stated as being pursued by the respondent Bank invoking the relevant provisions under the SARFAESI Act. The case of the petitioner is that he turned to be a chronic defaulter in respect of the remittance of the loan amount only because of some adverse and unforeseen circumstances and that every earnest effort was being taken to have the liability cleared at the earliest. 2. The learned counsel for the petitioner submits that with the intent to discharge the liability, the petitioner has already remitted more than Rs. 28 lakhs . The learned counsel for the respondent-Bank submits that as on 23.10.2008, a sum of Rs.12,85,760/- was due and as on date, the amount has increased with interest and such other expenses. 3. After considering the facts and circumstances, the petitioner is permitted to clear the entire outstanding liability in 2 the manner as specified below; (i) The petitioner will remit a sum of Rs. 2.5 lakhs on or before 23.06.2009 and the balance amount shall be remitted by way of six equal monthly instalments commencing from 15.07.2009. (ii) It is made clear that if any default is committed by the petitioner in remitting the instalments as above, the respondent Bank will be at liberty to proceed against the petitioner with further steps from the stage where it stands now. (iii) Subject to the above, all coercive proceedings stated as being pursued against the petitioner will stand deferred. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk