IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 22ND JUNE 2009 / 1ST ASHADHA 1931 WP(C).No. 15858 of 2009(B) -------------------------- PETITIONERS: --------------- 1. PADMANABHAN P.M., AGED 59 YEARS, S/O. MADHAVAN NAIR, 'DHANUSREE', RAMANKARTHA ROAD, CHERANALLOOR, KOCHI-34. 2. SMT.RAJALAKSHMI, W/O. PADMANABHAN P.M., 'DHANUSREE', RAMANKARTHA ROAD, CHERANALLOOR, KOCHI-34. BY ADV. MR. M.P.KRISHNAN NAIR MR. V.B.NARAYANAN RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE, (ASSOCIATE OF THE STATE BANK OF INDIA), VARAPUZHA BRANCH, ERNAKULAM DISTRICT. 2. THE AUTHORISED OFFICER UNDER SARFEASI ACT, STATE BANK OF TRAVANCORE, REGIONAL OFFICE, PANAMPILLY NAGAR, ERNAKULAM. 3. STATE BANK OF TRAVANCORE, HEAD OFFICE, THIRUVANANTHAPURAM. 4. STATE BANK OF TRAVANCORE, REGIONAL OFFICE, PANAMPILLY NAGAR, ERNAKULAM. 5. STATE BANK OF TRAVANCORE, REGION 1, ZONAL OFFICE, ERNAKULAM. BY ADV. MR. SATHISH NINAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 15858 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 22nd day of June, 2009 JUDGMENT The first petitioner, who is stated as working as a Mail Guard in the Railways, along with his wife, had availed a loan from the respondent Bank, which was not repaid as agreed. When the petitioners turned to be chronic defaulters, there was no other alternative for the Bank, but to proceed against them invoking the relevant provisions under the SARFAESI Act, which in turn has been subjected to challenge in the present Writ Petition. 2. The respondents have filed a statement producing copies of the relevant testimonials as to the several opportunities extended to the petitioners to regularize the loan account, which were not utilized by them. It is also brought to the notice of this Court, that as on 28.2.2009, a total sum of Rs. 3,28,896/- plus interest and cost is due from the petitioner. The learned counsel for the petitioners submits that, the petitioners are ready and willing to wipe off the entire liability, if some breathing time is provided. 3. Considering the facts and circumstances, particularly in view of the fact that the first petitioner is on the verge of retirement from the service, this Court finds it fit and proper to have the matter disposed of, giving appropriate directions to the respondent Bank as well as to the WP (C) No. 15858 of 2009 : 2 : petitioners for facilitating the repayment of the dues. Accordingly, the petitioners are directed to remit a sum of Rs.1,00,000/- within one month from today and the balance amount shall be cleared by way of 5 equal monthly installments commencing from the 15th of August, 2009. Till such time, the coercive proceedings stated as being pursued against the petitioners shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in effecting the remittances as above, the respondent Bank will be at liberty to proceed against the petitioners with further steps for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd