IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 21ST MAY 2010 / 31ST VAISAKHA 1932 WP(C).No. 15377 of 2010(V) -------------------------- PETITIONER: --------------- P.BAVA S/O.P.MOHAMMED ALI, PALLATH HOUSE, (LAL BHAVAN) CHUNANGAD POST, OTTAPALAM TALUK. BY ADV. MR. R.VENUGOPAL MR. R.SREEHARI RESPONDENTS: --------------- 1. CANARA BANK, OTTAPALAM BRANCH REPRESENTED BY THE BRANCH MANAGER. 2. THE AUTHORISED OFFICER, CANARA BANK, OTTAPALAM BRANCH, PALAKKAD DISTRICT. BY MR. V.B. HARINARAYANAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 15377 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 21st day of May, 2010 JUDGMENT The petitioner had availed a housing loan of Rs. 2 lakhs from the first respondent Bank in the year 2005, creating security interest over the property in question. But the repayment was not made on time as scheduled, which made the Bank to declare the account as 'NPA' and to proceed with the steps under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned standing counsel appearing for the Bank submits on instructions that, after obtaining the loan, not even a single installment was satisfied by the petitioner. This being the position, absolutely no indulgence is stated as warranted in any manner. 3. The learned counsel for the petitioner submits that, default was not wilful, but because of some unforeseen circumstances, which explanation does not appear to be much satisfactory. 4. However, taking note of the persuasive submissions made by the learned counsel for the petitioner, this Court finds that petitioner can be permitted to clear the entire outstanding liability in a phased manner. Accordingly, the petitioner is directed to clear the liability by way of '6' equal monthly installments, the first of which shall be effected on or W.P. (C) No. 15377 of 2010 : 2 : before the 15th of June, 2010; to be followed by the similar installments to be effected on or before the 15th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in effecting the installments, as aforesaid, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd