IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 18TH AUGUST 2010 / 27TH SRAVANA 1932 WP(C).No. 24212 of 2010(B) -------------------------- PETITIONER: --------------- P.P.NARAYANAN, S/O.VELAYUDHAN, RESIDING AT POTHINIPARAMBIL HOUSE, THALAKKADU, MANGATRI (PO), TIRUR TALUK, MALAPPURAM. BY ADV. MR. JAMSHEED HAFIZ RESPONDENTS: --------------- 1. THE CHIEF MANAGER, THE SINDICATE BANK, REGIONAL OFFICE, SHANMUGHAM ROAD, ERNAKULAM-682 031. 2. THE THAHSILDAR, TIRUR TALUK. R1 BY ADV. MR. M.P.ASHOK KUMAR, STANDING COUNSEL R2 BY GOVERNMENT PLEADER MR. BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 24212 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 18th day of August, 2010 JUDGMENT The petitioner availed a loan of Rs. 1,24,000/- from the first respondent Bank in July 2005, creating security interest over the property in question. But, the repayments could not be effected as scheduled, due to various reasons, as stated in the Writ Petition. In the said circumstances, the Bank declared the account as 'NPA' and proceeded with further steps under the SARFAESI Act, which in turn is under challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that, the plight of the petitioner is very poor, he being a barber by profession. It is stated that, the petitioner does not intend to approach the DRT for availing the statutory remedy under Section 17 of the Act and that the only relief prayed for is the benefit of installments. 3. The learned standing counsel appearing for the respondent Bank, submits that, the outstanding liability as given in Ext. P3 notice u/s 13 (2) is Rs.1,09,040/- with further interest and cost. It is also stated that, the steps taken by the Bank are in conformity with the statutory prescriptions and there is no infringement in this regard, in any manner. W.P. (C) No. 24212 of 2010 2 4. In any view of the matter, taking note of the persuasive submissions made by the learned counsel for the petitioner and also the limited relief now sought for, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. Accordingly, the petitioner is directed to deposit a sum of Rs. 25,000/- within one month and the balance amount by way of 'seven' equal monthly installments; the first of which shall be paid on or before the 30th of October, 2010; to be followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to this, the coercive 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 clearing outstanding liability as above, 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. P. R. RAMACHANDRA MENON, JUDGE kmd