IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 27TH MAY 2009 / 6TH JYAISHTA 1931 WP(C).No. 14511 of 2009(H) -------------------------- PETITIONER(S): --------------- 1. SHINEY MAHILAMONI, W/O.M.VENUGOPAL, T.C.10/743, SHELJU BHAVAN, MANNANTHALA P.O., THIRUVANANTHAPURAM. 2. M.VENUGOPAL, S/O.MADHAVAN NAIR, T.C.10/743, SHELJU BHAVAN, MANNANTHALA P.O., THIRUVANANTHAPURAM. BY ADV. SRI.SUMAN CHAKRAVARTHY SRI.A.S.ANILKUMAR RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER, INDIAN OVERSEAS BANK, ARISTO JUNCTION, THIRUVANANTHAPURAM. 2. THE INDIAN OVERSEAS BANK REPRESENTED BY ITS GENERAL MANAGER, 25/1 & 2, YMCA BLDG, M.G.ROAD, THIRUVANANTHAPURAM. BY ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/05/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 14511 OF 2009 ----------------------------------- Dated this the 27th day of May, 2009 JUDGMENT The petitioners are aggrieved of the coercive steps taken by the respondent Bank invoking the provisions under the SARFAESI Act for realisation of the amount stated as due from the petitioners under the 'housing loan' availed by them in the year 2005. 2. The learned counsel for the petitioners submits that the default occurred not because of any wilful or deliberate attempt, but because of the unforeseen circumstances and that earnest efforts are being made to clear the entire liability, assuring that it will be positively done within a period of 4 months. It is also pointed out that the first petitioner gave birth to a baby three days back and that because of the circumstances, the second petitioner could not go about for arranging the funds as originally intended. 3. It is further pointed out by the learned counsel appearing for the petitioners that the petitioners, proving their bonafides, have already remitted Rs.50,000/-on 24.12.2008 and yet another amount of Rs.1,00,000/- on 31.03.2009, as evident from Ext.P2. WPC NO.14511/2009 2 4. Heard the learned standing counsel for the respondent Bank as well. Considering the facts and circumstances of this case, it is found only fit and proper to have the matter disposed of by permitting the petitioners to clear entire liability within a period of four months. Accordingly the matter is disposed of, directing the petitioners to remit a sum of Rs.2,00,000/- within six weeks from today and the balance shall be paid by way of three subsequent instalments commencing from July, 2009 onwards. It is also made clear that if any default is committed, the respondent Bank will be at liberty to proceed against the petitioners for reaslisation of the entire liability by way of lumpsum. All further coercive steps will be kept in abeyance in the above said circumstances. (P.R.RAMACHANDRA MENON, JUDGE) dnc