IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 28TH JANUARY 2010 / 8TH MAGHA 1931 WP(C).No. 2198 of 2009(J) --------------------------------------- PETITIONER(S): -------------------------- 1. S. BALASUBRAMANIAN, S/O. SUBRAMANYA IYER, 6/17 LAKSHMY BHAVAN, MAIN ROAD, NORTH PARAVUR. 2. MRS. M.S. PRASANNA, W/O. S. BALASUBRAMANIAN, 6/17 LAKSHMY BHAVAN, MAIN ROAD, NORTH PARAVUR. BY ADV. MR.P.R.VENKETESH RESPONDENT(S): --------------------------- 1. BRANCH MANAGER, PUNJAB AND SIND BANK, M.G. ROAD, ERNAKULAM. 2. AUTHORISED OFFICER, PUNJAB AND SIND BANK, ZONAL OFFICE, CHENNAI. R1 BY ADVS. MR.SAJI MATHEW, MR.DENU JOSEPH, MR.JUFIN GEORGE VALOORAN. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 28/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.2198/2009 J APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE STATEMENT OF ACCOUNT IN RESPECT OF THE LOAN ACCOUNT OF THE PETITIONER. P2: COPY OF THE NOTICE DTD. 3/12/2008. P3: COPY OF THE NOTICE DTD. 8/12/2008. P4: COPY OF NOTICE DTD. 20/10/2009 IN CRL.M.P.NO.8969/2009 OF CJM COURT, ERNAKULAM. P5: COPY OF RECEIPT ISSUED BY THE RESPONDENT BANK DTD.28/10/2009. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.S.TO JUDGE Kss P.R.RAMACHANDRA MENON, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No. 2198 of 2009 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 28th day of January, 2010 JUDGMENT The petitioners are challenging the steps taken by the respondent bank under the Revenue Recovery Act for realization of the amount due in a lump sum. 2. When the matter came up for consideration before this Court on 21-1-2009, this Court stayed Ext.P3 notice on condition that the petitioners deposited a sum of Rs.1 lakh within two weeks. Subsequently, this Court directed the petitioners to deposit a further sum of Rs.2 lakhs, which was also stated was complied with, by remitting a sum of Rs.1.40 lakhs at the first instance and the remaining Rs.60,000/- thereafter. 3. The learned counsel appearing for the respondent bank, on instructions, submits that after giving credit to the amount already paid by the petitioners, a further a sum of about Rs.12 lakhs with interest and cost is still due, to wipe out the entire liability. The learned counsel appearing for the petitioners submits that earnest efforts are being made to raise funds from some or other sources W.P.(C) No. 2198/09 2 and to have the loan account closed at the earliest possible, adding that the petitioners would clear the entire outstanding arrears without delay, provided some breathing time is given. 4. After considering the facts and circumstances, the petitioners are permitted to clear the entire outstanding arrears by way of “six” equal monthly instalments, the first of which shall be made on or before the 15th February, 2010, to be followed by similar instalments to be effected on or before 15th of the succeeding months. Subject to the above, all further coercive steps against the petitioners shall be kept in abeyance. It is also made clear that, if the petitioners commit any default in satisfying the liability as above, the respondent bank will be at liberty to proceed with further steps, for realizing the entire amount in a lump sum, from the stage where it stands now. The writ petition is disposed of accordingly. P.R.RAMACHANDRA MENON, JUDGE mn.