IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 23RD JUNE 2009 / 2ND ASHADHA 1931 WP(C).No. 15835 of 2009(Y) -------------------------- PETITIONER: --------------- SURESH KUMAR.T.R., S/O.RAMAN NAIR, AGED 48 YRS, RESIDING AT KARTHIKA, KUNNATHUMKARA P.O., EAST OTHARA, THIRUVALLA. BY ADV. SRI.SAJITH KUMAR V. SMT.G.R.LEKSHMI RESPONDENTS: --------------- 1. STATE OF KERALA REPRESENTED BY THE PRINCIPAL SECRETARY TO GOVERNMENT, CO-OPERATIVE DEPARTMENT, GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM. 2. PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD.M REPRESENTED BY ITS GENERAL MANAGER, HEAD OFFICE, PATHANAMTHITTA. 3. AUTHORISED OFFICER, SECURITIZATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT 2002, PATHANAMTHITTA DISTRICT CORPORATIVE BANK LIMITED, PATHANAMTHITTA. BY GOVERNMENT PLEADER ADV. MR. P.K. BABU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C)No. 15835 OF 2009 ......................................................................... Dated this the 23rd June, 2009 J U D G M E N T The case of the petitioner is that though he happened to be a defaulter in repaying the loan availed from the second respondent -Co-operative Bank, earnest efforts are being made to clear the liability by arranging funds from different sources. The coercive steps stated as now being pursued against him, invoking the relevant provisions under the SARFAESI Act are sought to be intercepted by filing the present Writ Petition, also referring to the grievances projected in Ext . P3 representation already filed before the second respondent, seeking for scaling down the liability to the eligible extent and to have it settled under 'OTS'. 2. The learned Counsel appearing for the respondent-Bank submits that the liability of the petitioner under the two different loans will be above Rs. Five lakhs, including interest and cost. The learned Counsel for the Bank also submits that if the petitioner proves his bonafides , the Bank will definitely consider W.P.(C)No. 15835 OF 2009 2 Ext.P3 in accordance with law. 3. Considering the facts and circumstances, the petitioner is directed to pay a sum of Rs. One lakh within three weeks and on such an event, the second respondent shall consider Ext. P3 representation preferred by the petitioner and pass appropriate orders thereon, after giving an opportunity of hearing to the petitioner. On conveying the outcome of Ext.P3, the petitioner shall clear the entire balance amount within one month there after. The Writ Petition is disposed of as above, making it clear that all coercive proceedings stated as now being pursued against the petitioner shall be kept in abeyance till such time. P.R. RAMACHANDRA MENON, JUDGE. lk