IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 20TH AUGUST 2010 / 29TH SRAVANA 1932 WP(C).No. 26158 of 2010(T) ---------------------------------------- PETITIONER(S): ----------------------- E.G.BINDU, W/O.RAJAMANICKAN ,AGED 36, PROPRIETIRX, M/S.POWER ON POWER, THOTTATHIL VEEDU, THEKKEPARAMBU, PUDUPPARIYARAM, PALAKKAD. BY ADV. SRI.JACOB SEBASTIAN RESPONDENT(S): ---------------------------- THE STATE BANK OF INDIA, REP BY ITS AUTHORIZED OFFICER (CHIEF MANAGER) STATE BANK OF INDIA, RASMECCC, ENGLISH CHURCH ROAD, PALAKKAD PIN 678 001. BY ADV. SRI. N. RAJAGOPALAN NAIR, SC, SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 26158 OF 2010 -------------------------------------------- Dated this the 20th day of August, 2010 JUDGMENT The petitioner availed a term loan of Rs.1.4 lakhs and a cash credit facility of nearly Rs.2.2 lakhs in the year 2008, creating security interest over the property, in connection with the business of the petitioner, but the repayment could not be effected on time as scheduled, in view of the sudden down fall of the business. This made the petitioner a defaulter; under which circumstance, the Bank proceeded with 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 petitioners does not intend to press any of the grounds nor does she intend to avail the statutory remedy under Section 17 of the Act; however praying to have the loan account regularized and rescheduled, permitting the petitioner to clear the liability by way of reasonable instalments. The learned counsel appearing for the Bank submits on instructions that, because of the particular nature of the transaction and also extent of defaults, the relief sought for to have the loan rescheduled is not possible to be entertained. Taking note of the submissions made by the learned counsel for the petitioner and for the Bank, this Court permits the petitioner to clear the outstanding liability by way of reasonable 2 WP(C) No. 26158/2010 instalments. Accordingly, the petitioner is directed to clear the entire liability, which is stated as nearly 3.97 lakhs with further interest and cost, if any, by way of ‘six’ equal monthly instalments, the first of which shall be effected on or before the 20th of September, 2010, to be followed by similar instalments to be effected on or before the 20th 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 any default is committed by the petitioner in satisfying the liability as above, the respondent will be at liberty to proceed with further steps for realization of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc