IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 13TH JULY 2010 / 22ND ASHADHA 1932 WP(C).No. 19063 of 2010(G) -------------------------- CMP.558/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER: --------------- S.ZAKHIR HUSSAIN, S/O. ABDUL STHAR, AGED 43 YEARS, DRIVER, T.C.NO.45/667,ZEERATH, BEEMAPALLY, THIRUVANANTHAPURAM. BY ADV. SRI.N.RATHEESH SMT.SUMA RATHEESH RESPONDENT: --------------- THE ANANTHASAYANAM CO-OPERATIVE BANK LTD NO.478, HEAD OFFICE : POST OFFICE LANE, PUTHENCHANTHAI,THIRUVANANTHAPURAM -1, REPRESENTED BY THE AUTHORISED OFFICER. BY ADV. SRI.R.S.MOHANAN NAIR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 19063 OF 2010 ......................................................................... Dated this the 13th July, 2010 J U D G M E N T The petitioner had availed a loan of Rs.2.5 lakhs from the respondent Bank creating security interest over the property (including the residential building) in question. But repayment could not be effected on time, which made the petitioner a defaulter, under which circumstance, the Bank proceeded with further steps under the SARFAESI Act, which in turn is under challenge in this Writ Petition. . 2. When the matter came up for consideration on 18.06.2010, the coercive proceedings were intercepted on condition that the petitioner deposited 25% of the disputed liability within two weeks, which is stated as complied with. 3. The learned Counsel for the respondent Bank submits that the balance liability after giving credit to the sum of Rs. 1,15,000/- remitted on 02.07.2010, pursuant to the interim order, is Rs.3,71,510/-. 4. The learned Counsel for the petitioner submits that the default was never wilful but because of some unforeseen circumstances and that every earnest efforts are being taken to wipe out the entire liability, for which some breathing time is sought for. W.P.(C) No. 19063 OF 2010 2 The learned Counsel also submits that the petitioner does not intend to challenge the correctness or sustainability of the steps taken by the respondent Bank, resorting to the remedy available under Section 17 of the SARFAESI Act. The only relief now pressed before this Court is to permit the petitioner to clear the liability by way of 'six' equal monthly installments. 5. Considering the facts and circumstances, the petitioner is permitted to clear the liability by way of 'six' equal monthly installments, the first of which shall be cleared on or before 30.07.2010, to be followed by similar installments to be effected on or before the 30th of the succeeding months. The recovery proceedings shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner in effecting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk