IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 26TH MAY 2009 / 5TH JYAISHTA 1931 WP(C).No. 13980 of 2009(N) -------------------------- PETITIONER: ------------------ G.UDAYAKUMAR, S/O.GOPINATHAN NAIR, T.C.25/510,VAYALNIKATHIA PUTHEN VEEDU, THAMPANOOR,THIRUVANANTHAPURAM. BY ADV. SRI.SASTHAMANGALAM S. AJITHKUMAR RESPONDENTS: ---------------------- 1. THE BRANCH MANAGER, INDIAN OVERSEAS BANK, POWER HOUSE ROAD BRANCH, THIRUVANANTHAPURAM. 2. THE AUTHORIZED OFFICER, INDIAN OVERSEAS BANK, POWER HOUSE ROAD BRANCH, THIRUVANANTHAPURAM. R1 AND R2 BY ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/05/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 13980 OF 2009 ......................................................................... Dated this the 26th May, 2009 J U D G M E N T The grievance of the petitioner is against the hasty action stated as pursued by the respondents, resorting to coercive proceedings under the relevant provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 when the petitioner turned to be a defaulter in his capacity as guarantor to the loan transaction. 2. The learned counsel for the petitioner submits that there is absolutely no wilful default from his side and that he had taken every earnest effort to see that the liability to the respondent-Bank was discharged somehow or other. It is with this intent, the petitioner voluntarily paid different amounts at different points of time, even after initiation of the proceedings stated as resorted by the respondent -Bank under the relevant provisions of the SARFAESI Act and as on date, he has paid a sum of Rs. Five lakhs and forty thousand in this regard, submits the learned counsel for the petitioner. W.P.(C) No. 13980 OF 2009 2 2. Heard the learned Standing Counsel for the respondents as well. 3. After considering the facts and figures, particularly as to the sequence of events and steps stated as pursued by the petitioner for clearing the liability, this Court finds it fit and proper to have the matter disposed of, permitting the petitioner to wipe out the entire liability by granting some breathing time. Accordingly, there will be a direction to the petitioner to clear the outstanding liability by way of six equal monthly instalments commencing from 20.06.2009. It is also made clear that if the petitioner commits any default in effecting payment as above, the respondents will be at liberty to proceed against the petitioner to realise the amount due from him in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk