IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 29TH JULY 2009 / 7TH SRAVANA 1931 WP(C).No. 20693 of 2009(F) -------------------------- PETITIONERS: --------------- 1. VASUDEVAN, S/O.DAMODARAN, AGED 47, THOTTARATH HOUSE, NEDUMPAL, THOTTIPAL, THRISSUR. 2. SHEEJA VASUDEVAN, W/O.VASUDEVAN, AGED 38, THOTTARATH HOUSE, NEDUMPAL, THOTTIPAL, THRISSUR. BY ADV. DR.V.N.SANKARJEE RESPONDENTS: --------------- 1. THE AUTHORIZED OFFICER, CANARA BANK, IRINJALAKUDA. 2. THE MANAGER, CANARA BANK, IRINJALAKUDA. BY ADV. MR. P.GOPINATHA MENON,SC MR. V. B. HARINARAYAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 20693 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 29th day of July, 2009 JUDGMENT The petitioners jointly availed a loan of Rs.3 lakhs from the second respondent Bank in December, 2002. However, the business for which the loan was secured did not take them to the shore, under which circumstance, the petitioners could not repay the due amount on time. This made the respondent Bank to proceed with further steps invoking the provisions under the SARFAESI Act, for realization of the due amount, which in turn is sought to be intercepted in the present Writ Petition. 2. The learned counsel for the petitioners submits that, the first petitioner is a carpenter and the role of the second petitioner is that, it is his property, over which, the security interest has been created. It is further submitted that, notwithstanding the adverse circumstances, the petitioners are ready and willing to wipe off the entire liability, if some breathing time is given in this regard. 3. The learned counsel appearing for the respondent Bank submits on instructions that, a total sum of Rs. 3,14,124/- with further interest from 1.6.09 is due under the loan transaction. Considering the facts and circumstances, the petitioners are directed to remit a sum of Rs.1 lakh within one month and the balance liability shall be cleared by WP (C) No. 20693 of 2009 : 2 : way four equal monthly installments; the first of which shall be effected on or before the 15th September, 2009 to be followed by the remaining installments to be effected on or before the 15th of the succeeding months. Subject to the above, all further coercive proceedings, stated as being pursued 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 entitled to proceed with further steps, from the stage where it stands now, for realization of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd