IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 17TH JUNE 2010 / 27TH JYAISTHA 1932 WP(C).No. 18866 of 2010(G) -------------------------- PETITIONER: --------------- P.A.CHANDRIKA, D/O.AYYAPPAN, ILLATH, LAKSHAM VEEDU, PADINGARE KOTTAYIL, KEDAMANGALAM, NORTH PARUR, ERNAKULAM DISTRICT. BY ADV. MR.S.SHYAM RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER UNDER THE SARFAESI ACT AND CHIEF MANAGER, BANK OF INDIA, KERALA ZONAL OFFICE, KALOOR TOWERS, KALOOR- KADAVANTHRA ROAD, KALOOR, ERNAKULAM- 682011. 2. BANK OF INDIA, EZHIKKARA BRANCH, EZHIKKARA P.O., NORTH PARUR, REPRESENTED BY ITS MANAGER, PIN CODE 683515. ADV. MR. C.A. JOY,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ................................................... WP (C) No. 18866 of 2010 ............................................... Dated this the 17th day of June, 2010 J U D G M E N T ------------------------ The petitioner availed a loan of Rs.3,38,374/- from the respondent Bank some years back, creating security interest over the property in question, in connection with the business. But the liability could not be satisfied by remitting the due installments on time, under which circumstances, the account was declared as 'NPA' and the bank proceeded with further steps under the SARFAESI Act. 2. The learned counsel for the petitioner submits that the default was not wilful or due to any deliberate negligence, but for some unforeseen circumstances in view of the sudden down fall in the business, and that earnest steps are being made to clear the liability; for which some breathing time is sought for. 2 WP (C) No. 18866 of 2010 3. Learned standing counsel for the Bank submits on instructions that the petitioner is a chronic defaulter and that a total sum of Rs.7,61,853/- is due as on March, 2010, in respect of the loan as aforesaid. It is also stated that, the steps taken by the Bank are strictly in conformity with the statutory prescription and hence not assailable under any circumstances. 4. Considering the submissions made from either side, this Court finds that the petitioner can be permitted to clear the liability in a phased manner. Accordingly, the petitioner is directed to clear the entire outstanding liability by way of 'six' equal monthly installments; the first of which shall be effected on or before the 15th July, 2010; to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to this, all further coercive proceedings pursuant to Exhibit P3 and P4 shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in 3 WP (C) No. 18866 of 2010 satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realization of the entire amount in a lump sum. 5. It is further made clear that, the interference made by this Court by giving the facility of installments to satisfy the liability, taking note of the submission made by the petitioner that the challenge raised in respect of the steps taken by Bank is not be pressed in any manner. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. rkc