IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 29TH JULY 2010 / 7TH SRAVANA 1932 WP(C).No. 23438 of 2010(D) --------------------------------------- OA.233/2009 of DEBT RECOVERY TRIBUNAL, ERNAKULAM .................... PETITIONER: ------------------- SEENIA TONY, PROPRIETRIX, VITHAYATHIL ENTERPRISES, VITHAYATHIL BUILDING, EDAPPALLY, KOCHI-24. BY ADVS. SRI.BABY KURIAKOSE, SRI.P.VIJAYAKUMAR, SRI.C.R.REGHUNATHAN, SRI.M.V.ASHIM, SRI.B.HARILAL. RESPONDENTS: ------------------------ 1. MANAGER, STATE BANK OF INDIA, KALOOR BRANCH, KALOOR, ERNAKULAM. 2. AUTHORISED OFFICER CUM CHIEF MANAGER, SBI STRESSED ASSETS RESOLUTION CENTRE, M.G.ROAD, ERNAKULAM -682 011. 3. THE DEPUTY GENERAL MANAGER, STATE BANK OF INDIA, ERNAKULAM. 4. RECOVERY OFFICER, DEBT RECOVERY TRIBUNAL, ERNAKULAM. R1 & R3 BY SRI. N. RAJAGOPALAN NAIR, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/07/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P. R. RAMACHANDRA MENON, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No. 23438 of 2010 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 29th day of July, 2010 JUDGMENT Petitioner is before this Court challenging the steps taken by the respondent bank for realizing the amount due from him, resorting to the remedy under the SARFAESI Act. 2. The main grievance of the petitioner is that claim of the petitioner for granting the benefit under the 'OTS Scheme' has not been considered by the Bank. 3. Learned counsel appearing for the respondent bank, on instructions, submits that there is no 'OTS Scheme' as on date and that the liability of the petitioner in respect of the loan transaction has culminated in a decree, which has become final. The total outstanding liability is stated as nearly Rs.38 lakhs and after giving various amounts by way of subsidy; the petitioner has in fact remitted only a sum of Rs.13,60,000/-. 4. The learned counsel for the petitioner submits that the petitioner may be permitted to clear the liability by way W.P.(C) No. 23438/2010 2 of reasonable instalments; stating that no other ground is intended to be pressed any further. 5. In the above circumstances, the petitioner is permitted to clear the balance amount by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 20th of August, 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 by the respondents, 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, it will be open to the respondents to proceed with further steps for realization of the entire amount in a lump sum. It is also made clear that this judgment will not stand in the way of the petitioner in approaching the respondent bank for any allowance or concessions which shall be considered and dealt with, giving the benefits, if any, to the permissible extent. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE. mn.