IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 16TH FEBRUARY 2010 / 27TH MAGHA 1931 WP(C).No. 3377 of 2010(V) ------------------------- PETITIONER(S): --------------- AREEF ASAD S/O.ABDUL KALAM ASSAD, AGED 41 YEARS, RESIDING AT THAYYIL HOUSE, MADANVILA, PERUMATHURA, THIRUVANANTHAPURAM. BY ADV. SRI.M.RAMASWAMY PILLAI SRI.P.M.JOSEPH RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE PALLITHURA, TRIVANDRUM REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER STATE BANK OF TRAVANCORE PALLITHURA, TRIVANDRUM. STANDING COUNSEL SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 3377 of 2010 --------------------------------------- Dated, this the 16th day of February, 2010 J U D G M E N T The petitioner had availed a housing loan from the respondent Bank in the year 2004; but the liability could not be satisfied on time as scheduled which made him a defaulter. In the said circumstance, the Bank proceeded with further steps invoking the machinery under the SARFAESI Act, which in turn has been subjected to challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the petitioner does not intend to avail any facility to have the loan account regularized and earnest efforts are being made to wipe off the entire liability under the loan transaction. The learned counsel for the Bank on instructions submits that a sum of about Rs.9 lakhs is still due from the petitioner, if at all the entire liability under the loan transaction is to be cleared. Taking note of the said submissions made by the learned counsel that the petitioner might be permitted to clear the entire liability by way of reasonable instalments, the petitioner is directed to deposit a sum of Rs.1.5 lakhs within one month and the balance amount shall be cleared by way of ‘six’ equal monthly instalments, the first of which shall WP(C) No.3377/2010 2 be effected on or before the 15th of April, 2010, to be followed by similar instalments 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 petitioner shall be kept in abeyance. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc