IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 29TH JANUARY 2010 / 9TH MAGHA 1931 WP(C).No. 1522 of 2010(M) ------------------------- PETITIONER(S): --------------- FAIZAL P.S, S/O.P.V.SAYEDALI, PROPRIETOR,WAFA INFOTECH, 24/471, PORIKKARA STREET, NURANI PO, PALAKKAD. BY ADV. SRI.SAJAN VARGHEESE K. SRI.LIJU. M.P RESPONDENT(S): --------------- 1. SYNDICATE BANK, MANIPAL, PIN:576 104. REP.BY ITS MANAGING DIRECTOR, 2. THE AUTHORISED OFFICER/ THE CHIEF MANAGER, SYNDICATE BANK, REGIONAL OFFICE, SHANMUGHAM ROAD, ERNAKULAM. 3. SYNDICATE BANK, KALPATHARU BUILDING, MELAMURI, PALLIPPURAM POST, PALAKKAD-6, REP.BY THE BRANCH MANAGER. STANDING COUNSEL SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 1522 of 2010 --------------------------------------- Dated, this the 29th day of January, 2010 J U D G M E N T The petitioner had availed a loan of Rs.4.32 lakhs from the respondent Bank on 17.10.2006. The repayment could not be effected on time as scheduled, which compelled the respondent Bank to proceed with further steps invoking the remedy under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the respondents submits on instructions, that the petitioner is a chronic defaulter and the overdue amount itself will be nearly Rs.1.08 lakhs with interest and cost. The learned counsel further submits that, if the petitioner clears the entire overdue amount as above, the respondent Bank is ready and willing to have the loan account regularized. 3. Considering the facts and circumstances, the petitioner is directed to repay the 'overdue amount' by way of 'three' equal monthly instalments, the first of which shall be effected on or before the 5th of February, 2010, to be followed by similar instalments to be effected on or before the 5th of the succeeding months. This will be in addition to the liability of the petitioner to clear the regular EMIs as well. Subject to the WP(C) No.1522/2010 2 above, all further coercive steps now being pursued against the petitioner shall be kept in abeyance. It is also made clear that, if any default is committed by the petitioner in satisfying the overdue amount as above or if any two consecutive defaults are made with regard to the regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, by pursuing such steps from the stage, where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc