IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 27TH MAY 2010 / 6TH JYAISHTA 1932 WP(C).No. 33407 of 2009(U) -------------------------- PETITIONERS: --------------- 1. K.G.SIVARAMA PILLAI, AGED 73 YEARS, S/O.GOVINDA PILLAI, PROPRIETOR, M/S.DEVI BRICKS INDUSTRIES, RESIDING AT KIZHAKKEPUTHEN VEEDU, VENDAR P.O., KOLLAM DISTRICT. 2. T.C.PRABHAVATHI AMMA, AGED 70 YEARS, W/O.SIVARAMA PILLAI RESIDING AT KIZHAKKEPUTHEN VEEDU, VENDAR P.O., KOLLAM DISTRICT. BY ADV. SRI.PREMCHAND R.NAIR SRI.TOJAN J. VATHIKULAM SRI.BEPIN PAUL RESPONDENTS: --------------- 1. THE BRANCH MANAGER, CATHOLIC SYRIAN BANK LTD., PUTHOOR BRANCH, KOTTARAKARA, KOLLAM DISTRICT. 2. THE AUTHORISED OFFICER OF THE CATHOLIC SYRIAN BANK LTD., THE DEPUTY ZONAL MANAGER (OPERATIONS), THE CATHOLIC SYRIAN BANK LTD., ZONAL OFFICE, THIRUVANANTHAPURAM. BY ADV. MR. R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 33407 OF 2009 ......................................................................... Dated this the 27th May, 2010 J U D G M E N T The petitioners are challenging the steps taken by the respondent Bank under the SARFAESI Act, in connection with the loan availed by the petitioners from the first respondent in the year 1996, on many a ground. It is brought to the notice of this Court that the coercive steps taken by the respondents were intercepted by this Court vide order dated 20.11.2009, on condition that the petitioners deposited a sum of Rs.1,50,000/- on or before 10.12.2009. 2. The learned Counsel for the petitioners submits that the condition imposed by this Court has already been satisfied and the balance liability is only about Rs. Five lakhs. The factual position as above is rather conceded from the respondent as well. 3. Considering the facts and circumstances, including the submission made from the part of the petitioners that they do not intend to challenge the sustainability of the proceedings W.P.(C) No. 33407 OF 2009 2 taken by the Bank, either by resorting to the statutory remedy available under Section 17 of the SARFAESI Act or otherwise and the limited prayer now pressed before this Court is only to have some breathing time, this Court permits the petitioners to clear the balance liability by way of 'five' equal monthly installments , the first of which shall be effected on or before 15.06.2010, to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to the above, the recovery steps stated as being pursued against the petitioners shall be kept in abeyance. It is made clear that if any default is committed by the petitioners in effecting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk