IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 15TH FEBRUARY 2010 / 26TH MAGHA 1931 WP(C).No. 4249 of 2010(E) ------------------------------------ PETITIONER : ------------------ AVARANKUTTY, S/O.AHAMED, PUTHUTHOTTIL HOUSE, POOKAYIL BAZAR, TIRUR - 676 107. BY ADVS. MR.T.SETHUMADHAVAN MR.PUSHPARAJAN KODOTH MR.K.JAYESH MOHANKUMAR RESPONDENTS : ---------------------- 1. THE AUTHORISED OFFICER, DHANALAKSHMI BANK LTD, ZONAL OFFICE, PUNKUNNAM, THRISSUR - 680 002. 2. THE BRANCH MANAGER, DHANALAKSHMI BANK LTD, TIRUR. 3. JAMSHID N. NALAKATH, PROPRIETOR "OCTAVE TELECOM", IST FLOOR, T.P.COMPLEX, NADUVILANGADI, POST POOKAYIL, TIRUR - 676 107. 4. SALALUDEEN NALAKATH, S/O.N.MOHAMMED, NALAKATH HOUSE, PARASSERY, B.P.ANGADI POST, TIRUR - 676 107. BY MR.C.K.KARUNAKARAN, STANDING COUNCIL. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: JVT P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 4249 of 2010-E ---------------------------- Dated this the 15th day of February, 2010. J U D G M E N T The petitioner is before this Court challenging the steps taken by the respondent bank invoking the machinery under the SARFAESI Act in respect of the amount stated as due under the loan transaction. 2. The learned counsel for the petitioner submits that the petitioner has made other alternate arrangements to clear the entire liability and that the same might be permitted to be cleared by way of reasonable monthly instalments. 3. The learned counsel for the respondent bank submits on instructions that a sum of Rs.7,27,978/- is due in respect of one loan transaction and a similar sum of Rs.7,63,515/- is due in respect of the another loan. After considering the submissions made from either side, the petitioner is directed to deposit a sum of Rs.5 lakhs within one month and the balance amount shall be cleared by way of ‘five’ equal monthly instalments; the first of which W.P(C) No. 4249 of 2010-E 2 shall 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. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will open to the bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab