IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 8TH APRIL 2010 / 18TH CHAITHRA 1932 WP(C).No. 12492 of 2010(J) -------------------------------------- PETITIONER: ------------------- VASANTHA KUMARI, D/O.DEVAKI AMMA, "NANDANAM',VILAVOORKAL VILLAGE, NEYYATTINKARA TALUK, THIRUVANANTHAPURAM. BY ADV. SRI.CIBI THOMAS. RESPONDENTS: ------------------------ 1. THE THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAYINKEEZHU BRANCH, REPRESENTED BY ITS BRANCH MANAGER, MALAYINKEEZHU, THIRUVANANTHAPURAM. 2. THE GENERAL MANAGER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, THIRUVANANTHAPURAM-23. 3. THE AUTHORIZED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, THIRUVANANTHAPURAM-23. 4. THE REGISTRAR OF CO-OPERATIVE SOCIETIES, THIRUVANANTHAPURAM. 5. THE SECRETARY TO GOVERNMENT, DEPARTMENT OF CO-OPERATION, SECRETARIAT, THIRUVANANTHAPURAM. R1 TO R3 BY SRI. K.G. RADHAKRISHNAN, S.C, R4 & R5 BY GOVT. PLEADER SRI. BIJOY CHANDRAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/04/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.12492 of 2010-C ---------------------------- Dated this the 8th day of April, 2010. J U D G M E N T The petitioner had availed a loan of Rs.3.25 lakhs from the first respondent in the year 2005, which however was not repaid on time. In the said circumstances, the Bank proceeded with further steps invoking the provisions under the SARFAESI Act, which in turn is subjected to challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the petitioner does not intend to press the contentions raised as to the sustainability of the steps taken by the Bank, resorting to the alternate remedy by way of appeal before the Debt Recovery Tribunal and the limited prayer pressed before this Court is only to permit the petitioner to clear the entire outstanding liability within three months. 3. Heard the learned standing counsel appearing for the respondent Bank as well. 4. Considering the particular facts and circumstances, the petitioner is permitted to satisfy the liability as assured and W.P(C) No.12492 of 2010-C 2 undertaken. Subject to the above, all further coercive proceedings shall be kept in abeyance for the time being. It is also made clear that, if any default is committed by the petitioner in satisfying the due amount within three months as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum, from the stage where it stands now. It is further made clear that, this will not bar the way of the petitioner in approaching the Bank for eligible concession/allowances, if any; on which event, the same shall be considered and finalised in accordance with law, as expeditiously as possible. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab W.P(C) No.12492 of 2010-C 3