IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 23RD JUNE 2009 / 2ND ASHADHA 1931 WP(C).No. 16999 of 2009(T) ----------------------------------------- PETITIONER(S): ------------------------ 1. M/S.VALIYAVEETTIL TRADERS, 40/4667, BAVA MEMORIAL BUILDING, MUSLIM STREET, ERNAKULAM, KOCHI-682 035, REPRESENTED BY ITS MANAGING PARTNER. 2. V.A.YAHIA, S/O.RAHIM, AGED 41 YEARS, MANAGING PARTNER, M/S.VALIYAVEETTIL TRADERS, RESIDING AT SAJITHA MANZIL, VALIYAVEETTIL, BALAE PARAMBIL LANE, KUNNUMPURAM, EDAPALLY, ERNAKULAM DISTRICT. 3. SAJITHA YAHIA, W/O.YAHIA, AGED 35 YEARS, PARTNER, M/S. VALIYAVEETTIL TRADERS, RESIDING AT SAJITHA MANZIL, VALIYAVEETTIL, BALAE PARAMBIL LANE, KUNNUMPURAM, EDAPALLY, ERNAKULAM DISTRICT. BY ADVS. MR.UNISE MOHAMED KUNJU, MR.SAKIR.K.H., SMT.P.J.MARY THERESA. RESPONDENT(S): --------------------------- 1. THE DEPUTY TAHSILDAR (RR), KANAYANNUR TALUK, ERNAKULAM, KOCHI-682 011. 2. CENTRAL BANK OF INDIA, ERNAKULAM BRANCH, REPRESENTED BY ITS AUTHORISED OFFICER. 3. THE STATE OF KERALA, REPRESENTED BY THE CHIEF SECRETARY TO GOVERNMENT, SECRETARIAT, TRIVANDRUM. R1 & R3 BY GOVERNMENT PLEADER MR.P.K.BABU R2 BY ADV. MR. DEVAN RAMACHANDRAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/06/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 16999 OF 2009 ......................................................................... Dated this the 23rd June, 2009 J U D G M E N T The petitioners have approached this Court challenging the coercive steps taken by the respondent-Bank invoking the relevant provisions under the Kerala Revenue Recovery Act, when the petitioners turned to be chronic defaulters in discharging the liability towards the loan secured by them from the Bank . 2. The learned counsel for the respondent-Bank, on instruction, submits that out of the liability to be cleared by way of 36 equal monthly installments at the rate of Rs.6600/- , the petitioners chose to remit only six installments and that the amount payable under the defaulted installments itself is still huge, with interest, collection charges and such other expenses. It is also stated that the Bank will be in a position to regularise the loan account, only if the petitioners clear the entire W.P.(C) No. 16999 OF 2009 2 outstanding liability towards the defaulted E.M.Is with interest and expenses as aforesaid. 3. Taking note of the persuasive submission made from the part of the learned Counsel for the petitioners, the petitioners are permitted to clear the entire outstanding liability towards the defaulted E.M.Is with collection charges, interest and such other expenses, by remitting a sum of Rs. Fifty thousand on or before 15.07.2009 and the balance amount towards the defaulted extent, by way of two equal monthly installments, the first one to be paid on or before 10.08.2009 and the last one on or before 10.08.2009. On satisfying the liability as aforesaid, the loan account will stand regularised. This is over and above the liability of the petitioners to effect the regular monthly installments payable, as originally stipulated. All coercive proceedings stated as being pursued against the petitioners shall be kept in abeyance till such time. It is further made clear that if any default is committed in remitting the installments towards the defaulted E.M.Is or if the petitioners commit two consecutive defaults in remitting the regular E.M.Is, the Bank W.P.(C) No. 16999 OF 2009 3 will be at liberty to proceed against the petitioners with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk