IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.T.RAVIKUMAR TUESDAY, THE 17TH MAY 2011 / 27TH VAISAKHA 1933 WP(C).No. 13557 of 2011(T) -------------------------- CMP.2170/2011 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- SMITHA,SMITHA BHAVAN,NEDUTHERY,KANNIMEL, PATTAZAHY.P.O,PATHANAPURAM,KOLLAM DISTRICT. BY ADV. SRI.K.N.RADHAKRISHNAN(THIRUVALLA) RESPONDENT(S): --------------- 1. AUTHORISED OFFICER,CHIEF MANAGER, STATE UNION BANK OF INDIA,KOLLAM BRANCH. PIN-691001 2. SUDARSANAN,PROPRIETOR,M/S S.N.TYRE WORKS PALAKATTU VEEDU,ANAKOTTOOR.P.O,KOTTARAKKARA, KOLLAM, PIN-691505 ADV.SRI.A.V.THOMAS, STANDING COUNSEL-R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/05/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: C.T. RAVIKUMAR, J. -------------------------------------------- W.P.(C). NO.13557 OF 2011 -------------------------------------------- Dated this the 17th day of April, 2011 JUDGMENT The second respondent had availed a loan from the first respondent bank. The petitioner is the guarantor to the said loan transaction. Irregular payment of instalments towards the loan account made the first respondent to resort to steps to realise the amount due and it culminated in Ext.P1. As per Ext.P1, the Advocate Commissioner appointed under Section 14(1) of the SARFAESI Act required the petitioner to pay off the debts due to the secured creditor within 30 days of receipt of Ext.P1 and in default, to surrender vacant possession of the secured assets. Pursuant to the receipt of the same, the petitioner has effected payment of Rs.1,75,000/- as is obvious from Ext.P3. The first respondent is now pursuing with steps to dispossess the petitioner from the secured assets. It is in the said circumstances that this Writ Petition has been filed. 2. I have heard the learned counsel for the petitioner and also the learned standing counsel appearing for the first respondent. As already noticed, the default in payment of the instalments towards the said loan W.P.(C) NO.13557/2011 2 account resulted in Ext.P1. Ext.P2 would reveal that an amount of more than Rs.10 lakhs is due towards the said loan account. Ext.P3 would reveal that subsequent to the receipt of Ext.P2, the petitioner has effected payment of Rs.1,75,000/-. In the said circumstances, in the interest of justice, I am inclined to dispose of this Writ Petition as hereunder:- The first respondent shall intimate the petitioner with respect to the amount required to be paid to the bank to discharge the entire liability towards the aforesaid loan account. This shall be done expeditiously, at any rate, within a period of one week. On receipt of such intimation, the petitioner shall effect payment of Rs.3 lakhs on or before 28.6.2011. The balance amount due towards the said loan account shall be paid in six equal monthly instalments commencing from 30.7.2011 onwards. Needless to say that the said instalments shall be paid on or before 30th day of every succeeding months. It is made clear that in case the petitioner commits default in effecting payments in terms of this judgment, it will be open to the first respondent to pursue with the proceedings already initiated. (C.T. RAVIKUMAR, JUDGE) spc W.P.(C) NO.13557/2011 3 C.T. RAVIKUMAR, J. JUDGMENT September, 2010 W.P.(C) NO.13557/2011 4