IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 1ST FEBRUARY 2010 / 12TH MAGHA 1931 WP(C).No. 2644 of 2010(E) ------------------------- CRMP.12203/2009 of CHIEF JUDL.MAGISTRATE, ERNAKULAM .................... PETITIONER(S): --------------- K.R.GIREESAN, AGED 54, S/O.RAMAN, KOTTADAYIL HOUSE, NETTOOR P.O., MARADU VILLAGE, KANAYANNUR TALUK, ERNAKULAM DISTRICT. BY ADV. SRI.VARGHESE C.KURIAKOSE SRI.ADEEP ANWAR RESPONDENT(S): --------------- 1. UNION OF INDIA, REP. BY SECRETARY, MINISTRY OF BANKING AFFAIRS, NEW DELHI. 2. BANK OF INDIA, MATTANCHERRY, REP. BY ITS BRANCH MANAGER, KOCHI-2. 3. THE AUTHORISED OFFICER, BANK OF INDIA, ZONAL OFFICE, KERALA ZONE, KALOOR TOWERS, KADAVANTHARA ROAD, KOCHI-17. ADV. SRI.T.P.M.IBRAHIM KHAN,ASST.S.G OF INDI FOR R1 SRI.C.A.JOY FOR R2 & 3 GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 2644 of 2010 -------------------------------------- Dated, this the 1st day of February, 2010 J U D G M E N T The petitioner is aggrieved of the steps taken by the respondent Bank invoking the machinery under the SARFAESI Act. 2. The learned counsel for the petitioner submits that, the only prayer in the Writ Petition is to enable the petitioner to clear the liability by regularizing the 'housing loan', stating that the petitioner is ready and willing to clear the 'overdue' amount. 3. The learned counsel appearing for the respondents submits that the total outstanding liability under the loan transaction Rs.4.5 lakhs with interest and cost and that the 'overdue' amount itself will come around Rs.1,00,000/- The learned counsel further submits that, if the petitioner is ready and willing to clear the 'over due' amount forthwith, reasonable time can be given to wipe off the remaining liability under the loan transaction. 4. Considering the facts and circumstances, the petitioner is directed to pay a sum of Rs.1,00,000/- within 'two weeks' and the balance amount is directed to be cleared by way of ‘ten’ equal monthly instalments, the first of which shall be effected on or before the 15th of WP(C) No.2644/2010 2 March, 2010, to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to the above, the coercive steps stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that if any default is committed by the petitioner in satisfying the liability as above, the Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. 5. The respondent Bank is also directed to furnish a statement of accounts to the petitioner immediately and it will be open to the petitioner to approach the Bank for some or other concessions/allowances if any and it will of course be at the hands of the Bank to have it entertained to the permissible extent. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc