IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 15TH JANUARY 2010 / 25TH POUSHA 1931 WP(C).No. 1262 of 2010(G) --------------------------------------- PETITIONER(S): ------------------------- M/S.BUILD CEMENT AGENCIES, FIRST FLOOR, KALLIYATH BUILDING, PANNIYANKARA, P.O.KALLAI, CALICUT REPRESENTED BY ITS MANAGING PARTNER, MR.MOHAMMED RAFI. BY ADVS. MR.A.S.BRIJESH, MR.C.ARUN PRASANTH, MR.ANOOP MATHEW ABRAHAM. RESPONDENT(S): --------------------------- STATE BANK OF TRAVANCORE, STRESSED ASSETS RESOLUTION CENTRE, IIND FLOOR, THAVOT PLACE, KANNUR ROAD, CALICUT, REPRESENTED BY ITS AUTHORISED OFFICER. BY ADVS. MR.T.SETHUMADHAVAN,SC MR.PUSHPARAJAN KODOTH, MR.K.JAYESH MOHANKUMAR. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/01/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRAMENON, J - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No.1262 of 2010 - - - - - - - - - - - - - - - - - - - - - - Dated this the 15th day of January, 2010 J U D G M E N T The loan availed by the petitioner from the third respondent bank, was not satisfactorily repaid under which circumstances, there was no other alternative for the bank but to to proceed with further steps for the realisation of the entire amount in a lump sum, invoking the power under the 'SARFAESI Act', which in turn is sought to be intercepted in this Writ Petition. 2. The learned counsel for the respondent bank submits that the total amount due from the petitioner will come around Rs.21 lakhs and that there is no point in showing any indulgence in the case of the petitioner, particularly when no satisfactory explanation has been offered in the Writ Petition as to the failure/lapse involved. 3. The learned counsel appeared for the petitioner submits that the some arrangements have been made to W.P.(C) No.1262 of 2010 -2- clear the entire liability and that the relief prayed for is limited to have some breathing time in this regard. 4. Considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs.5 lakhs on or before the 31st January 2010 and the balance amount including interest and cost shall be satisfied by way of '5' equal monthly installments, the first of which shall be effected on or before the 25th February 2010, to be followed by similar installments to be effected on or before the 25th of the succeeding months. Subject to the above, all further coercive steps shall be kept in abeyance. It is made clear that, if any default is committed in satisfying the liability as above, the respondent bank will be at liberty to proceed with further steps, from the stage where it stands now, for realisation of the entire amount in a lump sum. 5. The Writ Petition is disposed of as above. P.R.RAMACHANDRA MENON (JUDGE) nl