IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 19TH JANUARY 2010 / 29TH POUSHA 1931 WP(C).No. 727 of 2010(M) ------------------------ PETITIONER: --------------- RAJASEKHARAN, AGED 42 YEARS, S/O.KARUNAKARA PANICKER, CHARUVILA VEEDU, KUCHAPUROM, AMACHAL.P.O, THIRUVANANTHAPURAM. BY ADV. SRI.P.RAVEENDRAN PILLAI SMT.INDIRA RAVEENDRAN RESPONDENTS: --------------- 1. THE THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, REPRESENTED BY ITS MANAGER, KATTAKKADA BRANCH, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, THIRUVANANTHAPURAM DISTRICT CO0OPERATIVE BANK, KATTAKKADA BRANCH, THIRUVANANTHAPURAM. BY ADV. SHRI K.G. RADHAKRISHNAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P(C) No. 727 OF 2010 ......................................................................... Dated this the 19th January , 2010 J U D G M E N T The petitioner is before this Court, aggrieved of the steps being pursued by the respondent bank, invoking the relevant provisions under the SARFAESI Act for realisation of the entire amount under a loan transaction. The case of the petitioner is that he had availed a loan of Rs. Four lakhs from the first respondent-Bank in the year 2007, which, however could not be repaid on time, because of some unforeseen circumstances. 2. The learned Counsel for the petitioner submits that the petitioner is ready and willing to clear the entire liability, if some breathing time is provided in this regard. The learned Counsel appearing for the respondent Bank submits that the outstanding liability under the loan transaction as on 12th of this month is nearly Rs.3.57 lakhs, with further interest and cost. It is also stated that the petitioner has to prove his bonafides by effecting substantial deposit, so as to provide the facility to repay the outstanding arrears by way of installments. 3. Considering the facts and circumstances, the petitioner W.P(C) No. 727 OF 2010 2 is directed to deposit a sum of Rs. One lakh on or before the 15th February, 2010 and the balance amount shall be satisfied by five equal monthly installments, the first of which shall be effected on or before 15.03.2010, to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to the above, the recovery proceedings stated as being pursued against the petitioner will stand deferred. It is also made clear that if any default is committed in effecting the payments as above, the respondents 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. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk