IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 2ND JUNE 2009 / 12TH JYAISHTA 1931 WP(C).No. 14238 of 2009(Y) -------------------------- PETITIONER(S): --------------- C.K.MATHEW, AGED 59 YEARS, S/O.C.K.KOSHY, CHEMPAKASSERIL HOUSE, KANJIKUZHY JUNCTION, MUTTAMBALAM P.O., KOTTAYAM-686 004. BY ADV. MR. C.P.PEETHAMBARAN RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, KOTTAYAM CIVIL STATION BRANCH, COLLECTORATE, KOTTAYAM, REP. BY ITS MANAGER. 2. THE AUTHORIZED OFFICER/CHIEF MANAGER, STATE BANK OF TRAVANCORE, KOTTAYAM CIVIL STATION BRANCH, COLLECTORATE, KOTTAYAM. BY ADV. MR. K.S. DILIP, STANDING COUNSEL, STATE BANK OF TRAVANCORE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 14238 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 2nd day of June, 2009 JUDGMENT The petitioner is aggrieved of the coercive steps taken by the respondent Bank under the SARFAESI Act, which have been sought to be intercepted stating that, the default occurred only under some unforseen circumstances and that earnest efforts are being made to clear the liability towards the two loan accounts (cash credit facility and overdraft) 2. Heard the learned counsel appearing for the respondents as well, who submits that, as on date about 19.5 lakhs is due from the petitioner under the loan accounts, besides cost and other expenses as legally permissible. 3. Considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs.5,00,000/- (Rupees Five lakhs only) on or before 30th of this month. The balance amount shall be cleared by way of 5 equal monthly installments thereafter. It is made clear that, if any default is committed from the part of the petitioner in satisfying the requirement as above, the respondents are at liberty to proceed with further coercive steps for realisation of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd