IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 12TH AUGUST 2009 / 21ST SRAVANA 1931 WP(C).No. 22377 of 2009(N) -------------------------- PETITIONER: --------------- BINDU RAVICHANDRAN, AGED 42, W/O.RAVICHANDRAN,KURAVANGATTU HOUSE, MECHIRA DESOM, KODASSERRY VILLAGE, MUKUNDAPURAM TALUK, THRISSUR. BY ADV. MR. G.SREEKUMAR (CHELUR) RESPONDENTS: --------------- 1. THE BRANCH MANAGER,CHALAKUDY BRANCH THE THRISSUR DISTRICT CO-OPERATIVE BANK CHALAKUDY, THRISSUR. 2. THE AUTHORISED OFFICER, DEPUTY GENERAL MANAGER, THE THRISSUR DISTRICT CO-OPERATIVE BANK KOVILAKKATTUPADAM,POST THIRUVAMBADY,THRISSUR. 3. THE THRISSUR DISTRICT CO-OPERATIVE BANK REP BY ITS MANAGER KOVILAKKATTUPADAM,POST THIRUVAMBADY,THRISSUR. BY ADV. MR. P.C. SASIDHARAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 22377 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2009 JUDGMENT The petitioner had availed a loan of Rs. 4 lakhs from the respondent Bank creating security interest over the property in question. But because of some adverse circumstances, the amount could not repaid on time, which compelled the Bank to proceed against the petitioner with coercive steps invoking the relevant provisions under the SARFAESI Act, which hence is sought to be intercepted in the present Writ Petition stating that, the petitioner is ready and willing to satisfy the entire liability, if some breathing time is provided in this regard. 2. The learned counsel appearing for the respondent Bank submits on instructions that, huge amount is due towards the defaulted arrears itself, besides the liability to pay further interest and cost. The learned counsel for the petitioner submits that, the petitioner had made appropriate arrangements to see that the entire liability under the loan transaction is cleared within a period of six months. 3. Considering the facts and circumstances, the petitioner is directed to remit a sum of Rs. 1 lakh within one month and the balance amount shall be paid by way of 5 equal monthly installments; the first of which shall be effected on or before the 15th of the October, 2009 to be WP (C) No. 22377 of 2009 : 2 : followed by the remaining installments to be effected on or before the 15th of succeeding months. Subject to the above, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in effecting the payments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd