IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 23RD FEBRUARY 2010 / 4TH PHALGUNA 1931 WP(C).No. 37862 of 2009(C) -------------------------- PETITIONER(S): --------------- 1. K.S.RAJAN, AGED 48, S/O.K.A.SANKARAN, KUTHUKALLUMGAL HOUSE, PARAPPURAM.P.O, VIA KALADY, KIZHAKKUMBHAGOM VILLAGE, ALUVA TALUK. 2. N.K.MINI, AGED 42, W/O.RAJAN, KUTHUKALLUMGAL HOUSE, PARAPPURAM.P.O, VIA KALADY, KIZHAKKUMBHAGOM VILLAGE, ALUVA TALUK. 3. P.BHAVANAI, AGED 65, W/O.SANKARAN, KUTHUKALLUMGAL HOUSE, PARAPPURAM.P.O, VIA KALADY, KIZHAKKUMBHAGOM VILLAGE, ALUVA TALUK. 4. K.S.SANKARAN, AGED 70, S/O.APPUNNI, KUTHUKALLUMGAL HOUSE, PARAPPURAM.P.O, VIA KALADY, KIZHAKKUMBHAGOM VILLAGE, ALUVA TALUK. BY ADV. SRI.V.RAJENDRAN (PERUMBAVOOR) RESPONDENT(S): --------------- THE FEDERAL BANK LTD., ALUVA, REP.BY CHIEF MANAGER & AUTHORISED OFFICER, REGIONAL OFFICE, FEDERAL TOWERS, MARINE DRIVE, ERNAKULAM, KOCHI-682 031. ADV. SRI.A.ANTONY FOR R1 SMT.LEELAMMA ANTONY FOR R1 GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ALONG WITH WP(C) 37863/2009 ON 23/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 37862 & 37863 of 2009 --------------------------------------------- Dated, this the 23rd day of February, 2010 J U D G M E N T The petitioners in these two cases are brothers, who had availed two separate loans from the respondent Bank. However they did not honour their commitment to pay the EMIs on time and turned to be defaulters; under which circumstance, the Bank proceeded with further steps invoking the machinery under the SARFAESI Act, which in turn have been subjected to challenge in this Writ Petition. 2. The learned counsel appearing for the Bank submits on instructions that a total sum of Rs.4.4 lakhs is still due under the loan transaction, so as to wipe off the entire liability and to close the loan account. The learned counsel for the petitioners submits that the petitioners have made earnest arrangements to see that the liability is cleared in toto and they might be given some breathing time in this regard. It is also stated that the liability as above will be cleared by way of ‘six’ equal monthly instalments, which course is stated as agreeable to the respondents as well. 3. In the above facts and circumstances, the petitioners are directed to clear the liability as above, by way of ‘six’ equal monthly WP(C) No.37862/2009&37863/09 2 instalments, the first of which shall be effected on or before the 10th of March 2010 to be followed by similar instalments to be effected on or before the 10th of the succeeding months. Subject to this, all recovery proceedings stated as being pursued against the petitioners shall be kept in abeyance. It is also made clear that this will be without prejudice to the rights and interest of the petitioners to approach the Bank for concessions or deductions if any, at the hands of the Bank. It is also made clear if any default is committed by the petitioners in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump. Both the Writ Petitions are disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc