IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 10TH MARCH 2011 / 19TH PHALGUNA 1932 WP(C).No. 5785 of 2011(W) ------------------------- PETITIONER(S): --------------- 1. MR.K.Y.THOMAS, KUZHIYOOZHATHIL, THEKKEDATHUPARAMBIL HOUSE, OONNUKALLEL, MANJOOR PO KOTTAYAM, PIN 686603. 2. MRS.SHEELA THOMAS, KUZHIYOOZHATHIL, THEKKEDATHU PARAMBIL HOUSE, OONNUKALLEL, MANJOOR P.O., KOTTAYAM, PIN 686603. 3. SMT.ELIAKUTTY JOSEPH, THEKKEDATHUPARAMBIL HOUSE, OONNUKALLEL, MANJOOR PO KOTTAYAM, PIN 686603. 4. MR.JOHNSON T.J., THEKKEDATHUPARAMBIL HOUSE, OONNUKALLEL, MANOOR P.O., KOTTAYAM, PIN 686603. BY ADV. SRI.R.RAGHUNANDANAN RESPONDENT(S): --------------- 1. THE MANAGER, CATHOLIC SYRIAN BANK LTD., KURUPPUMTHARA BRANCH, KOTTAYAM. PIN - 686603 2. DEPUTY ZONAL MANAGER, CATHOLIC SYRIAN BANK LTD., ZONAL OFFICE, KOTTAYAM.PIN-686603. ADV. SRI.C.A.JOY FOR R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ------------------------- W.P (C) No.5785 of 2011 -------------------------- Dated this the 10th March, 2011 J U D G M E N T Petitioners availed a mortgage loan of ` 2 lakhs from the 1st respondent creating security interest over the property in question. However, the repayment was not effected as agreed; under which circumstances, the account was declared as 'NPA' and the Bank proceeded with further steps under the relevant provisions of the SARFAESI Act. This made the petitioner to approach this Court by filing this writ petition. 2. The learned counsel for the petitioners submits that the petitioners are taking earnest steps to see that the entire liability is wiped off within a short time. It is stated that the retirement benefits due to the 1st petitioner from the BSNL (Employer) are still to be obtained and that the liability will be cleared forthwith on obtaining the retirement benefits as above. 3. Heard the learned standing counsel appearing for the Bank as well, who submits, on instructions that it is not an 'educational loan' as contended, but a 'mortgage W.P (C) No. 5785 of 2011 2 loan'. He also submits that the total outstanding liability as on 24.9.2010 is Rs.1,93,075 /- and that the petitioners have all along been protracting the matter, evading payment. 4. However, taking note of the submission made by the learned counsel for the petitioners that the petitioners do not intend to challenge the sustainability of the steps taken by the Bank by approaching the DRT and that the only relief now pressed before this Court is to permit the petitioners to clear the liability by way of some reasonable instalments, this Court finds that the relief can be moulded in an appropriate manner. 5. Accordingly, the petitioners are directed to clear the entire outstanding arrears by way of ' six' equal monthly instalments; the first of which shall be effected or on before the 31st of March, 2011; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, all further coercive proceedings pursuant to Ext.P3 shall be kept in abeyance for the time being. It is made clear that if any default is W.P (C) No. 5785 of 2011 3 committed by the petitioners in satisfying the due amount as above, it will be open to the respondents to proceed with appropriate steps from the stage where it stands now for realising the entire amount in a lump sum. The writ petition is disposed of as above. Sd/- P.R.RAMACHANDRA MENON, JUDGE ma /True copy/ P.A to Judge