IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 6TH AUGUST 2010 / 15TH SRAVANA 1932 WP(C).No. 10502 of 2010(K) -------------------------- CMP.164/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- 1. R.SAIJU, S/O. RAVEENDRANATHA, KUNJU VEEDU, KADAKKAVUR (MANATHITTA VEEDU) KAYIKKARA-KADAKKAVUR, THIRUVANANTHAPURAM. 2. SMT. RANJINI SAIJU, W/O. SAIJU, KUNJUVEEDU, KADAKKAVUR (MANATHITTA VEEDU) KAYIKKARA-KADAKKAVUR, THIRUVANANTHAPURAM. 3. SMT. PRABHAMANI, W/O. MANIKANDAN KALUVILA VEEDU-KADAKKAVUR, THIRUVANANTHAPURAM. BY ADV. SRI.SOORAJ T.ELENJICKAL SMT.P.A.SULEKHA RESPONDENT(S): --------------- 1. SYNDICATE BANK (A GOVERNMENT OF INDIA UNDERTAKING) REPRESENTED BY ITS AUTHORISED OFFICER SYNDICATE BANK, REGIONAL OFFICE, THIRUVANANTHAPURAM. 2. THE BRNCH MANAGER, SYNDICATE BANK, KADAKKAVUR,THIRUVANANTHAPURAM. ADV. SRI.R.S.KALKURA FOR R 1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 10502 of 2010-K ---------------------------- Dated this the 6th day of August, 2010. J U D G M E N T The petitioners are challenging the steps taken by the respondent Bank under the SARFAESI Act for realization of the amount due under the loan transaction. 2. Many a ground has been raised in the Writ Petition disputing the extent of liability and also as to the other facts and figures. The averments and allegations raised by the petitioners have been chosen to be rebutted by the respondents 1 and 2 by filing a counter affidavit and also producing copies of the statement of accounts and other relevant documents, asserting that the course pursued by the respondent Bank is within the four walls of the law and not liable to be intercepted under any circumstances. 3. The learned counsel for the petitioners submits that, after negotiation, the petitioners have decided to settle the entire liability by way of instalments. The learned counsel also submits that, the entire liability of Rs.4,75,910/- as on 30.4.2010 with further interest as pointed out by the respondent Bank will be W.P(C) No. 10502 of 2010-K 2 cleared by the petitioners by way of 'nine' equal monthly instalments; simultaneously assuring and undertaking that the petitioners do not intend to challenge the sustainability of the steps taken by the Bank by availing the statutory remedy by approaching the Debt Recovery Tribunal. 4. Taking note of the facts and circumstances, this Court finds it fit and proper to permit the petitioners to clear the liability in a phased manner. Accordingly, the petitioners are directed to satisfy the entire liability by way of 'nine' equal monthly instalments; the first of which shall be effected on or before the 30th of August, 2010; 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.P4(a) shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioners in satisfying the due amount as above, it will be open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE ab //True Copy//