IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 19TH AUGUST 2010 / 28TH SRAVANA 1932 WP(C).No. 24932 of 2010(N) -------------------------- PETITIONER(S): --------------- SMT. K.M.NADEERA, W/O. LIAHUDEEN THAMMANAMANZIL, KOODALI, KANNUR , 670 592. BY ADV. SRI.T.B.SHAJIMON SMT.GOVINDU P.RENUKADEVI RESPONDENT(S): --------------- 1. STATE BANK OF INDIA REPRESENTED BY ITS MANAGER, KANNUR BRANCH, KANNUR DIST. 2. THE CHIEF MANGAER, (AUTHORIZED OFFICER) STATE BANK OF INDIA , RASMECCC, KANNUR. ADV. SRI.GEORGE THOMAS(MEVADA), SC, SBI FOR R1,2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.24932 of 2010-N ---------------------------- Dated this the 19th day of August, 2010. J U D G M E N T The petitioner is a guarantor to the loan provided by the respondent Bank, creating security interest over the property in question. When the borrower turned to be a defaulter, the account was declared as 'NPA' and the Bank proceeded with further steps, invoking the provisions under the SARFAESI Act, which made the petitioner to approach this Court by filing the present Writ Petition, seeking for immediate interference. 2. The learned counsel for the petitioner submits that the petitioner does not intend to dispute the liability and that the only attempt is to save the property, which is worth crores. The learned counsel also submits that the only prayer is to provide some reasonable instalments and that the petitioner also does not intend to avail the statutory remedy under Section 17, by approaching the Debt Recovery Tribunal. 3. Heard the learned standing counsel appearing for the W.P(C) No.24932 of 2010-N 2 Bank as well. 4. Considering the limited nature of the relief pressed before this Court, particularly the assurance made by the learned counsel for the petitioner that, the petitioner is ready and willing to deposit a sum of Rs.10 lakhs within one month, this Court finds it fit and proper to permit the petitioner to discharge the liability in a phased manner. Accordingly, the petitioner is directed to deposit a sum of 'Rs.10 lakhs' within 'one month' and the balance amount shall be cleared by way of 'seven' equal monthly instalments; the first of which shall be effected on or before the 20th of October, 2010; to be followed by similar instalments to be effected on or before the 20th of the succeeding months. Subject to the above, all further coercive proceedings shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner 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 ab JUDGE //True Copy//