IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 29TH MARCH 2010 / 8TH CHAITHRA 1932 WP(C).No. 10519 of 2010(L) ---------------------------------------- CMP.5771/2009 of CHIEF JUDICIAL MAGISTRATE COURT, TRIVANDRUM .................... PETITIONER(S): ------------------------ P. KUMARESAN, T.C 51/1486 KAILAS, MANKULAM LANE, PAPPANAMCODE, THIRUVANANTHAPURAM DISTRICT. BY ADV. MR.M.R.SARIN PANICKER. RESPONDENT(S): -------------------------- THE AUTHORISED OFFICER, CHIEF MANAGER, SYNDICATE BANK, REGIONAL OFFICE, THIRUVANANTHAPURAM. BY ADV. MR.R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/03/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R. RAMACHANDRA MENON, J. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ W.P.(C).No.10519 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dated this the 29th day of March, 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ J U D G M E N T The petitioner had availed 3 loans from the respondent bank. Since the due amount was not satisfied on time, coercive proceedings were initiated under the SARFAESI Act, which is under challenge in this writ petition. 2. The learned counsel for the petitioner submits that, the petitioner does not want to press any of the contentions raised in the writ petition, nor does the petitioner want to approach the DRT for availing the alternative remedy. The only relief prayed for is to provide some breathing time to clear the due amount in reasonable installments. 3. The learned counsel for the bank submits on instructions that, two loans were 'business loans' and the other one was a 'personal loan'. As on date, a total sum of nearly Rs.5.23 lakhs is due to be cleared by the petitioner, for wiping off the entire liability. Taking note of the particular facts and circumstances and the persuasive W.P.(C).No.10519 of 2010 2 submissions made by the learned counsel for the petitioner, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. 4. Accordingly, the petitioner is directed to deposit a sum of Rs.1.5 lakhs within one month and the balance shall be cleared by way of ‘4’ equal monthly installments; the first of which shall be effected on or before the 10th May 2010, to be followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to this, all recovery proceedings being pursued against the petitioner shall be kept in abeyance. It is also made clear that, if any default is committed by the petitioner, the respondent bank is at liberty to proceed with further steps to realise the entire amount in a lump sum. The writ petition is disposed of as above. P.R. RAMACHANDRA MENON JUDGE nl