IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 16TH JULY 2009 / 25TH ASHADHA 1931 WP(C).No. 19461 of 2009(C) -------------------------- PETITIONER: --------------- G.JAYASREE, MANAGING PARTNER, M/S.GENSET LIGHTS & POWER, CHAVARA, KOLLAM, RESIDING AT "ISWARYA", PUDUKKAD, CHAVARA. BY ADV. MR. N.SUNIL JOSEPH RESPONDENTS: --------------- 1. THE AUTHORISED OFFICER, CHIEF MANAGER, S.B.T., REGION IV ZONAL OFFICE, THIRUVANANTHAPURAM. 2. THE MANAGER, STATE BANK OF TRAVANCORE, THEKKUMBHAGOM BRANCH, CHAVARA SOUTH P.O., KOLLAM DISTRICT. BY STANDING COUNSEL ADV. MR. R.S. KALKURA THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 16/07/2009, THE COURT ON SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 19461 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 16th day of July, 2009 JUDGMENT The petitioner had availed four loans from the respondent, coming to a total amount about Rs.30 lakhs, between the years 2000 - 2003. Subsequently, allegedly because of the collapse in the business, the petitioner could not effect the repayment. This made the Bank to declare the assets as 'NPA' and the proceedings under the SARFAESI Act were taken way back in the year 2008. Pursuant to the request made by the petitioner, the respondent Bank reportedly provided sufficient time to the petitioner to pay off the entire liability, which opportunity, however was not utilized by the petitioner. Finally, the matter was taken up before the 'Adalath' held on 14.2.2009, when the petitioner assured to clear the entire liability on or before 28.2.2009 and effected payment of Rs.5 lakhs towards a portion of the outstanding dues. 2. Despite the assurance as above, the petitioner did not prove his word by deed and continued to be a defaulter, under which circumstances, there was no other alternative for the Bank, but to proceed with the further steps inclusive of filing of the petition under Section 14 of the Act before the Chief Judicial Magistrate's Court, WP (C) No. 19461 of 2009 : 2 : Kollam. It is based on the appropriate orders secured in this regard, that the Advocate Commissioner has issued Ext.P5 notice for taking the physical possession of the properties, which is scheduled to be effected on 23.7.2009. The petitioner has approached the Court challenging the above proceedings raising many a ground. 3. The learned counsel appearing for the Bank, on instructions, submits that, the averments raised by the petitioner in the Writ Petition that they are ready and willing to clear the liability is devoid of any merit or bona fides. Similarly, despite giving many an opportunity to wipe off the entire liability, the petitioner is only eager to protract the matter and nothing has transpired in the positive. 4. Considering the facts and circumstances, this Court does not find any merit to interfere with the matter, particularly on merits. However, as the last opportunity, the petitioner is permitted to clear the liability by way of installments; on condition that she deposits a sum of Rs.3 lakhs on or before the 20th of August, 2009; upon which, further proceedings pursuant to Ext.P5 shall be kept in abeyance. The petitioner shall stand permitted to clear the balance amount by way of five equal monthly installments to be effected on or before the 20th of every succeeding month. It is also made clear that, if no payment is WP (C) No. 19461 of 2009 : 3 : effected as above, the respondent Bank will be at liberty to proceed with the coercive steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd