IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 8TH MARCH 2010 / 17TH PHALGUNA 1931 WP(C).No. 4556 of 2010(T) ------------------------- PETITIONER(S): --------------- KINETIC RUBBERS PVT.LTD. REP BY MANAGING DIRECTOR MR.MATHEW CHANDY PUMMATTOM, PALAM MEADOWS, VADAVATHOOR PO,KOTTAYAM. BY ADV. SRI.P.V.JYOTHI PRASAD RESPONDENT(S): --------------- THE FEDERAL BANK LTD. REP BY CHIEF MANAGER, KOTTAYAM BRANCH. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R SRI.P.R.MILTON FOR R THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 4556 of 2010 --------------------------------------- Dated, this the 8th day of March, 2010 J U D G M E N T The petitioner has approached this Court challenging the steps taken by the respondent Bank invoking the machinery under the SARFAESI Act seeking to realize the amount due from the petitioner under two different loan transactions. The learned counsel for the petitioner submits that the petitioner is ready and willing to clear the entire liability and that the petitioner might be given some breathing time in this regard, by way of reasonable instalments. 2. The learned counsel for the respondent Bank submits on instructions, that the total outstanding liability will be nearly Rs. 9.55 lakhs and that the petitioner has to prove his bonafides by depositing substantial portion of the liability on or before the 31st of this month, so as to entertain the relief with regard to the instalment facility, as now projected. 3. After hearing both the sides, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. The petitioner is directed to remit Rs.2,00,000/- on or before the 31st of this month. The balance amount shall be cleared under both the loan WP(C) No.4556/2010 2 transactions by way of ‘five’ equal monthly instalments, the first of which shall be effected on or before the 30th of April, 2010, to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to above, all recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc