IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 15TH FEBRUARY 2010 / 26TH MAGHA 1931 WP(C).No. 4406 of 2010(A) ------------------------- PETITIONER: --------------- PRASAD.K, TRP WIRECUT BRICKS, THENGUMPALLIL HOUSE, MUTTOM PO, ALAPPUZHA. BY ADV. SRI.S.SANAL KUMAR SMT.BHAVANA VELAYUDHAN RESPONDENTS: --------------- 1. MANAGER, STATE BANK OF TRAVNCORE, KARIPPUZHA BRANCH, ALAPPUZHA. 2. THE CHIEF MANAGER(ADVANCES) STATE BANK OF TRAVNCORE,ZONAL OFFICE, PANAMPILLY NAGAR, KOCHI-36. BY SRI.SATNISH NINAN - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.4406 of 2010-A ---------------------------- Dated this the 15th day of February, 2010. J U D G M E N T The petitioner had availed a loan from the respondent Bank to the tune of Rs.8 lakhs (Rs.6 lakhs was the OD limit and Rs.2 lakhs was term loan) in connection with a 'Brick industry'. Allegedly, because of some unforeseen circumstances, the petitioner could not honour his commitment, whereby the respondent Bank was compelled to proceed with further steps under the SARFAESI Act for realization of the due amount, by issuing Ext.P2 notice under Section 13(2) of the Act, which is under challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the default was not wilful or due to any deliberate negligence, but some unforeseen circumstances in view of the sudden down fall in the business and that alternate arrangements are being made to clear the liability; simultaneously adding that the petitioner has effected payment of a sum of Rs.5,37,000/- towards the loan account. 3. The learned counsel for the respondent Bank submits on W.P(C) No.4406 of 2010-A 2 instructions, that the petitioner is a chronic defaulter and that the outstanding amount even as in March 2008 is to the tune of Rs.9,75,173/- with further interest and cost, and that the action pursued by the Bank is very much in conformity with the relevant provisions of law. 4. Considering the submissions made from either side, the petitioner is permitted to clear the liability, giving some breathing time. Accordingly, the petitioner is directed to deposit an amount of Rs.5 lakhs within 'one month' and the balance amount shall be cleared by way of ‘five’ equal monthly instalments; the first of which shall be effected on or before the 15th of April 2010; to be followed by similar instalments to be effected on or before the 15th of the succeeding months. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge