IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 22ND JULY 2010 / 31ST ASHADHA 1932 WP(C).No. 18182 of 2010(W) -------------------------- PETITIONER: --------------- PURUSHOTHAMAN E.M., ILLATH MEETHAL HOUSE, PUTHUR P.O., BADAGARA, KOZHIKODE DISTRICT. BY ADV. SRI.SANTHARAM.P RESPONDENTS: --------------- 1. THE MANAGER, HOUSING DEVELOPMENT FINANCE CORPORATION LTD., IST FLOOR, SEIKEN CHAMBERS, KANNUR ROAD, KOZHIKODE - 673 001. 2. HOUSING DEVELOPMENT FINANCE CORPORATION LTD., RAMON HOUSE, 169 BACKBAY RECLOMATION, MUMBAI - 400020, REPRESENTED BY ITS AUTHORIZED OFFICE MR.BABY JOSEPH, BRANCH OFFICE, H.D.F.C. HOUSE, 3RD FLOOR, RAVIPURAM JUNCTION, M.G.ROAD, KOCHI - 682 015. BY ADV. MR. K.K. CHANDRAN PILLAI, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 18182 OF 2010 ......................................................................... Dated this the 22nd July , 2010 J U D G M E N T The petitioner had availed a loan of Rs. Two lakhs in the year 2001, agreeing to have it repaid by way of 180 installments at the rate of Rs.2415/-, creating security interest over the property in question. But the repayment could not be effected as scheduled, under which circumstance, there was no other alternative for the respondent Bank, but to declare the account as 'NPA' and to proceed with steps under the SARFAESI Act including by filing an application under Section 14 of the Act before the concerned C.J.M. Court for extending the assistance to take physical possession of the property, to have it sold in public auction; which in turn is under challenge in this Writ Petition. 2. When the matter came up for consideration before this Court on 11.06.2010, coercive steps were intercepted on W.P.(C) No. 18182 OF 2010 2 condition that the petitioner deposited a sum of Rs. 25000/-, and another sum of Rs.25000/- within two weeks thereafter, which is stated as complied with. 3. The learned Counsel for the respondent Bank submits that the SARFAESI proceedings are pending for nearly four years and inspite of many an opportunity is given to the petitioner to clear the liability giving sufficient time, it has not been made use of by the petitioner properly and that the course pursued by the Bank is perfectly within the four walls of the law and hence does not call for any interference . The learned Counsel submits that the outstanding liability is about Rs.1,35,701/-. 4. Taking note of the persuasive submissions made by the learned Counsel for the petitioner that the petitioner might be given some breathing time to clear the liability by way of reasonable installments and also taking note of the fact that the petitioner does not intend to challenge the correctness or sustainability of the steps by approaching the DRT as provided under Section 17 of the Act, but for the limited prayer now W.P.(C) No. 18182 OF 2010 3 pressed for the benefit of installments, this Court finds it fit and proper to permit the petitioner to clear the liability by way of '12' installments, the first of which shall be effected on or before 10.08.2010, to be followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to this, all coercive 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 effecting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the amount in a lump sum from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk