IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 19TH JUNE 2009 / 29TH JYAISHTA 1931 WP(C).No. 17019 of 2009(V) -------------------------- PETITIONER: --------------- P.K. KRISHNAN, AGED 68 YEARS, S/O. KUNHIKUTTAN, KRISHNA NIVAS, P.O. MELMURI, MALAPPURAM. BY ADV. MR. ESM.KABEER MR. ABDUL MAJEED.N RESPONDENTS: --------------- 1. THE GENERAL, MANAGER, MALAPPURAM DIST. CO-OPERATIVE BANK LTD., MALAPPURAM. 2. THE DEPUTY GENERAL MANAGER, MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., MALAPPURAM. BY STANDING COUNSEL ADV. MR. E.K. MADHAVAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 17019 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 19th day of June, 2009 JUDGMENT The petitioner had availed a loan of Rs.3 lakhs from the respondent Bank in the year 2007 for effecting some urgent repairs for his age old residential building. However, because of some unforeseen circumstances, petitioner could not effect repairs properly, which made the respondent Bank to proceed with coercive steps invoking the relevant provisions under the SARFAESI Act, against the properties offered as security creating equitable mortgage over the same. 2. The learned counsel appearing for the petitioner submits that, the outstanding liability will never go beyond Rs.3,00,000/-, out of which petitioner is ready and willing to remit a sum of Rs.1,00,000/- forthwith as brought to the notice of the Bank vide Ext.P3 representation dated 16.5.2009 and that the balance amount will be cleared by way of regular monthly installments. 3. Heard the learned counsel appearing for the respondent Bank as well. 4. After considering the facts and circumstances, the petitioner is directed to pay a sum of Rs.1 lakh on or before 30th of this month. The balance amount shall be repaid by way of six regular monthly installments commencing from 20th of July, 2009 onwards. As such, the WP (C) No. 17019 of 2009 : 2 : coercive proceedings pursuant to Ext.P2 shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in remitting the amounts as above, the respondents will be at liberty to proceed with the above steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd