IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 23RD FEBRUARY 2010 / 4TH PHALGUNA 1931 WP(C).No. 1820 of 2009(N) ------------------------- PETITIONER(S): --------------- K.M.BABY, AGED 58, S/O.LATE MATHEW, KAVALAMTHARAYIL HOUSE, MATHA ROAD, KOCHI-17, ELAMKULAM VILLAGE, KANAYANNUR TALUK, ERNAKULAM DISTRICT (PROPRIETOR, LAVANYA TEXTILES, KADAVANTHARA, KOCHI-20. BY ADV. SRI.VARGHESE C.KURIAKOSE RESPONDENT(S): --------------- 1. UNION OF INDIA, REPRESENTED BY ITS SECRETARY BANKING AFFAIRS, NEW DELHI. 2. CANARA BANK, PANAMPILLY NAGAR BRANCH, KOCHI-16, REPRESENTED BY ITS MANAGER. 3. THE AUTHORISED OFFICER FOR THER PURPOSE OF CENTRAL ACT 54 OF 2002, CANARA BANK, PANAMPILLY NAGAR BRANCH, KOCHI-16. 4. THE RESERVE BANK OF INDIA, DEPARTMENT OF BANKING OPERATIONS & DEVELOPMENT TRIVANDRUM REPRESENTED BY ITS GENERAL MANAGER. ADV. SRI.T.P.M.IBRAHIM KHAN,ASST.S.G OF INDI FOR R1 SRI.M.R.GOPALAKRISHNAN NAIR FOR R2 & R3 SRI.T.P.M.IBRAHIM KHAN,ASST.SOLICITOR FOR R1 GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 23/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 1820 of 2009 -------------------------------------- Dated, this the 23rd day of February, 2010 J U D G M E N T The petitioner is aggrieved of the steps taken by the respondent Bank under the SARFAESI Act for realisation of the amount stated as due from the petitioner. 2. The learned counsel for the petitioner submits that the petitioner has discharged substantial portion of the liability and that the petitioner is ready and willing to clear the entire outstanding dues, provided some breathing time is given. It is also brought to the notice of this Court that, besides the satisfaction of an amount of Rs.1,00,000/- pursuant to the interim order passed by this Court, the petitioner has also effected payment of a sum of Rs.50,000/- today. The learned counsel for the Bank submits, with reference to Annexure R2 (a) statement produced along with I.A. 11618/2009, that a total sum of Rs.4,86,558/- was due as on 14.08.2009 with interest and cost. After giving credit to the amount stated as deposited by the petitioner a sum of nearly Rs.3.5 lakhs is still due to wipe off the entire liability under the loan transaction. 3. Taking note of the facts and figures, the petitioner is WP(C) No.1820/2009 2 directed to satisfy the entire outstanding liability by way of ‘five’ equal monthly instalments, the first of which shall be effected on or before the 15th of March, 2010, to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to this, all recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is also 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