IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 31ST JULY 2009 / 9TH SRAVANA 1931 WP(C).No. 16306 of 2009(G) -------------------------- PETITIONER(S): --------------- 1. K.M. SHAJAHAN, AGED 49 YEARS, S/O. MOIDEEN KUNHU, SHA MANZIL, KALLUMMOOD, KAYAMKULAM. 2. H. NAZEEMA, AGED 40 YEARS, W/O. SHAJAHAN, SHA MANZIL, KALLUMMOOD, KAYAMKULAM. BY ADVS. SRI.C. KHALID SRI.N. GOPINATHA PANICKER SRI.T.P. SAJID RESPONDENT(S): --------------- 1. ALLEEPPY DISTRICT CO-OPERATIVE BANK LTD., ALAPPUZHA, REPRESENTED BY SECRETARY, ALAPPUZHA DISTRICT CO-OPERATIVE BANK. 2. AUTHORISED OFFICER, ALAPPUZHA DISTRICT CO-OPERATIVE BANK LTD., ALAPPUZHA. R1 & R2 BY ADV. SRI.P.K.VIJAYAMOHANAN, SC THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 31/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: SHG WP (C) NO.16306/2009 (G) APPENDIX PETITIONERS' EXHIBITS: P1. COPY OF THE NOTICE DATED 4.10.2006 ISSUED BY THE RESPONDENT. P2. COPY OF THE COMPLAINT DATED NIL. P3. COPY OF THE ORDER DATED 28.11.2006 IN I.A. NO.681/2006 IN COMPLAINT NO.3224/2006 BEFORE KERALA LOKAYUKTA, TRIVANDRUM. P4. COPY OF THE APPLICATION FOR CHIEF JUDICIAL MAGISTRATE COURT, ALAPPUZHA. P5. COPY OF THE ORDER DATED 12.03.2009 IN C.M.P. NO.1513/2009 BEFORE THE CHIEF JUDICIAL MAGISTRATE, ALAPPUZHA. RESPONDENT'S EXHIBITS: R1(a). COPY OF THE LOAN AGREEMENT DATED 12.07.2004 EXECUTED BY THE 2ND PETITIONER. R1(b). COPY OF THE MEMORANDUM OF EQUITABLE MORTGAGE EXECUTED BY THE 1ST PETITIONER DATED 06.07.2004. R1(c). COPY OF THE JOINT PROMISSORY NOTE DATED 12.07.2004 EXECUTED BY THE PETITIONER. R1(d). COPY OF THE ORDER DATED 26.12.2007 OF THE KERALA LOK AYUKTA IN COMPLAINT NO.3224/2006. //TRUE COPY// P.A. TO JUDGE SHG/ P.R. RAMACHANDRA MENON, J. -------------------------------------------------- WP(C)NO. 16306 OF 2009 -------------------------------------- DATED THIS THE 31st DAY OF JULY 2009 JUDGMENT The Petitioner has approached this Court challenging the steps taken by the respondent Bank invoking the provisions under the SARFAESI Act. When the matter came up for admission before this Court an interim stay was granted on a condition that the petitioner remitted a sum of Rs.50,000/- within one month. The learned counsel appearing for the Petitioner submits that the condition imposed as above has been complied and that the Petitioner is ready and willing to clear the entire balance amount, if he is given the facility of installments. It is also pointed out that the petitioner intends to approach the respondent Bank for availing some concessions/reduction in the total liability or waiver of a portion of interest. 2. Heard both the sides. 3. The learned counsel appearing for the respondent Bank submits with reference to the specific averments contained in para.10 of the counter affidavit, that the liability as on WP(C)NO. 16306 OF 2009 2 date, is about Rs.1,30,000/- with subsequent interest and cost. It is also pointed out that the petitioner has approached this Court and after a long battle in different fields including the Lok Ayukta as evident from Ext.R1(d). 4. Considering the facts and circumstances, the Petitioner is directed to pay a sum of Rs.50,000/- within one month and the balance amount shall be satisfied by way of two equal monthly installments, the first of which shall be effected on or before 15-9-2009 and the remaining one, on or before the 15th October 2009. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE pkk