IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 18TH JANUARY 2010 / 28TH POUSHA 1931 WP(C).No. 1281 of 2010(I) ------------------------- PETITIONER(S): --------------- LENIN.P,PROP:M/S.CHEMBAKASSERIL RUBBERS, S/O.N.PURUSHOTHAMAN,CHEMBAKASSERIL VEEDU, ANCHAL,NADIYARA.PO,KOLLAM-691 306. BY ADV. SRI.DILEEP P.PILLAI RESPONDENT(S): --------------- 1. THE STATE OF KERALA REPRESENTED BY THE GOVERNMENT PLEADER OF THE KERALA HIGH COURT OF KERALA,ERNAKULAM. 2. THE STATE BANK OF TRAVANCORE, REPRESENELD BY ITS AUTHORISED OFFICER(CHIEF MANAGER),PUNALUR. STANDING COUNSEL SRI.R.S.KALKURA GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 1281 of 2010 ---------------------------------------- Dated, this the 18th day of January, 2010 J U D G M E N T The petitioner has approached this Court challenging the coercive steps taken by the respondent Bank invoking the provisions under the SARFAESI Act, particularly when Ext.P2 notice has been issued by the Advocate Commissioner appointed by the Judicial First Class Magistrate, Kollam in the proceedings filed under Section 14 of the Act to take physical possession of the property, over which security interest has been created. 2. The learned counsel for the respondent Bank submits on the basis of the instructions received, that the petitioner is a chronic defaulter and that the present proceedings are only to protract the steps being pursued by the Bank for realisation of the due amount, which comes to more than 10.5 lakhs, with further interest and cost. 3. The learned counsel for the petitioner submits that, the petitioner is ready and willing to clear the entire liability under the loan transaction. Taking note of the facts and figures, the petitioner is directed to deposit a sum of Rs.2.5 lakhs on or before the 31st of this month. The balance amount shall be cleared by the petitioner by way of WP(C) No.1281/2010 2 ‘five’ equal monthly instalments, the first of which shall be effected on or before the 25th of February, 2010, to be followed by similar instalments to be effected on or before the 25th of the succeeding months. Subject to the above, all further proceedings pursuant to Exts.P1 and P2 shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in clearing the liability as above, the respondent Bank will be at liberty to proceed with further steps, from the stage where it stands now, for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc