IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 29TH JUNE 2010 / 8TH ASHADHA 1932 WP(C).No. 19891 of 2010(J) -------------------------- PETITIONER(S): --------------- 1. ABDUL KAREEM, KUZHIVILAKATHU VEEDU, T.C.53/1411, NEAR HOMEO COLLEGE, NEMOM P.O., THIRUVANANTHAPURAM. 2. AJIN SHAH K.S., S/O.ABDUL KAREEM, T.C.53/1411, NEAR HOMEO COLLEGE, NEMOM P.O., THIRUVANANTHAPURAM. BY ADV. SRI.C.K.MOHANAN RESPONDENT(S): --------------- KERALA STATE CO-OPERATIVE BANK LTD., REGIONAL OFFICE, KERALA STATE CO-OP.BANK BUILDING, OVER-BRIDGE JUNCTION THIRUVANANTHAPURAM, REP.BY THE REGIONAL MANAGER. BY ADV. SRI.NAGRAJ NARAYANAN (SC FOR BANK.) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ------------------------------- W.P.(C) No.19891 of 2010 ------------------------------- Dated this the 29th day of June, 2010 J U D G M E N T The petitioners have availed two different loans from the respondent-Bank to an extent of Rs.10 lakhs and 7 lakhs respectively, in the year 2006, creating security interest over the property in question. But the repayment was a seldom exercise, under which circumstance, the accounts were declared as 'NPA' and the Bank proceeded with further steps under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel appearing for the petitioners submitted that petitioners do not intend to press any of the grounds taken in the Writ Petition, nor do they intend to challenge the steps taken by the respondent Bank, by approaching the DRT. The only relief now pressed before this Court is to permit the petitioners to wipe off the liability by way of reasonable instalments. W.P.(C) No.19891/2010 2 3. The learned Standing Counsel appearing for the Bank, on instructions, submits that, in respect of the first loan, the outstanding amount is nearly Rs.10,68,316/-, with subsequent interest and cost. With regard to the second loan, the amount outstanding is Rs.8,85,977/-, with subsequent interest and cost. It is also pointed out by the learned Standing Counsel that the loan period is already over and as such, the petitioners have to satisfy the entire amount without any further delay. 4. Considering the limited nature of the relief pressed before this Court, stating that the petitioners are ready and willing to clear the entire liability, this Court finds that the petitioners can be permitted to clear the same in a phased manner. Accordingly, the petitioners are directed to deposit a sum of Rs.5 lakhs forthwith, at any rate, on or before 20.7.2010, and the balance amount shall be cleared by way of 'five' equal monthly installments, the first of which shall be effected on or before 30.08.2010, to be followed by similar W.P.(C) No.19891/2010 3 installments to be effected on or before the 30th of succeeding months. Subject to the above, the recovery proceedings initiated against the petitioners shall be kept in abeyance. However, 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 as above. P.R.RAMACHANDRA MENON, JUDGE. nj.