IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 30TH JUNE 2010 / 9TH ASHADHA 1932 WP(C).No. 20253 of 2010(F) -------------------------- PETITIONER: --------------- SUBRAHMANIAN.K.K., AGED 51 YEARS, S/O.KUTTAN, KARIKUTTIL HOUSE, THRISSUR DISTRICT. BY ADV. SRI.P.P.THAJUDEEN SRI.MANSOOR.B.H. RESPONDENTS: --------------- 1. THE CATHOLIC SYRIAN BANK, SREE KRISHNA BUILDING, AMBALLUR JUNCTION, ALAGAPPA NAGAR, AMBALLUR, TRISSUR DISTRICT. 2. AUTHORISED OFFICER, THE CATHOLIC SYRIAN BANK LTD., ZONAL OFFICE, CSB BHAVAN, ST.MARY'S COLLEGE ROAD, TRISSUR. BY SRI.JACOB SEBASTAIN -SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.20253 of 2010-F ---------------------------- Dated this the 30th day of June, 2010. J U D G M E N T The petitioner had availed a housing loan of Rs.7,50,000/- from the first respondent Bank for construction of a residential building, creating security interest over the property in question. But the re-payment was not effected on time, under which circumstances, the Bank was constrained to declare the account as 'NPA' taking appropriate steps under the provisions of the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the respondents submits on instructions that, the petitioner, in spite of availing the loan, did not make use of the funds for completing the construction and it is stated as diverted, which made by the Bank to proceed with further steps. 3. The learned counsel for the petitioner submits with reference to the photographs produced that, the petitioner had effected the construction; but the same could not be completed for paucity of further funds. The learned counsel further submits that the petitioner does not intend to avail the statutory remedy by W.P(C) No.20253 of 2010-F 2 approaching the Debt Recovery Tribunal and that the only prayer now pressed before this Court is to permit the petitioner to clear the liability in a phased manner. It is further stated that the total outstanding amount will come to Rs.2,86,989/- as on 25.6.2010, with further interest and cost. 4. Considering the particular facts and circumstances, this Court permits the petitioner to clear the entire outstanding liability under the loan transaction by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 30th of July, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, all further coercive steps being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed in satisfying the due amount as above, it is open to the respondents, to proceed with appropriate steps in accordance with law for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab