IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 11TH JANUARY 2010 / 21TH POUSHA 1931 WP(C).No. 11556 of 2009(L) -------------------------- CMP.883/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- BINUKUMARAN NAIR, SREEDEVI VILASOM, PANTHAPLAVU,PATTAZHI.P.O.,PATHANAPURAM, KOLLAM. BY ADV. SRI.K.L.NARASIMHAN SRI.A.MOHAMMED FAIZAL SRI.N.KRISHNA PRASAD RESPONDENT(S): --------------- 1. THE CATHOLIC SYRIAN BANK LTD, HAVING ITS REGISTERED OFFICE AT TRICHUR REP. BY ITS MANAGING DIRECTOR. 2. THE BRANCH MANAGER,CATHOLIC SYRIAN BANK LTD.,PUNALUR BRANCH, PUNALUR. 3. AUTHORISED OFFICER, DY.ZONAL MANAGER(OPERATIONS), THE CATHOLIC SYRIAN BANK LIMITED ZONAL OFFICE, TRIVANDRUM. ADV. SRI.K.ANAND (A.201) FOR R1 SMT.LATHA KRISHNAN FOR R2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 11/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 11556 of 2009 ------------------------------------ Dated, this the 11th day of January, 2010 J U D G M E N T The petitioner had availed two housing loans from the first respondent Bank in the year 2006. Since the petitioner could not satisfy the liability by effecting instalments on time, the Bank proceeded with steps under the SAFAESI Act, which is sought to be intercepted in the present Writ Petition. 2. When the matter came up for consideration before this Court on 07.04.2009, further proceedings were stayed subject to the condition that the petitioner deposited a sum of Rs.1.5 lakhs on or before 30.04.2009 and another Rs.1.5 lakhs on or before 19.05.2009. The learned counsel for the petitioner submits that the condition imposed by this Court has already been satisfied. Learned Counsel appearing for the Bank submits that, but for the payment effected by the petitioner based on the interim order passed by this Court, no further amount has been paid by the petitioner. However, considering the persuasive submissions made by the learned counsel for the petitioner and also taking note of the nature of the loan and the compliance with the directions given by this Court, it is found fit and proper to permit the WP(C) No.11556/2009 2 petitioner to wipe off the entire liability by way of four equal monthly instalments, the first of which shall be effected on or before the 31st of this month, to be followed by similar instalments to be effected on or before the 25th of the succeeding months. Subject to the above, the coercive steps stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that if any default is made by the petitioner in clearing the liability as above, the respondent Bank will be at liberty to proceed against the petitioner and his assets for realisation of the amount in a lump sum by pursuing such steps from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc