IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 18TH MAY 2010 / 28TH VAISAKHA 1932 WP(C).No. 14472 of 2010(H) -------------------------- PETITIONER: --------------- VISWANATHAN NAIR, S/O.SIVARAMA MENON, KUNNEVELIYIL HOUSE, CHERTHALA SOUTH P.O., ALAPPUZHA. BY ADV. SRI.VIJU ABRAHAM SRI.DOMINIC JOHNSON RESPONDENT: --------------- STATE BANK OF TRAVANCORE, REPRESENTED BY ITS CHIEF MANAGER, EDAPPALLY BRANCH AND AUTHORIZED OFFICER UNDER THE SARFASEI ACT. BY ADV. SRI.SATHISH NINAN , SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 14472 OF 2010 ......................................................................... Dated this the 18th May , 2010 J U D G M E N T The petitioner had availed a loan of Rs. One lakh from the respondent Bank in the year 2005 in connection with the marriage of his daughter creating security interest over the property in question. But the petitioner could not honour the commitment with regard to the satisfaction of liability by way of installments, which made the respondents to proceed with further steps under the SARFAESI Act, declaring the account of the petitioner as 'NPA', which is under challenge in this Writ Petition. 2. The case of the petitioner is that he is only a 'Lab assistant' and that earnest arrangements are being made to see that the liability is cleared within the shortest possible time. It is also stated that the petitioner has applied for 'VRS' , which will come into effect from 30.06.2010 and that on obtaining retirement benefits, (which may take a couple of months further), the entire liability to the Bank will be discharged . The factual position narrated in this regard is also seen revealed to the respondent Bank in the course of the discussion stated as held in Ext.P6. 3. Heard the learned Standing Counsel appearing for the W.P.(C) No. 14472 OF 2010 2 respondent Bank as well, who submits that the total liability is more than Rs.1.5 lakhs and that unless and until the petitioner proves his bonafides by satisfying a portion of the liability, the request now put forth before this Court is not liable to be entertained . 4. In the facts and circumstances, the petitioner is directed to deposit a sum of Rs.25,000/- on or before 31.05.2010 and the balance amount shall be satisfied on or before 30th September 2010. Subject to the above, the recovery proceedings being pursued against the petitioner shall be kept in abeyance. 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 coercive steps for realisation of the amount in a lump sum from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk