IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 5TH APRIL 2010 / 15TH CHAITHRA 1932 WP(C).No. 6619 of 2010(B) ------------------------- CMP.112/2010 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): ------------------------- 1. SHIFLA KHADER, PROPRIETRIX, M/S.KOHINOOR PAINTS AND HARDWARES, BISMI, MRA 241/A, TC.NO.13/409(2),MOOLAVILAKOM, KUNNUKUZHI POST, THIRUVANANTHAPURAM. 2. MRS.ZIYAD ZAKHARIA,PROPRIETOR, M/S.KOHINOOR PAINTS AND HARDWARES, BISMI, MRA 241/A, TC.NO.13/409(2),MOOLAVILAKOM, KUNNUKUZHI POST, THIRUVANANTHAPURAM. BY ADV. SRI.P.K.MUHAMMED RESPONDENT(S): --------------------------- 1. THE AUTHORIZED OFFICER, PUNJAB AND SIND BANK, STATUE BRANCH, M.G.ROAD, THIRUVANANTHAPURAM. 2. STATE OF KERALA, REPRESENTED BY THE GOVERNMENT PLEADER, HIGH COURT OF KERALA, ERNAKULAM. R1 BY ADVS. SRI.SAJI MATHEW, SRI.DENU JOSEPH, SRI.JUFIN GEORGE VALOORAN. R2 BY GOVERNMENT PLEADER SRI. BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/04/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.6619 of 2010-B ---------------------------- Dated this the 5th day of April, 2010. J U D G M E N T The petitioners had availed a loan to the extent of Rs.1 lakh from the respondent Bank. But the same could not be repaid on time, under which circumstances, the Bank proceeded with further steps under the relevant provisions of the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the petitioners submits that the condition imposed by this Court on 24.3.2010 while intercepting the coercive steps has already been satisfied; that the petitioners do not intend to press any of the challenges raised against the steps taken by the Bank and the only prayer pressed before this Court is to permit the petitioners to clear the entire liability by way of reasonable instalments. 3. The learned counsel for the Bank submits that a balance amount about Rs.75,000/- is due from the petitioners under the loan transaction. This Court does not propose to go into the correctness or otherwise of the actual amount due; but for finding it W.P(C) No.6619 of 2010-B 2 fit and proper to permit the petitioners to clear the liability in a phased manner. 4. Accordingly, the petitioners are permitted to clear the entire outstanding liability by way of ‘three’ equal monthly instalments; the first of which shall be effected on or before the 30th of this month; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, all further coercive proceedings shall be kept in abeyance. It is made clear that, if any default is committed by the petitioners in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab W.P(C) No.6619 of 2010-B 3