IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 12TH MARCH 2010 / 21ST PHALGUNA 1931 WP(C).No. 5653 of 2010(F) ------------------------- PETITIONERS: --------------- 1. SUJA MOHAN, W/O. MOHANAN, AGED 30 YEARS, MUDAYOOR HOUSE, ASARYMOOLAM, MANAKODY P.O, THRISSUR-680 017. 2. MOHANAN.M.N,S/O.NARAYANAN, MUDAYOOR HOUSE, ASARYMOOLAM, MANAKODY P.O, THRISSUR-680 017. 3. KARTHIKEYAN.P.S, S/O.SANKU, PALLIPURATHUKARAN HOUSE,ASARYMOOLAM, MANAKODY P.O, THRISSUR-680 017. 4. SANTHA KARTHIKEYAN, W/O.KARTHIKEYAN PALLIPURATHUKARAN HOUSE,ASARYMOOLAM, MANAKODY P.O, THRISSUR-680 017. BY ADV. SRI.C.A.CHACKO SMT.C.M.CHARISMA SRI.N.A.SHAFEEK SRI.M.S.UNNIKRISHNAN (OASIS) RESPONDENTS: --------------- 1. M/S.STATE BANK OF TRAVANCORE , S.M.E.BRANCH, THRISSUR, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORIZED OFFICER(CHIEF MANAGER) M/S.STATE BANK OF TRAVANCORE ,STRESSED ASSETS RESOLUTION CENTRE, GEETHANJALI BUILDINGS, PARAMEKKAVU, THRISSUR. ADV. SRI.T.SETHUMADHAVAN SRI.PUSHPARAJAN KODOTH SRI.K.JAYESH MOHANKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ WP (C) NO. 5653 OF 2010 ............................................ Dated this the 12th day of March, 2010 J U D G M E N T The petitioners had availed a loan from the respondent Bank, which however, could not be repaid on time, under which circumstances, the Bank proceeded with further steps under the SARFAESI Act, which in turn forms the subject matter of challenge in this Writ Petition. 2. The Learned Counsel appearing for the respondent Bank submits on instructions that, more than Rupees 4.5 lakhs is due, to clear as the outstanding amount under the loan transaction. Learned Counsel for the petitioner submits that the default is not wilful, but because of some unforeseen circumstances and that the petitioners have WP (C) NO. 5653 OF 2010 2 made earnest arrangements to wipe out the entire liability, for which, some breathing time is sought for, by way of installments. 3. After hearing the rival submissions, this Court finds that the petitioners can be permitted to clear the entire liability by way of installments. 4. The learned counsel for the petitioners submitted that, the petitioners do not want to challenge the steps taken by the respondent Bank, by approaching the Debt Recovery Tribunal. Accordingly, the petitioners are directed to clear the said liability by way of 'five' equal monthly installments, the first of which shall be effected on or before 30-03-2010, to be followed by the subsequent installments to be effected on or before the 30th of the succeeding months. 5. Subject to this, all further recovery proceedings stated as being pursued by the respondent Bank will be WP (C) NO. 5653 OF 2010 3 kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the amount as above, the respondents will be at liberty to proceed with further steps, for realisation of the entire amount in a lump sum. The Writ Petition is disposed of, as above. P.R. RAMACHANDRA MENON, JUDGE. rkc