IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 7TH AUGUST 2009 / 16TH SRAVANA 1931 WP(C).No. 21256 of 2009(B) -------------------------- CMP.1666/2009 of the Chief Judicial Magistrate's Court, Trivandrum .................... PETITIONER: --------------- T.SOBHANAM, S.N.NIVAS, KUTTIKKADU, ELLUVILA P.O., NEYYATTINKARA TALUK, TRIVANDRUM. BY ADV. MR. S.MOHAMMED AL RAFI RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY AUTHORISED OFFICER/CHIEF MANAGER (ADVANCES), REGIONAL OFFICE, NAGARCOIL. 2. BRANCH MANAGER, STATE BANK OF TRAVANCORE, KANNUMAMOODU, TRIVANDRUM DISTRICT. BY ADV. MR. R.S. KALKURA, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 21256 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 7th day of August, 2009 JUDGMENT The petitioner had availed a housing loan of Rs. 4.27 lakhs from the respondent Bank in the year 2003 and yet another 'home decor loan' facility to an extent of Rs. 51,500 in 2006, creating security interest over the very same property. Subsequently, the petitioner who was working abroad is stated as having lost his employment and returned, under which circumstances, he could not repay the due amount on time, which made the respondents to proceed with further steps under the SARFAESI Act. 2. In the course of steps for taking over the physical possession, interception was made subject to the condition that, the petitioner remitted Rs. 1 lakh on or before the 31st of July, 2009. The said amount was paid by the petitioner well within time, but since the respondents are proceeding with the further steps seeking to realize the entire amount in a lump sum, the petitioner is constrained to approach this Court by filing the present Writ Petition. 3. The learned counsel appearing for the respondent Bank submits that, the liability as on 31.7.09 is about Rs.6,33,920/- plus subsequent interest and cost. The learned counsel for the petitioner WP (C) No. 21256 of 2009 : 2 : submits that, the petitioner is ready and willing to clear the liability, if some breathing time is provided. 4. After considering the facts and circumstances, the petitioner is directed to repay the entire outstanding arrears by way of monthly installments at the rate Rs. 1 lakh; the first of which shall be effected on or before the 31st of this month; to be followed by the similar installments to be effected on or before the 30th of the succeeding months, till the loan amount is wiped off in toto. The last amount to be paid will depend upon the requisite extent to clear the liability of the loan. Subject to the above, the coercive steps are directed to be kept in abeyance. It is also made clear that, if the petitioner commits any default in clearing the liability as above, the respondent Bank will be at liberty to proceed against the petitioner with further steps for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd