IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 17TH JUNE 2010 / 27TH JYAISTHA 1932 WP(C).No. 12670 of 2010(G) -------------------------- PETITIONER: --------------- ARUN P.SAMUEL, PROP.M/S.J.J.ASSOCIATES, M-10/19, MALAPARAMBU HOUSING COLONY, MALAPARAMBU, KOZHIKODE 673009. BY ADV. SRI.K.VIDYASAGAR RESPONDENTS: --------------- 1. THE MANAGER, BANK OF INDIA, MAVOOR ROAD BRANCH, KOZHIKODE DISTRICT. 2. THE CHIEF MANAGER, BANK OF INDIA, ERNAKULAM. ADV. SRI.DEVAN RAMACHANDRAN FOR R1 SRI.K.M.ANEESH FOR R1 SRI.SANTHOSH KUMAR K. FOR R1 STANDING COUNSEL SRI DIVAN TRAMACHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ................................................... WP (C) No. 12670 of 2010 ............................................... Dated this the 17th day of June, 2010 J U D G M E N T ------------------------ The petitioner had availed a loan of Rs.7,50,000/- from the respondent Bank in September 2005 in connection with his business. But the repayment could not be effected on time as scheduled, under which circumstance, the account was declared as NPA and the Bank proceeded with further steps under the SARFAESI Act; which forms the subject matter of challenge in this writ petition. 2. The learned counsel for the petitioner submits that the default was not wilful, but because of some unforeseen circumstances in view of the sudden down fall in the business and that the petitioner is suffering from some serious ailments. Despite this, the petitioner has made earnest arrangements to wipe out the entire liability, for which, some breathing time is sought for, by 2 WP (C) No. 12670 of 2010 way of 'six' monthly installments as stated in Para. 6 of the Writ Petition. 3. Learned counsel appearing for the respondent Bank submits on instructions that the last payment effected was on 18-02-2008 and hence that the action pursued by the Bank is very much in conformity with the relevant provisions of law, especially when huge amount is in arrears, making the outstanding amount under the loan nearly Rs.10.75 lakhs. 4. Considering the particular facts and circumstances and also taking note of the specific averment in para 6 of the Writ Petition, seeking for 'six' months installments, this Court finds that the petitioner can be given some breathing time, to clear the entire outstanding liability as above. 5. Accordingly, the petitioner is directed to clear the the entire amount due under the loan transaction, by way of 'six' equal monthly installments, the first of which shall be effected on or before 15th July, 2010, to be followed by 3 WP (C) No. 12670 of 2010 the subsequent installments to be effected on or before the 15th of the succeeding months. Subject to this, all further recovery proceedings stated as being pursued by the respondent Bank shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will be open to the Bank, to proceed with appropriate steps for realization of the entire amount in a lump sum. P.R. RAMACHANDRA MENON, JUDGE. rkc