IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 12TH AUGUST 2009 / 21ST SRAVANA 1931 WP(C).No. 22890 of 2009() ------------------------- PETITIONER: --------------- ARU, S/O.KOTTU AGED 75 YEARS, MANNARKKAD PARAMBU, KUNNTHURMEDE P.O., PALAKKAD. BY ADV. SRI.VINOD KUMAR.C RESPONDENTS: --------------- 1. THE MANAGER, INDIAN BANK, PALAKKAD. 2. AUTHORISED OFFICER, INDIA BANK, CHITTUR ROAD, ERNAKULAM. BY STANDING COUNSEL MR. S. EASWARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 22890 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2009 JUDGMENT The petitioner who is septuagenarian having crossed the age of 74 years, has been driven to this Court, allegedly because of the misdeeds committed by his son, who after getting a settlement deed executed in his favour created security interest over the said property by depositing the title deed while standing as a surety in respect of a loan transaction availed by M/s Athira Fast Food belonging to his friend. 2. The petitioner, who belongs to the lower strata of the society, as revealed from Ext.P3 (BPL ration card) and stated as an illiterate, came to know the situation, only when he was confronted with the actual facts and figures by the respondent Bank, pursuant to the steps taken under the SARFAESI Act, for not clearing the arrears on time. 3. The learned counsel for the petitioner submits that, the son of the petitioner is no more available in station, having proceeded to the Gulf in search of some or other employment. Despite the adverse circumstances, it is stated that, the petitioner is ready and willing to clear the entire liability by way of regular monthly installments, payable at the rate Rs.25,000/- till the same is cleared. 4. The learned counsel for the respondent Bank submits that, a sum of nearly Rs. 1.5 lakh is due as on 31.9.08 with further interest and costs. WP (C) No.22890 of 2009 : 2 : 5. Considering the facts and circumstances and also the age and financial status of the petitioner as revealed from Ext.P3, the petitioner is permitted to clear the outstanding liability by way of regular monthly installments at the rate Rs. 25,000/-; the first of which shall be effected or before the 15th of September, 2009 to be followed by the similar installments to be effected on or before the 15th of the succeeding months. Subject to the above, the coercive proceedings stated as being pursued against the petitioner, shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in remitting the installments as above, the respondent Bank will be at liberty to proceed against the petitioner for realization of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of as accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd