IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 10TH FEBRUARY 2010/21ST MAGHA 1931 WP(C).No. 2904 of 2010(K) ------------------------- PETITIONER: --------------- T.P.GOPALAKRISHNAN, S/O.PARAMESWARAN, AGED 54 YEARS, TRIPRAYAR THEKKOTTU HOUSE, PO.PERINGOTTUKARA, THRISSUR DISTRICT. BY ADV. SRI.PHILIP T.VARGHESE SRI.THOMAS T.VARGHESE RESPONDENTS: --------------- 1. ANDHRA BANK, THRISSUR BRANCH, REPRESENTED BY ITS MANAGER,. 2. THE AUTHORIZED OFFICER UNDER THE SARFESI ACT, ANDHRA BANK, THRISSUR BRANCH. ADV. SRI.ABRAHAM MATHEW (VETTOOR) FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 2904 of 2010-K ---------------------------- Dated this the 10th day of February, 2010. J U D G M E N T The petitioner had availed a housing loan of Rs.1.75 lakhs from the first respondent Bank, by creating security interest over the property in question. But the re-payment could not be effected on time, which made the respondents to proceed with further steps invoking the machinery under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the petitioner has made necessary arrangements to raise funds from other sources, seeking to wipe off the entire liability to the Bank and the same will be cleared before 30.4.2010. 3. The learned counsel appearing for the respondent Bank submits on instructions, that the outstanding liability will be around Rs.1.4 lakhs with interest and cost and the petitioner will have to prove his bonafides by effecting a portion of the liability immediately. 4. Considering the facts and circumstances, the petitioner W.P(C) No. 2904 of 2010-K 2 is directed to deposit a sum of Rs.25,000/- within 'two weeks' and the balance amount shall be cleared by way of 'two' equal monthly instalments; the first of which shall be effected on or before 31.3.2010 and the next and the last one on or before 30.4.2010. Subject to the above, all further recovery 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 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, from the stage where it stands now. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab