IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HON'BLE THE ACTING CHIEF JUSTICE MRS.MANJULA CHELLUR & THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 23RD NOVEMBER 2011 / 2ND AGRAHAYANA 1933 WA.No. 1774 of 2011() --------------------- AGAINST THE JUDGEMENT IN WPC.17636/2011 Dated 21/07/2011 .................... APPELLANT: -------------- JULIE MEENAN, NEELANCHANAM, SRPS, D-7, TC 19/907, SOUTH ROAD, MUDAVANMUGHAL, POOJAPPURA, THIRUVANANTHAPURAM. BY ADV. MR. S.MOHAMMED AL RAFI RESPONDENTS : --------------- 1. PUNJAB NATIONAL BANK, REPRESENTED BY AUTHORISED OFFICER / ASSISTANT GENERAL MANAGER, CTGP TOWERS, STATUE, THIRUVANANTHAPURAM 695001 2. BRANCH MANAGER, PUNJAB NATIONAL BANK, ANJANA BUILDING, PUTHUPPALLY LANE, MEDICAL COLLEGE BRANCH, THIRUVANANTHAPURAM 695011 R1 AND R2 BY ADV. MR. R. S. MOHANAN NAIR THIS WRIT APPEAL HAVING BEEN FINALLY HEARD ON 23/11/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: MANJULA CHELLUR, Ag. C.J. & P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.A. No. 1774 OF 2011 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 23rd day of November, 2011 JUDGMENT Manjula Chellur, Ag.C.J. The appellant is before us challenging the judgment dated 21.07.2011 in W.P.(C) 17636 of 2011, wherein the learned Single Judge declined to interfere with the proceedings initiated against the appellant under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act in short). 2. From the submissions across the Bar, we note that, simultaneous proceedings before the Debt Recovery Tribunal is also pending, challenging the proceedings under Section 14 of the SARFAESI Act. The learned counsel for the appellant undertakes to withdraw the proceedings before the Debt Recovery Tribunal. In that view of the matter, we proceed to consider the present appeal. 3. No doubt, on earlier occasion the appellant approached this Court and obtained a judgment as per Ext. P3. However, we note that, he did not get any favourable order on earlier occasion also, having regard to the failure on his part to comply with the interim direction therein. Still, the fact W.A No. 1774 of 2011 :2: remains is, subsequent to Ext. P3, a sum of Rs. 13.5 lakhs came to be paid by him towards the outstanding dues. This is not disputed by the learned counsel for the respondent as well. 4. Therefore, now as on today only Rupees Twenty eight lakhs and odd is the outstanding amount plus subsequent interest and costs. The appellant counsel undertakes on behalf of his client that the appellant would discharge the entire outstanding liability, if two months time is given. We are of the opinion, if in four bimonthly equal installments the appellant were to repay the entire outstanding due commencing from 10.12.2011, concession could be shown to him. This is purely because of the fact that he has remitted a considerable amount of Rs.13.5 lakhs before initiation of proceedings under Section 17 of the SARFAESI Act, subsequent to Ext. P3. Accordingly, we dispose of the appeal, staying further proceedings of taking possession as contemplated under Section 14 of the Act, directing the appellant to repay entire outstanding as stated above, subject to following conditions: (i) he shall withdraw the proceedings before the Debt Recovery Tribunal. (ii) he shall not commit any default in payment of any of the four installments. W.A No. 1774 of 2011 :3: (iii) if he defaults in payment of any one of the installments, he will not have the benefit given to him under this order. Sd/- MANJULA CHELLUR, Ag. CHIEF JUSTICE Sd/- P. R. RAMACHANDRA MENON, JUDGE kmd /True copy/ P.A. to Judge