IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 11TH JUNE 2010 / 21ST JYAISTHA 1932 WP(C).No. 18100 of 2010(J) ------------------------------------ PETITIONER: --------------------- SANKARANKUTTY E.C., PARTNER, M/S.J.J.ASSOCIATES, 9/406-B, GUNNY STREET, KOZHIKODE RESIDING AT: 'SIVASAKTHI', KAKKOOR P.O., KOZHIKODE. BY ADV. SRI.P.VENUGOPAL RESPONDENTS : ------------------------- 1. STATE BANK OF INDIA, RASMECCC, KALLAI, KOZHIKODE - 673 003. REPRESENTED BY ITS MANAGER. 2. AUTHORIZED OFFICER, STATE BANK OF INDIA, RASMECCC, KALLAI KOZHIKODE - 673 003. SRI. K.K. CHANDRAN PILLAI,SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. --------------------------------------------- W.P.(C). NO.18100 OF 2010 ---------------------------------------------- Dated this the 11th day of June, 2010. JUDGMENT The petitioner availed a cash credit facility of Rs.5 lakhs from the respondent bank. But there was some default in the matter of repayment, which made the respondent bank to take further steps under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is under challenge in this writ petition. 2. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that the petitioner does not intend to avail the statutory remedy by approaching the Debt Recovery Tribunal and the only prayer pressed before this Court is to permit the petitioner to clear the liability by way of reasonable instalments. 3. The learned counsel appearing for the respondent bank submits on instructions that the business was closed down and that there is no payment at all and account is not W.P.(C). NO.18100 OF 2010 2 operated for two years. The total outstanding liability as on date is stated as about Rs.6 lakhs. 4. After hearing both the sides, particularly the submissions made by the learned counsel for the petitioner that no other relief is prayed for but for some breathing time, this Court permits the petitioner to clear the outstanding liability by way of '8' equal monthly instalments, the first of which shall be effected on or before the 30th of this month, to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that, if any default is committed by the petitioner in satisfying the liability as above, the respondents will be at liberty to proceed with further 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. mns