IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 10TH MARCH 2011 / 19TH PHALGUNA 1932 WP(C).No. 7469 of 2011(G) ------------------------- PETITIONER: --------------- K.V. RAMACHANDRAN, S/O VASUDEVAN, AGED 77 YEARS, MURALEERAVAM, SANATHANAPURAM P.O., ALAPPUZHA BY ADV. MR. P.KRISHNA KUMAR (ALAPPUZHA) MR. R.VIJAYACHANDRAN MR. SUNIL J.CHAKKALACKAL RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE, VADAICKANAL BRANCH, ALAPPUZHA, REP. BY ITS BRANCH MANAGER PIN 688001 2. THE AUTHORIZED OFFICER, CHIEF MANAGER (ADVANCES), ZONAL OFFICE, SBT, PANAMPILLY NAGAR, ERNAKULAM PIN 3820 36 ADV. MR. SATHISH NINAN , STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P (C) No. 7469 OF 2011 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 10th day of March, 2011 JUDGMENT The petitioner had availed a loan of Rs. 3 lakhs from the respondent Bank in the year 2007, creating security interest over the property in question, which is stated as nearly 5 cents of land with a residential building therein. However, the repayments could not be effected as scheduled; pursuant to which, the respondents were taken steps under the SARFAESI Act, leading to issuance of Ext. P3 notice issued by the Advocate Commissioner appointed by the Chief Judicial Magistrate, Alappuzha. The petitioner is before this Court seeking for indulgence of this Court, praying that, the petitioner may be permitted to clear the liability in a phased manner. 2. The learned counsel for the petitioner submits that, the petitioner neither intends to challenge the proceeding by resorting the alternate remedy nor does he press any other grounds in the writ petition, but for seeking to permit the petitioner to clear the liability by way of reasonable installments. 3. The learned standing counsel appearing for the respondent Bank submits on instructions that, the total liability as on date will come nearly to Rs. 3.73 lakhs. W.P. (C) No. 7469 of 2011 2 4. Considering the particular facts and circumstances, including the advanced age of the petitioner, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. Accordingly, the petitioner is directed to satisfy a sum of Rs. 50,000/- on or before 31st of this month and the balance amount shall be cleared by way of 'nine' equal monthly installments, the first of which shall be effected on or before the 30th April, 2011 to be followed by similar installments to be effected on before the last working day of the succeeding months. Subject to this , the coercive proceedings, stated as being pursued against the petitioner, shall be kept in abeyance. It is made clear that, if the petitioner commits any default in this regard, the respondents will be free to proceed with further steps, for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd