IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 30TH JUNE 2010 / 9TH ASHADHA 1932 WP(C).No. 20295 of 2010(J) --------------------------------------- PETITIONER(S): ----------------------- SIVAPRASAD, S/O.VAVA, KALAPALLY, THEKKENADA.P.O, VAIKOM, KOTTAYAM DISTRICT. BY ADVS. SRI.K.REGHU KOTTAPPURAM, SRI.R.MAHESH (KOTTAPPURAM). RESPONDENT(S): ---------------------------- 1. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK LTD., REPRESENTED BY THE GENERAL MANAGER, HEAD OFFICE, KOTTAYAM - 686 001. 2. THE AUTHORIZED OFFICER, KOTTAYAM DIST. CO-OPERATIVE BANK LTD., HEAD OFFICE, KOTTAYAM - 686 001. 3. THE JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES, KOTTAYAM - 686 001. R1 & R2 BY ADV. SRI. T.A. SHAJI, SC, KOTTAYAM DIST.CO-OP. BANK R3 BY GOVERNMENT PLEADER SRI. MATHEW GEORGE VADAKKEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.20295 of 2010-J ---------------------------- Dated this 30th the day of June, 2010. J U D G M E N T The petitioner had availed a loan of Rs.96,000/- from the respondent Bank creating security interest over the property in question. But because of some unforeseen circumstances, the petitioner could not satisfy the due amount. In the said circumstances, there was no other alternative for the Bank, but to declare the account as 'NPA' and proceed with further steps invoking the provisions under the SARFAESI Act; which in turn is subjected to challenge in this Writ Petition. 2. Heard the learned standing counsel appearing for the Bank as well, who submits that the outstanding amount will come to Rs.1,19,156/- as on 22.3.2010 with further interest and cost. 3. The learned counsel for the petitioner submits that the petitioner does not intend to press any of the grounds raised in the Writ Petition nor does the petitioner intend to avail the statutory remedy. The only prayer is to permit the petitioner to clear the entire liability in a phased manner; assuring that the petitioner will W.P(C) No.20295 of 2010-J 2 deposit a sum of Rs.50,000/- within one week. 4. Accordingly, the petitioner is directed to deposit a sum of Rs.50,000/- within one week and the balance amount shall be cleared by way of 'five' equal monthly instalments; the first of which shall be effected on or before the 30th of July, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to the above, all further coercive proceedings pursuant to Ext.P2 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. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab