IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 29TH JANUARY 2010 / 9TH MAGHA 1931 WP(C).No. 37036 of 2009(Y) -------------------------- PETITIONER(S): --------------- 1. RAJEE S KURAIN, W/O.SHAJI K. KURIAN KUDAVANAPPATTU HOUSE, ERATTYAR PO, NOW RESIDING AT V.H.92, KURAVANKONAM, KOWDIAR PO, THIRUVANANTHAPURAM. 2. SHAJI K KURIAN KUDAVANAPPATTU HOUSE, ERATTYAR PO, NOW RESIDING AT V.H.92, KURAVANKONAM, KOWDIAR PO, THIRUVANANTHAPURAM. BY ADV. SRI.RAJU JOSEPH RESPONDENT(S): --------------- 1. THE IDUKKI DISTRICT CO-OPERATIVE BANK IDUKKI 2. THE BRANCH MANAGER DISTRICT CO-OPERATIVE BANK KATTAPPANA. 3. THE AUTHORISED OFFICER DISTRICT CO-OPERATIVE BANK, IDUKKI. STANDING COUNSEL SRI.P.C.SASIDAHARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 37036 of 2009 --------------------------------------- Dated, this the 29th day of January, 2010 J U D G M E N T The petitioners were sanctioned an overdraft facility of Rs.10,00,000/-, but actually had withdrawn only Rs.8,00,000/- from the respondent Bank, in connection with the business and agricultural purpose in the year 2002, creating security interest over the property in question. It is the admitted case of the petitioners that, they could not honour the commitment and repay the amount on time; under which circumstance, the respondent Bank proceeded with further steps under the SARFAESI Act, which have been sought to be intercepted in this Writ Petition. 2. Heard the learned counsel appearing for the Bank as well. 3. It is brought to the notice of this Court that, as on date, a sum of about Rs.10,00,000/- is due as the outstanding liability. The learned counsel for the petitioners submits that the petitioners might be permitted to clear the liability by way of reasonable instalments, after giving credit to the amounts already paid by the petitioners. 4. Considering the facts and circumstances and also the submissions made by the learned counsel for the petitioners that the WP(C) No.37036/2009 2 condition imposed by this Court directing the petitioners to remit a sum of Rs.2,00,000/- has already been satisfied by the petitioners for availing the benefit of interim stay, this Court finds it fit and proper to permit the petitioners to clear the balance liability by way of 'six' equal monthly instalments, the first of which shall be effected on or before the 25th of February, 2010, to be followed by similar instalments to be effected on or before the 25th of the succeeding months. It is made clear that, if any default is committed by the petitioners in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further coercive steps for realisation of the entire amount, in a lump sum, by pursuing such steps from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc