IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 6TH APRIL 2010 / 16TH CHAITHRA 1932 WP(C).No. 11929 of 2010(M) ---------------------------------------- PETITIONER(S): ------------------------ AUGUSTY MATHAI, PORIMATTATHIL HOUSE, ALAPARA P.O., KATTAPPANA. BY ADV. SRI.P.SREEKUMAR, SRI.K.S.MANU (PUNUKKONNOOR). RESPONDENT(S): -------------------------- 1. THE AUTHORISED OFFICER, IDUKKI DISTRICT CO-OPERATIVE BANK LTD., IDUKKI COLONY P.O., IDUKKI. 2. THE BRANCH MANAGER, IDUKKI DISTRICT CO-OPERATIVE BANK LTD., VAZHATHOPE BRANCH, IDUKKI. R1 & R2 BY ADV. MR.P.C. SASIDHARAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/04/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.11929 of 2010-M ---------------------------- Dated this the 6th day of April, 2010. J U D G M E N T The petitioner had availed a business loan from the respondent Bank, which however was not repaid on time. In the said circumstances, the Bank proceeded with further steps invoking the provisions under the SARFAESI Act, which in turn is subjected to challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the petitioner does not intend to press the contentions raised as to the sustainability of the steps taken by the Bank, resorting to the alternate remedy by way of appeal before the Debt Recovery Tribunal and the limited prayer pressed before this Court is only to permit the petitioner to clear the entire outstanding liability by way of reasonable instalments. 3. The learned counsel for the Bank submits on instructions that, as on 31.7.2009, the outstanding liability was about Rs.5.93 lakhs, with further interest and cost. Taking note of the submission made from the part of the petitioner, this Court finds it fit and W.P(C) No.11929 of 2010-M 2 proper to permit the petitioner to clear the liability in a phased manner. 4. Accordingly, the petitioner is directed to deposit a sum of Rs.2 lakhs within one month 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 5th of June, 2010; to be followed by similar instalments to be effected on or before the 5th of the succeeding months. Subject to the above, all further coercive proceedings shall be kept in abeyance. It is also 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 W.P(C) No.11929 of 2010-M 3