IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 16TH JULY 2010 / 25TH ASHADHA 1932 WP(C).No. 20274 of 2010(H) --------------------------------------- PETITIONER(S): ----------------------- M. ARUNKUMAR, MATTAKKATTU BHAVAN, PADINJATTUKARA PO, KADAPLAMATTOM VIA, PALAYAM, KOTTAYAM DISTRICT. BY ADV. SRI.E.A.BIJUMON RESPONDENT(S): -------------------------- STATE BANK OF INDIA, RETAIL ASSETS SMALL AND MEDIUM ENTERPRISES CITY, CREDIT CENTRE (RASMECC), SBI BUILDING, ENGLISH CHURCH ROAD, PALAKKAD, PIN-678 001. BY ADV. MR.K.K. CHANDRAN PILLAI, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/07/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R.RAMACHANDRA MENON, J -------------------------------------------- WP(C) NO. 20274 OF 2010 -------------------------------------------- Dated this the 16th day of July, 2010 JUDGMENT The petitioner availed two loans for a total sum of about Rs.5 lakhs from the respondent Bank in the year 2006, in connection with the business, creating security interest over the property in question. But the repayment could not be effected on time, under which circumstance, the Bank proceeded with steps under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the Bank submits on instructions, that the outstanding liability under the loans comes to about Rs.5,67,677/- as on 08.07.2010 with further interest and cost. The learned counsel also submits that, the action being pursued by the Bank is perfectly within the four walls of the law. 3. The learned counsel for the petitioner submits that, the petitioner does not intend to challenge the steps taken by the Bank under SARFAESI Act, by pressing any of the grounds raised in the Writ Petition, simultaneously adding that S.A. No. 583/2009 already preferred by the petitioner before the DRT, Ernakulam, in connection with the above loan transactions will be caused to be withdrawn forthwith. The only prayer now pressed before this Court is to permit the petitioner to wipe off the entire 2 WP(C) No. 20274/2010 liability by way of reasonable instalments. 3. Considering the limited nature of relief now sought for by 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 the entire outstanding arrears by 'six' equal monthly instalments, the first of which shall be effected on or before the 20th of August, 2010, to be followed by similar instalments to be effected on or before the 20th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the liability as above, the respondent 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 accordingly. P.R.RAMACHANDRA MENON JUDGE dnc