IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 7TH JANUARY 2010 / 17TH POUSHA 1931 WP(C).No. 502 of 2010(K) ----------------------------------- PETITIONER(S): ----------------------- K.A. NISSAR, PROPRIETOR, M/S.OCEANIC INTERNATIONAL, 485/4/3, BEACH WARD, ALAPUZHA, RESIDING AT THAIPPARAMBIL, P.H.WARD, ALAPUZHA, ALAPUZHA DISTRICT. BY ADV. MR.R.KRISHNAKUMAR (CHERTHALA) RESPONDENT(S): ------------------------- 1. AUTHORIZED OFFICER/CHIEF MANAGER, STATE BANK OF INDIA, A.D.BRANCH, ALAPUZHA. 2. THE BRANCH MANAGER, STATE BANK OF INDIA, AGRICULTURAL DEVELOPMENT BRANCH, ALAPUZHA. 3. ARAVIND GHOSH, ADVOCATE, NEAR DISTRICT COURT, ALAPUZHA. R1 & R2 BY ADV. MR.K.K. CHANDRAN PILLAI, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/01/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 502 OF 2010 ......................................................................... Dated this the 7th January, 2010 J U D G M E N T The petitioner had availed a term loan of Rs.7.5 lakhs from the second respondent on 16.03.2006, agreeing to clear the liability by way of monthly installments at the rate of Rs.16,545/-. However, the petitioner could not satisfy the commitment, under which circumstance, the second respondent proceeded with further steps invoking the right vested under the SARFAESI Act, which led to Ext. P2 notice issued by the Advocate Commissioner appointed by the C.J.M. Court, Alappuzha in C.M.P. No. 8367 of 2009 as contemplated under Section 14 of the Act. 2. The learned Counsel for the petitioner submits that the default occurred was never wilful or due to deliberate negligence but for some unforeseen circumstances, whereby the business of the petitioner happened to be collapsed. In any view of the W.P.(C) No. 502 OF 2010 2 matter, the petitioner is ready and willing to clear a sum of Rs. two lakhs within one week and the balance will be cleared by way of equal monthly installments 2. Heard the learned Counsel appearing for the Bank as well, who submits, on instruction, that the petitioner was not at all eager to satisfy the liability as and when the same fell due and that even the notice issued under Section 13(2) of the Act could not be served upon him, under which circumstances, the Bank was constrained to effect paper publication and it was only pursuant to the steps taken invoking the provisions under Section 14 by filing necessary proceedings before the C.J.M. Court, the petitioner chose to turn up before the Bank few weeks back stating that he would clear the entire liability within the shortest possible time, which also reportedly expired on the day before yesterday 3. After considering the rival submission, this Court finds that the matter could be disposed of. Accordingly, the petitioner is directed to deposit a sum of Rs. two lakhs within one week and the balance amount including interest and cost shall be W.P.(C) No. 502 OF 2010 3 satisfied by the petitioner by way of 6 equal monthly installments, the first of which shall be effected on or before 28.02.2010, to be followed by similar installments to be effected on or before 28th 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 effecting the installments as above, the respondents will be at liberty to proceed with further steps from the stage where it stands now, for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk