IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 29TH JULY 2010 / 7TH SRAVANA 1932 WP(C).No. 23767 of 2010(U) --------------------------------------- PETITIONER: ------------------- B.GOPALAKRISHNAN, SWATHI, P.R.A.236, POONKODE BHAGAVATHY NADA P.O., THIRUVANANTHAPURAM. BY ADVS. SRI.M.R.ANANDAKUTTAN, SMT.M.A.ZOHRA, SRI.R.S.MADHU, SRI.MAHESH ANANDAKUTTAN. RESPONDENT: ---------------------- THE KERALA STATE CO-OP. BANK LTD., THIRUVANANTHAPURAM REGIONAL OFFICE, REP. BY ITS AUTHORISED OFFICER, THIRUVANANTHAPURAM REGIONAL OFFICE. BY ADV. SRI.NAGARAJ NARAYANAN,S.C,K.S.CO-OP BANK. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/07/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P. R. RAMACHANDRA MENON, J. =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= W.P.(C) No. 23767 of 2010 =~=~=~=~=~=~=~=~=~=~=~=~=~=~=~=~= Dated this the 29th day of July, 2010 JUDGMENT The petitioner is aggrieved by the steps taken by the bank under the SARFAESI Act in the course of the realization of the amount due under a loan transaction. 2. The factual position, as narrated in the writ petition, reveals that the petitioner borrowed an amount of Rs.4.5 lakhs from the respondent bank creating security interest over the property in question. But the repayment could not be effected on time, allegedly because of some unforeseen 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. 3. The learned counsel for the petitioner submits that the default was never wilful and that the petitioner has earnest desire to clear the liability at the earliest. It is also stated that the petitioner does not intend to challenge the sustainability of the facts and figures and also the steps W.P.(C) No. 23767/2010 2 taken by the bank invoking the jurisdiction under the SARFAESI Act, by fling any statutory appeal before the DRT and further that the only relief now pressed before this Court is to permit the petitioner to clear the liability by way of reasonable instalments. 4. Heard the learned standing counsel for the respondent bank as well. 5. Considering the limited relief pressed, this Court finds it fit and proper to permit the petitioner to discharge the liability in a phased manner. Accordingly, the petitioner is directed to clear the entire liability in 'six' equal monthly instalments; the first of which shall be effected on or before the 30th of August, 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 Exts.P1 and P2 shall be kept in abeyance for the time being. 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 W.P.(C) No. 23767/2010 3 with appropriate steps for realization of the entire amount in a lump. The writ petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE. mn.