IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 18TH AUGUST 2010 / 27TH SRAVANA 1932 WP(C).No. 25481 of 2010(I) -------------------------- PETITIONER: --------------- AHAMEED KABEER,S/O.VEERAN HAJI, KALATHIL HOUSE, VALLAPPUZHA POST, OTTAPPALAM TALUK REPRESENTED BY THE POWER OF ATTORNEY ABDUL JALAL AGED 38 YEARS S/O.ALAVI HAJI, MECHERI KUNNATH HOUSE, VALLAPUZHA POST, OTTAPALAM TALUK. BY ADV. MS. T.D.RAJALAKSHMI MR. R.SREEHARI RESPONDENTS: --------------- 1. CANARA BANK OTTAPALAM BRNACH, OTTAPALAM REPRESENTED BY ITS BRANCH MANAGER, PIN-679 101. 2. THE AUTHORISED OFFICER, CANARA BANK OTTAPALAM BRNACH, OTTAPALAM -679 101. BY ADV. MR. V.B. HARINARAYAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 25481 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 18th day of August, 2010 JUDGMENT The petitioner availed two different loans from the respondent Bank in connection with construction and improvement of the house, creating security interest over the property in question. But, since the repayments was not effected on time, the Bank proceeded with further steps under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that, the default was never wilful but because of some unforeseen pecuniary circumstances. It is stated that the petitioner is ready and willing to clear the entire liability within the shortest possible time, for which the benefit of installments is sought for. The learned counsel further submits that, the petitioner is not intending to avail the statutory remedy by resorting to the steps under Section 17 of the Act. 3. The learned standing counsel appearing for the respondent Bank submits that, the outstanding liability in respect of the first loan is Rs.10,84,734/- whereas the outstanding liability in respect of the second loan is Rs. 1,48,923/- 4. Considering the facts and circumstances and also the persuasive submission made by the learned counsel for the petitioner, this Court finds W.P.(C) No. 25481 of 2010 2 it fit and proper to permit the petitioner to clear the liability in a phased manner. Accordingly, the petitioner is directed to clear the entire outstanding liability by way of 'six' equal monthly installments; the first of which shall be effected on or before the 20th of September, 2010 to be followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing the outstanding liability as above, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd