IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 13TH JANUARY 2010 / 23TH POUSHA 1931 WP(C).No. 786 of 2010(W) ------------------------ PETITIONER(S): --------------- JAYAMON.T.P., S/O. PONNAPPAN, AGED 41, THEKKETHARAYIL, MARARIKULAM NORTH.P.O., ALAPPUZHA-688549. BY ADV. SRI.R.KRISHNAKUMAR (CHERTHALA) RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER, THE KERALA STAT CO-OPERATIVE BANK LTD., REGIONAL OFFICER, DORAISWAMY IYER ROAD, KOCHI-682035. 2. REGIONAL MANAGER IN-CHARGE, THE KERALA STATE CO-OPERATIVE BANK LTD., STATE CO-OPERATIVE BANK BUILDING, OVERBRIDGE JUNCTION, THIRUVANANTHAPURAM-695001. ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 786 of 2010 ---------------------------------- Dated, this the 13th day of January, 2010 J U D G M E N T This is a petition challenging the coercive proceedings taken by the respondent Bank invoking the provisions under the SARFAESI Act, when the petitioner was turned to be defaulter in satisfying the liability under a loan transaction. 2. The learned counsel appearing for the respondent Bank submits on instructions that the outstanding liability towards the defaulted arrears comes around Rs.55,000/-, plus interest and cost and that, if the petitioner clears the entire outstanding liability as above towards the defaulted arrears, the Bank is very much ready and willing to have the loan account regularized. 3. After considering the facts and circumstances, the petitioner is directed to wipe off the overdue amount as stated above, by way of two equal monthly instalments, the first of which shall be effected on or before the 31st of this month and the next one on or before the 25th of the next month, on which event, the loan account will stand regularized and all further coercive proceedings shall be kept in abeyance subject to the above. This will be in addition to the liability of the petitioner to satisfy WP(C) No.786/2010 2 the regular EMI as well. It is also made clear that, if any default is made in satisfying the liability towards the defaulted instalments or if any two consecutive defaults are made in respect of the regular EMIs, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum by pursuing such proceedings from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc