IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 21ST JANUARY 2010 / 1ST MAGHA 1931 WP(C).No. 586 of 2010(W) ------------------------ PETITIONER: --------------- PANTHAR ABDUL BASHEER, S/O.KHADR HAJI, PANTHAR HOUSE, MAMPAD P.O., NILAMBUR TALUK, MALAPPURAM DISTRICT. BY ADV. SRI.M.SHAJU PURUSHOTHAMAN RESPONDENTS: --------------- 1. THE NILAMBUR CO-OPERATIVE URBAN BANK LTD., REPRESENTED BY ITS SECRETARY, NILAMBUR. 2. THE AUTHORIZED OFFICER, NILAMBUR CO-OPERATIVE URBAN BANK LTD., NILAMBUR. 3. THE REGISTRAR OF CO-OPERATIVE SOCIETIES, THIRUVANANTHAPURAM. 4. ABDUL LATHEEF, S/O.KHADER HAJI, PANTHAR HOUSE, MAMPAD P.O., NILAMBUR TALUK, MALAPPURAM DISTRICT. BY ADV. MR. DEVAPRASANTH, SC. BY GOVERNMENT PLEADER ADV.MR. BIJOY CHANDRAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 586 OF 2010 ......................................................................... Dated this the 21st January , 2010 J U D G M E N T The petitioner is aggrieved of the revenue recovery proceedings pursued by the respondent Bank invoking the machinery under the SARFAESI ACT. 2. The learned Counsel appearing for the Bank, on instruction, submits that nearly 3.22. lakhs (as on 20th of this month) is due from the petitioner under the loan transaction. It is also stated that the proceedings have been initiated and pursued against the petitioner by the respondent Bank strictly in accordance with the relevant provisions of the law and that the challenge raised against the steps taken by the Bank is devoid of any merit or bonafides; simultaneously adding that a sum of Rs.1,28,884/- itself is due with further interest and cost towards the defaulted installments. The learned Counsel also submits that if the petitioner is ready and willing to clear the overdue amount forthwith, the loan account could be regularized, which proposal is readily accepted from the part of the petitioner as well, as submitted by the learned Counsel for the petitioner . W.P.(C) No. 586 OF 2010 2 3. In the above facts and circumstances, the petitioner is directed to deposit a sum of Rs.50,000/- (Rupees fifty thousand only) within two weeks, another sum of Rs.50,000/- (Rupees fifty thousand only) on or before 28.02.2010 and the entire remaining overdue amount on or before 31.03.2010. Subject to the above, the loan account of the petitioner will stand regularized. This will be in addition to the liability of the petitioner to satisfy the regular monthly installments as well. If any default is committed in clearing the overdue amount as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps from the stage where it stands now for realization of the entire amount in a lump sum The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk