IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 19TH MAY 2010 / 29TH VAISAKHA 1932 WP(C).No. 15301 of 2010(K) -------------------------- PETITIONER: --------------- JAYACHANDRAN.K., SARASWATHY BHAVAN, T.C.60/2003, MANACAUD, THIRUVANANTHAPURAM. BY ADV. SRI.N.J.JOHNSON RESPONDENT: --------------- THE AUTHORISED OFFICER, UNION BANK BHAVAN, M.G.ROAD, STATUE, THIRUVANANTHAPURAM. BY SRI.A.S.P.KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.15301 of 2010-K ---------------------------- Dated this the 19th day of May, 2010. J U D G M E N T The petitioner is challenging the sustainability of the steps taken by the Bank by resorting to the provisions under the SARFAESI Act, in the course of realization of the amount stated as due from the petitioner under the loan transaction. 2. The learned counsel for the respondent Bank submits that a total sum of about Rs.6.4 lakhs is due from the petitioner and that the course and conduct pursued by the petitioner right from the beginning was not satisfactory. It is stated that the petitioner was a frequent/chronic defaulter and it was only in the said circumstances, that the Bank was constrained to declare the account as 'NPA', taking appropriate steps under the provisions of the SARFAESI Act. The learned counsel also submits that the steps are being pursued strictly in conformity with the statutory requirements and hence not assailable under any circumstances. 3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that earnest efforts are being made by the petitioner to clear the liability at the earliest. The learned counsel W.P(C) No.15301 of 2010-K 2 further submits that the petitioner does not intend to avail the statutory remedy by approaching the Debt Recovery Tribunal and the only prayer now pressed before this Court is to permit the petitioner to clear the liability by way of reasonable instalments. 4. After hearing both the sides the petitioner is permitted to clear the liability by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 15th of June, 2010; to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to this, all further coercive steps being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed in satisfying the due amount as above, it is open to the respondents, to proceed with appropriate steps in accordance with law for realisation of the entire amount in a lump sum, from the stage where it stands now. This will not preclude the way of the petitioner in approaching the Bank for any concession/allowances, on which event, it shall be considered to extend the benefits, if any, to the permissible extent. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON, JUDGE ab W.P(C) No.15301 of 2010-K 3 ab