IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 22ND MARCH 2010 / 1ST CHAITHRA 1932 WP(C).No. 8696 of 2010(J) ------------------------- CMP.513/2010 of C.J.M.,KOZHIKODE .................... PETITIONER(S): --------------- RUGMINI VELAYUDHAN.A.S., AGED 58, W/O.LATE VELAYUDHAN, `RUKKU NIVAS' EZHUKANDAM NILAM PARAMBA, NEAR R.K.MISSION ASHRAM, MINI BYE PASS ROAD, KALLAYI, KOZHIKODE. BY ADVS. MR.SRINATH GIRISH, MR.E.NARAYANAN. RESPONDENT(S): ---------------------------- THE SOUTH INDIAN BANK LTD., JAIL ROAD, KOZHIKODE (MAIN BRANCH) REPRESENTED BY THE AUTHORISED OFFICER UNDER THE SARFAESI ACT, 2002. BY ADVS. MR.GEORGE VARGHESE (MANACHIRACKEL) MR.P.R.MILTON, MR.K.J.CHACKOCHAN. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R. RAMACHANDRA MENON, J. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ W.P.(C).No.8696 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Dated this the 22nd day of March, 2010 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ J U D G M E N T The petitioner had availed a housing loan from the respondent bank, which however, was not repaid in time. In the said circumstance, the bank declared the account as 'NPA' and proceeded with further steps for realisation of the due amount invoking the machinery under the SARFAESI Act, which is under challenge in this writ petition. 2. The learned counsel appearing for the respondent bank submits on instruction that the total outstanding liability will come around 7.5 lakhs. 3. The learned counsel for the petitioner submits that, the entire outstanding liability under the loan will be cleared within six months. The learned counsel also submits that, the petitioner does not want to challenge the steps taken by the bank either by approaching the DRT or otherwise. W.P.(C).No.8696 of 2010 2 4. In the above circumstance, this Court finds it fit and proper to permit the petitioner to clear the entire liability, by way of 'six' equal monthly installments; the first of which shall be effected on or before the 15th of April 2010, to be followed by similar installments to be made on or before the 15th of the succeeding months. Subject to this, all recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner, 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 steps from the stage where it stands now. The writ petition is disposed of as above. P.R. RAMACHANDRA MENON JUDGE nl