IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 3RD AUGUST 2010 / 12TH SRAVANA 1932 WP(C).No. 7977 of 2010(V) ------------------------- PETITIONER: --------------- KUNHALANKUTTY, S/O.UMMER, KAMBATH HOUSE, PAZHUR P.O., MALAPPURAM DISTRICT. BY ADV. MR. P.K.SURESH KUMAR MR. V.C.MADHAVANKUTTY RESPONDENTS: --------------- 1. THE SALE OFFICER, TIRUR CO-OPERATIVE AGRICULTURAL DEVELOPMENT BANK P.B.NO.55, TIRUR, MALAPPURAM DISTRICT. 2. TIRUR CO-OPERATIVE AGRICULTURAL DEVELOPMENT BANK, P.B.NO.55, TIRUR MALAPPURAM DISTRICT, REPRESENTED BY ITS SECRETARY. ADV. MR. V.G.ARUN MR. T.R.HARIKUMAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 03/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 7977 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 3rd day of August, 2010 JUDGMENT The petitioner is challenging the steps taken by the respondent Bank for realization of the amount stated as due under a loan transaction. 2. When the matter came up for consideration before this Court on 11.3.2010, the coercive steps were intercepted, on condition that, the petitioner deposited a sum of Rs. 15,000/- before 18.3.2010 and a further sum of Rs. 60,000/- within a period of one month thereafter, which is stated as complied with. 3. The learned standing counsel appearing for the respondent Bank submits, on instructions, that, as on date, the outstanding liability under the loan transaction is merely Rs. 2.48 lakhs. 4. The learned counsel for the petitioner submits that, the petitioner is ready and willing to wipe off the entire outstanding liability, for which some breathing time is sought for, permitting the petitioner to clear the same by way of reasonable installments. 5. Considering the facts and circumstances, the petitioner is permitted to satisfy the outstanding liability in a phased manner. Accordingly, the petitioner is directed to clear the entire outstanding W.P. (C) No. 7977 of 2010 : 2 : liability by way of 'six' equal monthly installments; the first of which shall be effected on or before the 30th of this month; to be followed by similar installments to be effected on or before the 30th 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 accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd