IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 12TH AUGUST 2010 / 21ST SRAVANA 1932 WP(C).No. 5714 of 2010(L) ------------------------- PETITIONERS: --------------- 1. V.B.JINNAH,ADVOCATE, S/O.V.M.BAVA, AGED 58 YEARS,PUNATHIL HOUSE,PANANGAD, COCHIN- 682506. 2. SMT.FATHIMA JINNAH AGED 52, W/O.V.B.JINNAH, PUNATHIL HOUSE, PANANGAD, COCHIN-682506. BY ADV. MR. T.M.SUNIL MS. S.CHITHRA RESPONDENTS: --------------- 1. M/S.FEDERAL BANK LIMITED PANANGAD BRANCH MADAVANA, PANANGAD - 682506. 2. THE ASSISTANT GENERAL MANAGER, FEDERAL BANK,REGIONAL OFFICE, FEDERAL TOWERS, MARINE DRIVE, COCHIN-682031. BY ADV. MR. A.ANTONY MS. LEELAMMA ANTONY THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 5714 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2010 JUDGMENT The petitioners availed a loan of Rs. 2.75 lakhs from the respondent Bank, creating security interest over the property in question. The amount was agreed to be satisfied by way of regular EMIs as prescribed, but the petitioners could not honour the commitment, which made them defaulters, under which circumstances the respondents resorted to further steps by filing a Civil Suit, wherein in Ext. P1 decree was passed declaring the rights and liberties of the Bank to obtain the due amount with interest, which has become final. Subsequently, the bank filed O.A. for getting it executed. This was followed by Ext. P4 notice issued under the SARFAESI Act, which in turn is subjected to challenge by filing this Writ Petition. 2. The learned counsel appearing for the respondent Bank, with reference to the counter affidavit and also the statement filed subsequently, submits that, the tenure for the repayment of the loan was already over by 9.5.2010. It is stated that, out of total 174 installments, the petitioners chose to satisfy only 31 installments. The total liability as on date is Rs. 8,16,838/- and the prayer for regularization of the account is out of question, submits the learned counsel. W.P. (C) No. 5714 of 2010 : 2 : 3. The learned counsel for the petitioner submits that, the default was never wilful but because of some compelling circumstances and prays for some breathing time to satisfy the liability by way of reasonable installments. The learned counsel further submits that, the petitioners do not intend to press any other grounds in the Writ Petition nor do they intend to avail the statutory remedy by way of Section 17 of the Act. 4. In the above particular facts and circumstances, the petitioner is permitted to clear the 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 petitioners shall be kept in abeyance, for the time being. It is made clear that, if the petitioners commit any default in clearing the 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. P. R. RAMACHANDRA MENON, JUDGE kmd