IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 4TH MARCH 2010 / 13TH PHALGUNA 1931 WP(C).No. 31424 of 2009(W) -------------------------- PETITIONER(S): --------------- CHRISTU DAS, S/O. SANKARAN NADAR AGED 65 YEARS, DAS BHAVAN, THACHANCODE KUTTICHAL.P.O. THIRUVANANTHAPURAM PP HOUSE ERUMANKUZHI, KOTTOOR.P.O., THIRUVANANTHAPURAM. BY ADV. SRI.SUMAN CHAKRAVARTHY SRI.A.S.ANILKUMAR RESPONDENT(S): --------------- 1. THE AUTHORIZE OFFICER, (THE CHIEF MANAGER) UNION BANK OF INDIA, UNION BANK OF INDIA REGIONAL OFFICE, THIRUVANANTHAPURAM. 2. THE UNION BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER, UNION BANK BLDG., P.BOX.NO.307, M.G.ROAD, STATUE, THIRUVANANTHAPURAM. ADV. SRI.K.S.AJAYAGHOSH FOR R1 & 2 GOVERNMENT PLEADER SRI.C.K.GOVINDAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 31424 of 2009 ---------------------------------------- Dated, this the 4th day of March, 2010 J U D G M E N T The petitioner has approached this Court challenging the steps taken by the respondent Bank invoking the remedy under the SARFAESI Act for realisation of the amount stated as due from the petitioner under a loan transaction. 2. When the matter came up for consideration on 04.11.2009, the coercive steps were intercepted on condition that the petitioner deposited a sum of Rs.75,000/- within two weeks. Subsequently the time for payment was enlarged as per order dated 24.11.2009 in I.A.14781/2009. The learned counsel for the petitioner submits that the petitioner has complied with the direction, though belatedly and has filed a petition today for condoning the delay and also to record compliance. 3. The learned counsel for the Bank submits that the statement made by the learned counsel for the petitioner with regard to the payments effected is correct. In response to the submission made by the learned counsel for the petitioner that the petitioner is ready and willing to clear the entire liability by way of regular instalments of Rs.20,000/- per month (next month onwards), the learned counsel for WP(C) No.31424/2009 2 the respondent Bank submits that the coercive proceedings can be kept in abeyance, provided the petitioner honours his commitment as above. 4. In the facts and circumstances, the petitioner is permitted to wipe off the outstanding liability by way of regular monthly instalments at the rate of Rs.20,000/- per month, the first of which shall be effected on or before the 30th of April, 2010, to be continued till the liability is discharged. It is made clear that if any default is committed by the petitioner in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. Subject to the above, all further coercive steps will stand deferred for the time being. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc