IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 24TH JUNE 2009 / 3RD ASHADHA 1931 WP(C).No. 17327 of 2009(I) ---------------------------------------- PETITIONER(S): ----------------------- PEEDIKATHARAYIL KRISHNAN @ KUTTAN S/O.KUNHANDI, NIRAMARUTHOOR (PO)TIRUR, MALAPPURAM DT. BY ADV. MR.T.K.AJITH KUMAR RESPONDENT(S): ------------------------- 1. TIRUR URBAN CO-OPERATIVE BANK LTD,TIRUR PO,MALAPPURAM DT REPRESENTED BY ITS SECRETARY. 2. THE AUTHORISED OFFICER TIRUR URBAN CO-OPERATIVE BANK LTD,TIRUR PO, MALAPPURAM DT. BY MR.P.J.DEVAPRASANTH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 17327 OF 2009 ......................................................................... Dated this the 24 th June, 2009 J U D G M E N T The petitioner has approached this Court challenging the revenue recovery proceedings stated as being pursued by the respondent Bank invoking the relevant provisions under the SARFAESI Act. 2. The petitioner had availed a housing loan to the tune of Rs. One lakh from the first respondent-Bank on 27.05.2005 agreeing to have it repaid within 60 months effecting E.M.Is at the rate of Rs. 1650/-. However, the petitioner could not honour the commitment, which made the respondent Bank to proceed against the petitioner with further steps, which forms the subject matter of challenge in the present Writ Petition. 3. The learned Counsel for the respondent Bank submits that as on date, a sum of Rs.One Lakh Forty Thousand is due including the principal amount, interest and such other expenses. 4. The learned Counsel for the petitioner submits that W.P.(C) No. 17327 OF 2009 2 earnest efforts are being made to clear the entire liability and that the petitioner may be given some breathing time in this regard. After hearing both the sides, the Writ Petition is disposed of directing the petitioner to remit a sum of Rs. Forty thousand within one month from today and the balance amount shall be cleared by way of four equal monthly installments commencing from 10.08.2009 onwards. Subject to the above, all coercive proceedings, now stated as being pursued against the petitioner, shall be kept in abeyance. It is further made clear that if any default is committed in effecting the repayment as above, the respondent-Bank will be at liberty to proceed against the petitioner with further steps for realisation of the entire amount in a lump sum. P.R. RAMACHANDRA MENON, JUDGE. lk