IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 12TH JUNE 2009 / 22ND JYAISHTA 1931 WP(C).No. 13153 of 2009(L) -------------------------- PETITIONER(S): --------------- A.M.BAVOO,S/O.MYTHEEN,AGED 42, RESIDING AT AACHERIVAYALIL HOUSE,PAZHAKKAPPILLY P.O,MOOVATTUPUZHA PIN - 686 674. BY ADV. SRI.C.K.PAVITHRAN RESPONDENT(S): --------------- 1. THE CHIEF MANAGER AND AUTHORISED OFFICER SPECIAL ASSETS MANAGEMENT DEPARTMENT, PUNJAB NATIONAL BANK, CIRCLE OFFICE, SHATHABDI BHAVAN,MINI BYEPASS,GOVINDAPURAM, KOZHIKODE. 2. THE CHIEF MANAGER,ASSET RECOVERY MANAGEMENT BRANCH,PUNJAB NATIONAL BANK, 40/1461,MARKET ROAD,ERNAKULAM,KOCHI-682011. 3. THE MANAGER,PUNJAB NATIONAL BANK, BRANCH OFFICE,MOOVATTUPUZHA. 4. A.B.BACKER,PROPRIETOR,M/S.GENERAL AGENCIES,FOOD GRAIN DEALER,PAZHAKKAPPILLY P.O, MOOVATTUPUZHA. ADV. SRI.C.AJITH KUMAR FOR R1-3 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 12/06/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 13153 OF 2009 ----------------------------------- Dated this the 12th day of June, 2009 JUDGMENT The petitioner is challenging the coercive steps being pursued against him by the respondent Bank invoking the provisions under the SARFAESI Act, when the petitioner turned to be a chronic defaulter in respect of the loan transaction with the Bank. 2. Learned Counsel appearing for the petitioner submits that the petitioner is ready and willing to clear the entire liability by way of easy monthly instalments. Learned Counsel appearing for the Bank submits, with reference to the averments in the counter affidavit, that huge liability is pending clearance. When the matter came up for consideration before this Court earlier, the coercive proceedings were intercepted on condition that the petitioner remitted a sum of Rs.3,00,000/- within 15 days. Learned counsel appearing for the petitioner submits that the condition has already been complied with, which fact is admitted from the part of the respondent as well. Even after giving credit to the said amount, the case of the respondent is that, a further sum of Rs.13,20,930/- is still due from the petitioner. WPC NO.13153/2009 2 3. Considering the facts and circumstances, the Writ Petition is disposed of with a direction to the petitioner to remit a sum of Rs.5,00,000/- within six weeks from today. The balance amount shall be remitted by way of eight equal monthly instalments; the first of which shall be effected on or before 15.08.2009 and the remaining instalments shall be made on or before the 15th of every succeeding month. It is made clear that if any default in committed from the part of the petitioner in remitting the sum of Rs.5,00,000/- as aforesaid or in remitting the instalments as stipulated above, the respondent will at liberty to proceed with the coercive steps for realisation of the entire dues in a lump sum. The Writ Petition is disposed of accordingly. (P.R.RAMACHANDRA MENON, JUDGE) dnc