IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 24TH JULY 2009 / 2ND SRAVANA 1931 WP(C).No. 17593 of 2009(T) -------------------------- CMP.5970/2008 of C.J.M.,TRIVANDRUM .................... PETITIONERS: --------------- 1. V.SHIBU, AGED 32 YEARS, S/O.VARGHESE, THADATHARIKATHU PUTHEN VEEDU, KADANTHITTA, KUTTAML.P.O., NEYYATTINKARA TALUK, TRIVANDRUM DIST. 2. V.VARGHESE, AGED 57 YEARS, S/O.JOSEPH, THADATHARIKATHU PUTHEN VEEDU, KADANTHITTA, KUTTAMALA.P.O., NEYYATTINKARA TALUK, TRIVANDRUM DIST. 3. SUMATHY, AGED 54 YEARS, W/O. VARGHESE, THADATHARIKATHU PUTHEN VEEDU, KADANTHITTA KUTTAMLA.P.O., NEYYATTINKARA TALUK, TRIVANDRUM DIST. BY ADV. MR. M.RAMACHANDRAN NAIR MR. R.V.ABHISHEK RESPONDENTS: --------------- 1. FEDERAL BANK LTD., A BNKING COMPANY REGISTERED UNDER THE COMPANIES ACT 1956, HAVING ITS REGISTERED OFFICE AT ALUVA,. KERALA AND HAVING ONE OF ITS REGIONAL OFFICE, FEDERAL TOWERS, STAUE TRIVANDRUM, REP. BY ITS AUTHORIZED OFFICER, THE CHIEF MANGER. 2. THE MANAGER, THE FEDERAL BANK LTD., AMBOORI BRANCH, TRIVANDRUM DIST. ADV. MR. GEORGE VARGHESE (MANACHIRACKEL) FOR R THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 24/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 17593 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 24th day of July, 2009 JUDGMENT The petitioner has approached this Court challenging the steps taken by the respondent Bank, invoking the provisions under the SARFAESI Act, raising many a ground, both on facts as well as in law. However, the learned counsel for the petitioner with specific reference to 'Ground D' submits that, the lapses occurred on the part of the petitioner are not because of any wilful default but because of some unforeseen circumstances and that the petitioner is ready and willing to clear the entire arrears, provided some breathing time in this regard. 2. Heard the learned counsel for the respondent Bank as well. 3. Considering the facts and circumstances and taking note of the submission made from the part of the Bank that, the total liability as on date will be around Rs.5,34,499/- plus further interest and cost, the petitioner is permitted to clear the same by way of 6 equal monthly installments. In the said circumstances, the petitioner is directed to effect the first installment on or before the 10th of August 2009; to be followed by the remaining instalments to be effected on or before the 10th of the succeeding months. It is made clear that, if any default is committed by the petitioner in clearing the liability as above, the respondent Bank will be at liberty to proceed with further steps, for WP (C) No. 17593 of 2009 : 2 : realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd