IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 16TH JUNE 2010 / 26TH JYAISTHA 1932 WP(C).No. 18645 of 2010(E) -------------------------- CMP.1438/2010 of C.J.M.,KOTTAYAM .................... PETITIONER: --------------- RENCY JOGY,W/O.JOGY VARGHESE, THOPPIL HOUSE, KURISUMMOODU PO, CHANGANACHERRY,KOTTAYAM DISTRICT. BY ADV. MR. M.SASINDRAN RESPONDENTS: --------------- THE CHIEF MANAGER, STATE BANK OF INDIA, CHANGANACHERRY BRANCH, KOTTAYAM DISRICT. BY ADV. MR. RAJAGOPALAN NAIR, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 18645 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 16th day of June, 2010 JUDGMENT The petitioner had availed a loan of Rs. 12 lakhs from the respondent Bank, creating security interest over the property in question in the year, 2008. But the repayment could not be effected on time, which made the petitioner a defaulter and in turn, the Bank proceeded with the steps under the SARFAESI Act, for realization of the due amount. 2. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen circumstance and that earnest efforts are being made to clear the liability, also by arranging private sale, for which some time is sought for. The learned counsel also submits that, the petitioner is ready and willing to clear the entire liability by way of reasonable installments and to prove the bonafides, a sum of Rs. 3 lakhs will be deposited within two weeks. It is also stated that petitioner does not intend to press the grounds raised against the steps being pursued by the Bank, nor does intend to resort the statutory remedy by approaching the DRT. 3. Heard the learned standing counsel appearing for the respondent as well. W.P. (C) No. 18645 of 2010 : 2 : 4. Considering the limited nature of relief prayed for, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. Accordingly, the petitioner is directed deposit a sum of Rs. 3 lakhs within two weeks as assured and the balance amount shall be satisfied by way of '3' equal monthly installments; the the first of which shall be paid on or before the 30th of July, 2010; 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 petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in effecting the installments as above, the respondent will be at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd