IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 20TH AUGUST 2010 / 29TH SRAVANA 1932 WP(C).No. 24048 of 2010(E) -------------------------- PETITIONER: --------------- BALASUBRAMANIAN K., KUMARANKUNNATH HOUSE, TRINITY CONVENT ROAD, P.O.KOLAZHI, THRISSUR DISTRICT, (CHAIRMAN, CHELAKKARA CENTRAL SCHOOL, THONURKKARA, THRISSUR). BY ADV. MR. C.D.DILEEP RESPONDENTS: --------------- AUTHORIZED OFFICER (CHIEF MANAGER), SYNDICATE BANK, PALACE ROAD, THRISSUR. BY STANDING COUSEL MR. R.S KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 24048 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 20th day of August, 2010 JUDGMENT The petitioner had availed a loan of Rs. 25 lakhs from the respondent Bank in connection with the construction and starting of a CBSE school, creating security interest over the property in question. But, since the repayments were not effected on time, as scheduled, the respondents proceeded with further steps under the SARFAESI Act, which forms the subject matter of challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that, the petitioner does not intend to press any of the grounds raised in the Writ Petition, nor does he intend to avail the statutory remedy by approaching the DRT under Section of 17 of the Act. The limited relief now sought for is to permit the petitioner to clear the liability by way of reasonable installments. 3. The learned counsel appearing for the respondent submits that, as on 31.07.2010, the liability is Rs. 37,89,757/-. 4. Taking note of the persuasive submissions made by the learned counsel for the petitioner this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. Accordingly, the petitioner is directed to satisfy the entire liability by way W.P. (C) No. 24048 of 2010 : 2 : of 'six' equal monthly installments; the first of which shall be paid on or before the 20th of September, 2010; to be followed by similar installments to be effected on or before the 20th 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. On effecting the first installment as aforesaid, the Bank shall furnish a proper 'statement of account' to the petitioner as to the payments already effected and the liability which is subsisting. It is also made clear that, if any default is committed by the petitioner, in clearing the liability as above, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum, by pursuing such steps from the stage where it stands now. It is further made clear that, this will not stand in the way of the petitioner to approach the respondent Bank by filing a representation for some or other concessions or allowances if any. On such event, the same shall be considered by the Bank and extend the relief to the permissible extent. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd