IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 19TH MAY 2010 / 29TH VAISAKHA 1932 WP(C).No. 5287 of 2010(I) ------------------------- PETITIONER: --------------- T.VIJAYAN, SATHEESH BAHVAN, T.C.19/1035 THAMALAM, POOJAPPURA P.O.,THIRUVANANTHAPRUAM- 695012. BY ADV. MR. R.V.SREEJITH RESPONDENT: --------------- AUTHORISED OFFICER, ALLAHABAD BANK, THIRUVANANTHAPURAM BRANCH,THIRUVANANTHAPRUAM. ADV. MR. K.THYAGARAJESWARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 5287 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 19th day of May, 2010 JUDGMENT The petitioner has approached this Court challenging the steps taken by the respondent Bank invoking the machinery under the SARFAESI Act, for realization of the amount stated as due under a loan transaction secured by the petitioner in connection with a business. 2. The sequence of events is as follows; The petitioner had availed a loan from the respondent Bank creating security interest over the property in question. When the petitioner turned to be a defaulter, several opportunities were given to petitioner to have the loan regularized. All such efforts did not turn to be fruitful and it was under the said circumstances that the Bank was constrained to proceed with the appropriate steps under the SARFAESI Act, issuing Ext.P3 notice under Section 13 (2) of the Act followed by further steps. 3. The learned counsel for the petitioner submits that the petitioner does not intend to press any of the steps either by availing statutory remedy or otherwise. The only prayer is to provide some breathing time to clear the entire liability. 4. After hearing both the sides, this Court finds it fit and proper to permit the petitioner to discharge the liability in a phased manner. W.P. (C) No. 5287 of 2010 : 2 : Accordingly, the petitioner is directed to deposit a sum of Rs. 1 lakh on or before 31st May, 2010 and the balance amount shall be cleared by way '4' equal monthly installments commencing from 30th June, 2010. It is made clear that if the petitioner commits any default in effecting the installments, as aforesaid, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump sum from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd