IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 27TH JANUARY 2010 / 7TH MAGHA 1931 WP(C).No. 2508 of 2010(K) ------------------------- PETITIONER: --------------- HARIKUMAR.M,KAILASAM,KANNANALLUR.PO, THAZHUTHALA,KOLLAM. BY ADV. SRI.M.R.SARIN RESPONDENTS: --------------- 1. MANAGER,HDFC HOUSE,CHINAKADA BRANCH, JOSCO BUILDING KOLLAM. 2. AUTHORISED OFFICER,HDFC HOUSE, HEAD OFFICE,VAZHUTHACAUD,P.B.NO.2288, THIRUVANANTHAPURAM. BY SRI.K.K.CHANDRAN PILLAI SC FOR R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 27/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J ----------------------------- W.P(C) No.2508 of 2010-K ------------------------------ Dated this the 27th day of January, 2010. J U D G M E N T The steps taken by the respondent Bank for realization of the amount due from the petitioner under a loan transaction, invoking the power and machinery under the SARFAESI Act form the subject matter of challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that the petitioner happened to be a defaulter under some unforeseen circumstances and that the petitioner is making earnest efforts to clear out the entire liability at the earliest opportunity, for which some breathing time is sought for. 3. The learned counsel for the respondent bank submits that the outstanding liability will be about Rs.8.25 lakhs and no amount has been paid by the petitioner, despite the issuance of Ext.P1 notice on 26.11.2009, simultaneously adding that the petitioner was not at all eager to effect any payment for quite long. 4. The learned counsel for the petitioner however submits that the entire liability under the loan transaction will be cleared by W.P(C) No.2508 of 2010-K 2 the petitioner, by way of reasonable monthly instalments, as to be specified by this Court. 5. Considering the facts and circumstances,this Court directs the petitioner to satisfy the entire liability under Ext.P1 by way of ‘six’ equal monthly instalments; the first of which shall be effected on or before 15th February 2010; to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to the satisfaction as above, all further recovery proceedings pursuant to Ext.P1 shall be kept in abeyance. It is also make 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 realization of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab