IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 4TH JUNE 2010 / 14TH JYAISTHA 1932 WP(C).No. 5986 of 2010(W) ------------------------- PETITIONER: --------------- N.P.RAJESH, AGED 41 YEARS, S/O.PANKAJAKSHAN, THEKKEKUMBALASSERIL, KOMANA, ALAPPUZHA DISTRICT. BY ADV. SRI.K.S.HARIHARAPUTHRAN SRI.M.D.SASIKUMARAN SRI.GEORGE MATHEW RESPONDENTS: --------------- 1. ALAPPUZHA URBAN CO-OP.BANK LTD NO.A-67 PITCHU IYER JUNCTION, ALAPPUZHA, REPRESENTED BY ITS GENERAL MANAGER. 2. THE AUTHORISED OFFICER, ALAPPUZHA URBAN CO-OP.BANK LTD NO.A-67, PITCHU IYER JUNCTION, ALAPPUZHA. BY SMT.I.SHEELA DEVI - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.5986 of 2010-W ---------------------------- Dated this the 4th day of June, 2010. J U D G M E N T The petitioner has approached this Court seeking for the following reliefs: “i) to call for the records which lead to the issuance of Ext.P3 and P4 and to issue a writ in the nature of certiorari or any other appropriate writ, order or direction quashing the same; ii) to issue a writ in the nature of mandamus or any other appropriate writ, order or direction commanding the respondents not to initiate recovery proceedings against the petitioner and his properties pursuant to Ext.P4; iii) to issue a writ in the nature of mandamus or any other appropriate writ, order or direction commanding the respondents to regularise the loan account and provide instalment facilities to the petitioner to repay the same; iv) to issue such other writ, order or directions as this Hon'ble Court deems fit and proper to grant in the nature and circumstances of the case. 2. When the matter came up for consideration before this Court on 24.2.2010, coercive steps were intercepted on condition that the petitioner deposited a sum of Rs.50,000/- within one week, which is stated as complied with. 3. The learned standing counsel appearing for the respondent Bank submits on instruction that, after giving credit to the amount paid by the petitioner, the balance amount as on date is W.P(C) No.5986 of 2010-W 2 nearly Rs.1,89,093/-. 4. The learned counsel for the petitioner submits that the petitioner does not intend to challenge the correctness and sustainability of the steps taken by the Bank invoking the provisions under the SARFAESI Act and that the only relief now pressed before this Court is to clear the liability in a phased manner. Accordingly, the petitioner is permitted to clear the outstanding liability by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 30th of June, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to the above, all further coercive proceedings shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. It is also made clear that the judgment will not stand in the way of the petitioner from approaching the Bank to claim the benefit of One Time Settlement or some other concessions or allowances, as the case may be, which shall be in the sole discretion of the Bank. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON ab JUDGE