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. 13299 of 2010(J) -------------------------- PETITIONER: --------------- SANTHOSH KUMAR.B.R., SUSHMA SADAN, THONNAKKAL.P.O., THIRUVANANTHAPURAM. BY ADV. MR. B.S.SWATHY KUMAR MS. P.A.ANITHA RESPONDENTS: --------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD., THIRUVANANTHAPURAM, REPRESENTED BY ITS MANAGING DIRECTOR. 2. THE AUTHORISED OFFICER/REGIONAL MANAGER- IN CHARGE, THE KERALA STATE CO-OPERATIVE BANK LTD. REGIONAL OFFICE, THIRUVANANTHAPURAM. ADV. MR. NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK 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. 13299 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 19th day of May, 2010 JUDGMENT Being aggrieved of the steps taken by the respondent Bank under the SARFAESI Act, the petitioner had approached this Court earlier by filing W.P. (C) No. 1616 of 2010, which led to Ext.P3 judgment. Taking note of the rival submissions and the request of the petitioner to provide one more chance to have the loan account regularized, this Court permitted the petitioner to clear the entire 'over due' amount of about Rs. 6.20 lakhs by way of few installments, which was to be satisfied in the manner as specified in paragraph 3 of Ext.P3, making it clear that the entire over due amount was to be cleared on or before 31st March, 2010. Subject to the clearance of the 'over due' amount as above, the loan was ordered to be regularized and the petitioner was directed to effect the regular EMIs without fail. 2. The petitioner has now approached this Court challenging Ext.P5 proceedings issued by the Bank seeking to satisfy a total sum of Rs, 12,51,475/- with interest and other expenses, which according to the petitioner is not correct or sustainable. The learned counsel for the petitioner submits that amount shown in Ext.P5 is the very same amount as shown in Ext.P1. Despite satisfying a portion of outstanding W.P. (C) No. 13299 of 2010 : 2 : liability i.e. nearly Rs. 3.5 lakhs (correctness of the amount is seriously disputed by the respondent) , the same has not given credit to the loan account while issuing Ext.P5 proceedings; submits the learned counsel. 3. The learned counsel for the Bank on instructions submitted that the petitioner was already given a chance by this Court for regulairsing the loan account by satisfying over due amount, which in fact was not availed by the petitioner. In the said circumstances, issuance of Ext.P5 is not liable to be assailed, however adding that at all any amount remitted by the petitioner has been left out, the same of course will be given credit to and only the balance amount will be recovered from the petitioner. 4. Taking note of the facts and circumstances, the respondent Bank is directed to intimate the petitioner as to the balance/outstanding liability under the loan transaction within one week of receipt of a copy of this judgment. On such event, the outstanding liability shall be cleared by the petitioner by way of 'four' equal monthly installments.; the first of which shall be effected on or before 20th June, 2010 and the remaining installments to be effected on or before 20th of the succeeding months. Subject to the above, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that if the petitioner commits any default in W.P. (C) No. 13299 of 2010 : 3 : 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. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd W.P. (C) No. 13299 of 2010 : 4 :