IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 30TH JUNE 2010 / 9TH ASHADHA 1932 WP(C).No. 20339 of 2010(N) -------------------------- PETITIONER(S): --------------- RAVI.B., AGED 37 YEARS, S/O.BHASKARAN, MUTTAYKADU PUTHEN VEEDU (PLAVILAMOOLA), NOCHIYOOR, CHENKAL, CHENKAL P.O., THIRUVANANTHAPURAM BY ADV. SRI.BLAZE K.JOSE RESPONDENT(S): --------------- 1. THE GENERAL MANAGER, DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, FORT, THIRUVANANTHAPURAM 2. THE BRANCH MANAGER, DISTRICT CO-OPERATIVE BANK, UDIYANKULANGARA. 3. AUTHORIZED OFFICER, DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, FORT, THIRUVANANTHAPURAM BY SRI.K.G.RADHAKRISHNAN - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.20339 of 2010-N ---------------------------- Dated this the 30th day of June, 2010. J U D G M E N T The petitioner had availed a loan of Rs.1,05,000/- from the respondent Bank on 23.102001, creating security interest over the property in question. But the repayment could not be effected on time. In the said circumstances, the Bank declared the account as 'NPA' and proceeded with steps under the relevant provisions of the SARFAESI Act, which is under challenge in this Writ Petition. 2. Heard the learned counsel for the Bank as well. 3. The learned counsel for the petitioner submits that, the default was never wilful, but because of sudden down fall in the business and that earnest efforts are being made by the petitioner to clear the liability at the earliest, for which some breathing time is sought for. The learned counsel further submits that, the petitioner does not intend to avail the statutory remedy by approaching the Debt Recovery Tribunal and the only prayer now pressed before this Court is to permit the petitioner to clear the liability in a phased manner. W.P(C) No.20339 of 2010-N 2 4. In the above facts and circumstances, the entire outstanding liability of Rs. Rs.2,42,737/- with further interest and cost, if any shall be cleared by the petitioner by way of 'eight' equal monthly instalments; the first of which shall be effected on or before the 30th of July, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, all further coercive steps being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed in satisfying the due amount as above, it will open to the respondents, to proceed with appropriate steps in accordance with law for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab W.P(C) No.20339 of 2010-N 3