IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 12TH AUGUST 2010 / 21ST SRAVANA 1932 WP(C).No. 24120 of 2010(L) -------------------------- PETITIONER(S): --------------- SASI.D., S/O.DANIEAL NADAR, ABHILASH BHAVAN, KILLIYOOR, VELLARADA P.O. THIRUVANANTHAPURAM, PROPRIETOR, M/S.SREE MURUGA OIL MILLS, VELLARADA P.O., THIRUVANANTHAPURAM. BY ADV. SRI.D.PEETHAMBARAN SRI.PRASAD GANDHI SRI.C.K.JAYAKUMAR RESPONDENT(S): --------------- VIJAYA BANK, VELLARADA BRANCH, 1/867, NARAYAN BUILDING, PANACHAMOODU P.O., THIRUVANANTHAPURAM. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 24120 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2010 JUDGMENT The petitioner availed a cash credit facility of Rs. 4.8 lakhs from the respondent Bank in September, 2004 creating security interest over the property in question. But, the repayments could not be effected on time, which made the petitioner a defaulter, under which circumstances, the Bank proceeded with steps under the SARFAESI Act, after declaring the account as 'NPA', which is under challenge in this Writ Petition. 2. The learned counsel appearing for the Bank, on instructions, submits that, the account was declared as 'NPA' way back in August, 2008 and thereafter, absolutely nothing was paid by the petitioner. The steps taken by the Bank are stated as in conformity with the statutory prescriptions and not assailable under any circumstances. The intention of the petitioner is only to protract the proceedings, submits the learned counsel. 3. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen circumstances and earnest efforts are being taken to wipe off the entire outstanding liability, for which benefit of installments is sought for. It is also stated W.P. (C) No. 24120 of 2010 : 2 : that the petitioner does not intend to avail the statutory remedy under Section 17 of the 'Act', by approaching the DRT. 4. Considering the facts and circumstances, the petitioner is permitted to clear the entire outstanding liability by way of 'six' equal monthly installments; the first of which shall be effected on or before the 30th of this month; to be followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceeding stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner in satisfying the liability as above, the respondent will be free to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd