IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 3RD JULY 2009 / 12TH ASHADHA 1931 WP(C).No. 17713 of 2009(H) --------------------------------------- PETITIONER: ------------------- N.K.MOHANDAS, S/O.KESAVAN, AGED 53 YEARS, NELLIPARAMBIL HOUSE, CHAMBRAKULAM, KOTTAYI P.O., PALAKKAD. BY ADV. MR.JACOB SEBASTIAN. RESPONDENT: ---------------------- THE STATE BANK OF TRAVANCORE, REPRESENTED BY ITS AUTHORIZED OFFICER, STATE BANK OF TRAVANCORE, REGIONAL OFFICE, 24 HOTEL GREEN PARK BUILDING, MANJAKKULAM ROAD, PALAKKAD - 678 014. BY MR. K.S. DILEEP, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/07/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 17713 OF 2009 ......................................................................... Dated this the 3rd July, 2009 J U D G M E N T The petitioner has approached this Court challenging the coercive steps taken by the Bank invoking the relevant provisions under the SARFAESI Act. A loan to the tune of Rs.5,46,555/- was taken on 18.02.2005 and yet another sum of Rs.2,73,280/- was borrowed on 31.10.2005. After initial repayment, the petitioner turned to be a defaulter, which compelled the respondent Bank to approach the Civil Court by filing O.S. No. 90 of 2008 (Sub Court, Palakkad) for realisation of a sum of Rs.8,95,751/- against the petitioner and his wife who are the defendants therein. It is also brought to light that a consent decree was passed therein enabling the petitioner to clear the liability within six months. 2. The case of the petitioner is that though a decree was passed on 14.08.2008, Ext.P2 notice under Section 13(2) was W.P.(C) No. 17713 OF 2009 2 issued by the Bank including the proceedings under the SARFAESI Act on 9.02.2008, which in turn led to steps under Section 14 of the Act to dispossess the petitioner. The case of the petitioner is that he is ready and willing to clear the entire liability within six months and that the property and the residential building therein might be saved, which forms the subject matter of the issue projected in the present Writ Petition. 3. Heard the learned Counsel for the respondent Bank as well, who submits with reference to the statement filed in the matter that a total sum of Rs.1211869 + expenses and cost, is due from the petitioner. It is also pointed out that the physical possession which was taken over on 09.06.2009 can be given back only if the petitioner satisfies the entire dues. 4. Considering the facts and circumstances, the petitioner is permitted to clear the liability by way of six monthly installments. The first installment shall be to the tune of Rs.Three lakhs, which shall be paid on or before 30.07.2009 and the balance amount shall be cleared by way of five equal installments, which shall be paid on or before the 30th of the W.P.(C) No. 17713 OF 2009 3 succeeding months. Subject to the above all further proceedings under the SARFAESI Act will stand deferred. It is made clear that if the petitioner commits any default in repaying the installments as above, the respondent Bank will be at liberty to proceed against the petitioner and his assets, in accordance with law , for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk