IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 26TH JUNE 2009 / 5TH ASHADHA 1931 WP(C).No. 17866 of 2009(C) -------------------------- PETITIONERS: --------------- 1. CHANDRASEKHARAN NAIR, PADMALAYAM, (KANNAMALA BHAVANATHIL), KADAPPOOR, VATTUKULAM P.O 2. N.G.SUSHEELA DEVI, W/O.CHANDRASEKHARAN NAIR, PADMALAYAM, (KANNAMALA BHAVANATHIL), KADAPPOOR, VATTUKULAM P.O. BY ADV. SRI.LIJI.J.VADAKEDOM RESPONDENTS: --------------- 1. AUTHORISED OFFICER, THE KOTTAYAM DISTRICT CO-OP.BANK LTD., KOTTAYAM. 2. KOTTAYAM DISTRICT CO-OP. BANK, KADAPLAMATTOM BRANCH REPRESENTED BY ITS BRANCH MANAGER, KADAPLAMATTOM, PALA, KOTTAYAM DISTRICT. BY ADV. MR. T.A.SHAJI, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 17866 OF 2009 ......................................................................... Dated this the 26th June, 2009 J U D G M E N T The petitioner is aggrieved of the coercive steps stated as taken by the respondent-Bank invoking the relevant provisions under the SARFAESI Act for realisation of the loan arrears. The learned Counsel appearing for the petitioner submits that the default occurred on the part of the petitioner was never wilful and that despite all the adverse circumstances, the petitioner is taking every earnest effort to see that the entire liability is wiped out. The limited prayer in the present Writ Petition is that the petitioner may be provided with some breathing time to clear the entire liability by way of equal monthly installments. 2. Heard the learned Standing Counsel appearing for the respondent -Bank as well. 3. The learned Standing Counsel appearing for the Bank, on instruction, submits that only notice under Section 13(2) of the Act has been issued, though further proceedings are intended to be pursued in the due course. 4. After considering the facts and circumstances, the petitioner is directed to clear the entire outstanding liability W.P.(C) No. 17866 OF 2009 2 under the loan transaction, which is stated as Rs.3,83,572/- as on 20.02.2009 with further interest and expenses, by way of eight equal monthly installments at the rate of Rs.50,000/-, the first of which shall be paid on or before 15.07.2009 and the balance installments shall be paid on or before the 15th of the succeeding months. The last installment to be paid by the petitioner, as above, will constitute only such amount as remaining to be satisfied in connection with the loan transaction. Subject to the above, the revenue recovery proceedings stated as being pursued pursuant to Ext.P1 will stand stayed. However, it is made clear that if the petitioner commits any default in effecting the installments as aforesaid, the respondent-Bank will be at liberty to proceed against the petitioner with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. W.P.(C) No. 17866 OF 2009 3 lk