IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 23RD JUNE 2010 / 2ND ASHADHA 1932 WP(C).No. 18720 of 2010(L) -------------------------------------- PETITIONERS: --------------------- 1. K.K.RAJAGOPALAN, S/O.K.N.KESAVAN, KUNNATHU HOUSE, MULAMKUNNATHUKAVU P.O., THRISSUR DISTRICT. 2. K.K.KANNADASAN, S/O.K.N.KESAVAN, KUNNATH HOUSE, THANGALUR, MULAMKUNNATHUKAVU P.O. THRISSUR DISTRICT. BY ADVS. SRI.C.HARIKUMAR, SMT.MOLLY KOSHY. RESPONDENTS: ------------------------ 1. THE KERALA STATE CO-OPERATIVE BANK LTD., THRISSUR BRANCH, EMMATTY TOWERS, ST.THOMAS COLLEGE ROAD-680 005, REPRESENTED BY ITS BRANCH MANAGER. 2. THE KERALA STATE CO-OPERATIVE BANK LTD, REGIONAL OFFICE, DORAISWAMY IYER ROAD, KOCHI-682 035. R1 & R2 BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP. BANK LTD., THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/06/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: prv. P.R.RAMACHANDRA MENON, J. ---------------------- W.P.(C) No. 18720 OF 2010 --------------------------- Dated this the 23rd day of June, 2010 J U D G M E N T ~~~~~~~~~~~ The petitioners are aggrieved by the steps taken by the respondent Bank resorting to the remedy under the SARFAESI Act for realisation of the amount due under a loan transaction. 2. Many a ground has been raised in the Writ Petition as to the correctness and sustainability of the steps taken by the Bank in this regard. However, the learned counsel for the petitioners submits that the petitioners have made earnest efforts to see that the entire liability is sought to be cleared, for which, some breathing time is sought for and that the petitioners do not intend to press any other grounds challenging the steps taken by the Bank, nor do the petitioners intend to approach the Debt Recovery Tribunal availing statutory remedy. 3. The learned counsel appearing for the Bank submits, on instructions that, the steps taken by the Bank are perfectly in W.P.(C) No.18720/2010 2 conformity with the statutory requirement and that the 'overdue' amount in respect of the defaulted instalment itself will come nearly Rs.2,24,634/- The total outstanding liability to clear the loan account is stated as Rs.6,98,180/- as on 31.5.2010, simultaneously, adding that the Bank is willing to have the loan account regularised, on condition that the petitioners satisfy the entire 'overdue' amount forthwith. 4. The learned counsel for the petitioners submits that the idea of the petitioners is to clear the entire outstanding liability and to have the loan account closed and it is accordingly that some breathing time is sought for, stating that the steps taken by the Bank are not intended to be challenged under any circumstance. Considering the limited relief now pressed, this Court finds it fit and proper to enable the petitioners to clear the entire outstanding liability under the loan transaction in a phased manner. 5. Accordingly, the petitioners are permitted to clear the entire liability by way of '5' equal monthly instalments, the first W.P.(C) No.18720/2010 3 of which shall be effected on or before the 15th of July, 2010, to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to this, the coercive proceedings stated as being pursued against the petitioners shall be kept in abeyance, for the time being. If any default is made in honouring the commitment as above, the respondents are free to proceed with further steps for realising the entire amount in a lump sum, by pursuing such exercise from the stage where it stands now. The Writ Petition is disposed of as above. (P.R.RAMACHANDRA MENON, JUDGE) ps