IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 3RD JUNE 2010 / 13TH JYAISTHA 1932 WP(C).No. 23599 of 2008(H) -------------------------------------- PETITIONER(S): ------------------------ V.LAKSHMI ,AGED ,W/O.NARAYANAN NAIR KOLOTU HOUSE,KOLATHOOR P.O.,CHENGALA (VIA) KASARAGOD BY ADV. SMT.R.PADMAKUMARI RESPONDENT(S): ----------------------- 1. THE MANAGER, INDUS IND BANK 2ND FLOOR, MADAN'S ARCADE, HOSDURG, KANHANGAD KASARAGOD DISTRICT 2. THE AUTHORISED OFFICER INDUSIND BANK LTD, (VEHICLE FINANCE DIVISION) SHALOM TOWERS,34/138-D BYE PASS NORTH END EDAPPALLY,KOCHI 682 024 3. DISTRICT COLLECTOR KASARAGOD. R1 & R2 BY ADV. SRI.VARGHESE C.KURIAKOSE, SRI.T.A.ABDUL RASHEED. R3 BY GOVT. PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 03/06/2010, ALONG WITH WPC. NO.23600 OF 2008 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.23599/2008 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE ORDER DTD. 20.5.08 ISSUED BY THE 3RD RESPONDENT. TRUE COPY P.A. TO JUDGE tss P.R.RAMACHANDRA MENON, J --------------------------------- W.P(C) Nos.23599/2008 & 23600/2008 ----------------------------------- Dated this the 3rd day of June, 2010. J U D G M E N T The petitioner in W.P.(C) No.23599 of 2008 is the mother of the petitioner in the other case. The petitioners had availed two separate loans for purchasing two vehicles from the respondent Bank mutually offering themselves as guarantors to the other loan. On the basis of the loan facility extended by the Bank, the petitioner in the former case purchased vehicle No.KL 11J 1206 and the other petitioner purchased vehicle No.KL 13F 9027 and they were operating the same. However, the petitioners could not satisfy the liability by effecting the monthly repayments on time; under which circumstance, the Bank proceeded with further steps under the SARFAESI Act and took possession of the vehicles. The petitioners have approached this Court seeking for interference and to permit them to clear the liability by way of instalments. 2. When the matter came up for consideration before this Court on 6.8.2008, both the matters were admitted. Subsequently, on 27.8.2008, the vehicles were ordered to be released to the W.P(C) Nos.23599/2008 & 23600/2008 2 petitioners, in the event of their furnishing the 'Bank Guarantee' for the amount due. 3. The learned counsel for the respondents, with reference to the contents of the counter affidavit and also on the basis of the instructions, submits that the vehicles are still lying in the custody of the Bank, as the petitioners did not choose to furnish any Bank Guarantee as ordered by this Court. It is also stated that the total outstanding liability in respect of the petitioner in the former case is nearly Rs.2.25 lakhs towards the principal amount and Rs.1.46 lakhs towards interest. In the latter case, the corresponding figures are Rs.2.5 lakhs and Rs.2.7 lakhs respectively. The learned counsel also submits that some other incidental charges may also be there. The challenge raised against the steps taken by the Bank are not successfully established by the petitioners and this Court does not find any reason to interfere with the matter. The petitioners approached this Court without exhausting the alternate remedy provided under the statute and as such, it is no more open to them to seek for any such course, after having the Writ Petitions admitted and obtained interim orders. W.P(C) Nos.23599/2008 & 23600/2008 3 4. However, taking note of the persuasive submission made by the learned counsel for the petitioners, this Court finds it fit and proper to permit the petitioners to clear the liability in a phased manner. Accordingly, this Court permits the petitioners to clear the liability by way of ‘eight’ equal monthly instalments; the first of which shall be effected on or before the 30th of June, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, all further steps for realisation of the due amounts shall be kept in abeyance. On satisfaction of the liability as above, the vehicles shall be released to the petitioners without delay. It is also made clear that, if any default is committed by the petitioners in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. Both the Writ Petitions are disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE ab