IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 21ST AUGUST 2009 / 30TH SRAVANA 1931 WP(C).No. 21304 of 2009(G) -------------------------- PETITIONER: --------------- K.RADHAKRISHNAN, SON OF KUTTAPPAN, POOYAMPALLIL HOUSE, MUTHUKULAM SOUTH P.O., ALLEPPEY DIST. BY ADV. MR. B.RENJITHKUMAR RESPONDENTS: --------------- 1. THE CORPORATION BANK, MANGALORE, REPRESENTED BY ITS MANAGING DIRECTOR. 2. AUTHORISED OFFICER, CORPORATION, BANK, MUTHUKULAM BRANCH, MUTHUKULAM SOUTH P.O., ALLEPPEY. 3. THE DISTRICT MAGISTRATE, ALLEPPEY, 4. THE DISTRICT SUPERINTENDENT OF POLICE, KAYAMKULAM. 5. THE VILLAGE OFFICER, MUTHUKULAM, VILLAGE, MUTHUKULAM P.O., ALLEPPEY. R1 AND R2 BY ADV. MR. VIVEK VARGHESE P.J. MR. P.J.VINOD JOSEPH R3 TO R5 BY SENIOR GOVERNMENT PLEADER MR. VIVEK VARGHESE THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 21304 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 21st day of August, 2009 JUDGMENT The petitioner had availed a loan of Rs. 2 lakhs from the respondent Bank in December, 2005. But the due amount could not be repaid on time, which made the respondent Bank to declare the account as 'NPA' and to proceed against the petitioner invoking the provisions under the SARFAESI Act, which hence is sought to be intercepted in the present Writ Petition. 2. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen circumstances and that the petitioner might be given reasonable time to satisfy the entire liability by way of installments. 3. The learned counsel appearing for the Bank submits that, the liability as on date will come to more than Rs. 1.5 lakhs as shown in Ext.P1 notice, with further interest and cost. It is also pointed out that Ext.P2 proceedings were pursued under Section 14 of the Act, only on finding that the there was no bona fide attempt from the part of the petitioner to satisfy the liability. 4. However, considering the facts and circumstances and also taking note of the undertaking made by the petitioner through the learned counsel that a sum of Rs. 25,000/- shall be remitted within one WP (C) No. 21304 of 2009 : 2 : month, the petitioner is directed to remit the said amount within one week from today and the balance amount shall be cleared by way of 6 equal monthly installments; first of which shall be effected on before the 30th of September, 2009, to be followed by the remaining installments to be effected on or before the 30th of the succeeding months. Subject to the above, coercive proceedings stated as being pursued against the petitioner, as per Ext.P1 and P2, shall be kept in abeyance. If any default is committed by the petitioner in remitting the installments as above, the respondents are at liberty to proceed with further steps, from stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd