IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 11TH JANUARY 2010 / 21TH POUSHA 1931 WP(C).No. 28552 of 2009(L) -------------------------- PETITIONER(S): --------------- R.RAVIKUMAR, PROPRIETOR, M/S.RAVIKUMAR STORES, BALARAMAPURAM P.O., THIRUVANANTHAPURAM. BY ADV. SRI.PADMALAYAN.P.P. RESPONDENT(S): --------------- 1. TAMILNAD MERCANTILE BANK LTD., KOTTUGAL BRANCH, BALARAMAPURAM P.O., THIRUVANANTHAPURAM, REP. BY ITS MANAGER. 2. THE AUTHORISED OFFICER, THIRUNELVELI REGION, TAMILNADU MERCANTILE BANK LTD., REGD. OFFICE, 57 V.E.ROAD, THOOTHUKKUDI-628 002. ADV. SRI.K.THYAGARAJESWARAN FOR R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 11/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 28552 of 2009 ------------------------------------ Dated, this the 11th day of January, 2010 J U D G M E N T The proceedings initiated by the respondent Bank invoking the provisions under the SARFAESI Act have been subjected to challenge in this Writ Petition. When the matter was admitted by this Court on 09.10.2009, the said proceedings were intercepted, granting an interim stay, which was being extended subsequently from time to time. 2. The learned counsel for the petitioner submits that, the default was only because of some unforeseen pecuniary circumstances and that the petitioner is ready and willing to clear the entire liability including under the loan transaction availed by the wife of the petitioner on or before the 31st of March, 2010. 3. Considering the facts and circumstances, including the fact that the petitioner has already effected some part payments and that the entire liability is about to be cleared within a couple of months, the petitioner is permitted to wipe off the entire outstanding arrears under both the loans on or before the 31st of March, 2010. Subject to the above, the coercive steps stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that, if any default is WP(C) No.28552/2009 2 committed by the petitioner in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount, in a lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc