IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 23RD JUNE 2009 / 2ND ASHADHA 1931 WP(C).No. 16778 of 2009(N) --------------------------------------- .................... PETITIONER(S): ------------------------ 1. ANNAMMA ANTONY, W/O.ANTONY, VALOLICKAL HOUSE, AMARA P.O., CHANGANACHERRY. 2. V.A.VINCENT S/O.V.J.ANTONY, VALOLICKAL HOUSE, AMARA P.O., CHANGANACHERRY. 3. MARIAMMA VINCENT W/O.V.A.VINCENT, VALOLICKAL HOUSE, AMARA P.O., CHANGANACHERRY. BY ADV. MR.MATHEW PHILIP EDAPPALLIL RESPONDENT(S): ------------------------ 1. BRANCH MANAGER, STATE BANK OF TRAVANCORE CHANGANACHERY INDUSTRIAL ESTATE BRANCH, CHANGANACHERRY P.O., KOTTAYAM. 2. CHIEF MANAGER (ADV.) AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, KOTTAYAM-686 002. 3. SINI BEN, ADVOCATE, KURUP CHAMBERS, KOTTAYAM COLLECTORATE P.O., KOTTAYAM-686002. BY MR.SATHEESH NINAN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 23/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 16778 OF 2009 ......................................................................... Dated this the 23rd June, 2009 J U D G M E N T The steps taken by the respondent-Bank for realisation of the due amount invoking the relevant provisions under the SARFAESI Act are under challenge. 2. The learned counsel for the petitioners submits that even after declaration of the entire transaction as 'NPA', the petitioners had been taking every earnest effort to see that the liability due to the Bank was cleared at the earliest and it was accordingly, substantial payments have already been effected. The learned Counsel for the respondent-Bank submits that the outstanding amount as shown in the statement filed on behalf of the Bank is Rs.1012712/- as on 31.05.2009. 3. The learned Counsel for the petitioners submits that meaningful steps are being pursued to dispose of another item of property and that the above liability will be cleared within no time. It is also pointed out by the learned Counsel for the petitioners that the petitioners have already approached the W.P.(C) No. 16778 OF 2009 2 respondent Bank by filing Ext.P5 for availing the benefit of 'OTS'. Considering the facts and circumstances, the Writ Petition is disposed of directing the petitioners to remit a sum of Rs. Three lakhs, within one month. On such an event, the authorised officer of the respondent-Bank will consider Ext.P5 application preferred by the petitioners for OTS and pass appropriate orders thereon, as expeditiously as possible. It is also made clear that the petitioners shall satisfy the balance amount subject to the outcome of Ext.P5 within two months, after the communication of actual figures payable by the petitioners towards the outstanding liability. Subject to the above, the coercive steps stated as being pursued against the petitioners shall be kept in abeyance. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk