IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 20TH JULY 2010 / 29TH ASHADHA 1932 WP(C).No. 15271 of 2010(H) -------------------------- CMP.3118/2010 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- NOORJAHAN,W/O.ABDUL SALAM,SAMNA MAHAL SAMATHWAM NAGAR-73,VALATHUNGAL (P.O)KOLLAM. BY ADV. SRI.LIJU. M.P SRI. YEHIAKHAN.A RESPONDENT(S): --------------- 1. GENERAL MANAGER (IC) KOLLAM CO-OPERATIVE URBAN BANK LTD NO.960 KOLLAM. 2. SALES OFFICER,CO-OPERATIVE SOCIETY OFFICE OF JOINT REGISTRAR,KOLLAM. ADV. SRI.N.DHARMADAN, SENIOR ADVOCATE FOR R1 SMT.D.P.RENU FOR R1 BY GOVT. PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 20/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.15271 of 2010-H ---------------------------- Dated this the 20th day of July, 2010. J U D G M E N T The petitioner availed a loan of Rs.3 lakhs from the respondent Bank, in connection with the marriage of her daughter, creating security interest over the property in question. However, the repayment could not be effected on time. In the said circumstances, the Bank declared the account as 'NPA' and proceeded with steps under the relevant provisions of the SARFAESI Act, which is under challenge in this Writ Petition. 2. When the matter came up for consideration before this Court on 19.5.2010, coercive steps were intercepted on condition that the petitioner deposited a sum of Rs.50,000/-, which is stated as complied with. 3. The learned counsel for the petitioner submits that, a sum of Rs.1.5 lakhs has already been cleared by the petitioner towards the defaulted instalments on 21.10.2009. It is also stated that the default was never wilful, but because of unforeseen circumstances and that the petitioner is ready and willing to satisfy the entire liability; for which some breathing time is sought for. The W.P(C) No.15271 of 2010-H 2 learned counsel further submits that, the petitioner does not intend to avail the statutory remedy by approaching the Debt Recovery Tribunal. 4. The learned standing counsel appearing for the respondent submits on instructions that, after giving credit to the amount of Rs.1.5 lakhs already deposited by the petitioner, a sum of Rs.2,04,088/- is due with further interest and cost. Taking note of the persuasive submission made by the learned counsel for the petitioner, this Court finds it fit and proper to permit the petitioner to clear the balance amount by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 30th of July, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, all further coercive proceedings shall be kept in abeyance. It is also made clear that, if any default is committed by the petitioner in satisfying the amount as above, till will be open to the respondents to proceed with appropriate steps for realisation of the entire amount in a lump sum; from the stage where it stands now. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON, JUDGE ab