IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 13TH AUGUST 2010 / 22ND SRAVANA 1932 WP(C).No. 25214 of 2010(B) -------------------------- PETITIONER: --------------- ABDUL BASHEER P.B. PEEYES INDUSTRIES, WARD NO. 7866 KOTTALA, KUNISSERY, PALAKKAD DISTRICT 678 681 BY ADV. SRI.G.HARIHARAN SRI.PRAVEEN.H. RESPONDENTS: --------------- 1. M/S. DHANALAXMI BANK KERALA ZONAL OFFICE, DHANALXMI BUILDINGS (FIRST FLOOR) NEAR A.R.CAMP OFFICE MARINE DRIVE, ERNAKULAM 682 031 2. DISTRICT MAGISTRATE (DISTRICT COLLECTOR) PALAKKAD 678 001 BY ADV. MR. C.K. KARUNAKARAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 25214 OF 2010 ......................................................................... Dated this the 13th August, 2010 J U D G M E N T Being aggrieved of Ext. P1 notice issued under Section 13 (2) of the SARFAESI Act and the consequential steps being pursued by the Bank for realisation of the amount stated as due under a loan transaction, the same has been subjected to challenge in this Writ Petition. The learned Counsel for the petitioner submits that the default was never wilful, but because of some unforeseen frustrating/pecuniary circumstances. It is also stated that the petitioner is making earnest arrangements to see that the entire liability is cleared forthwith and the only relief now pressed before this Court is to provide the benefit of installments, simultaneously adding that the petitioner does not intend to press any other grounds raised in the Writ Petition nor does he intend to avail the statutory remedy by approaching the DRT. The learned Counsel for the Bank, submits that the outstanding liability as on 17.05.2010 is Rs.2,10,823/- with further interest and cost. 2. Taking note of the limited extent of the relief sought W.P.(C) No. 25214 OF 2010 2 for, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. Accordingly, the petitioner is directed to deposit a sum of Rs.50000/- (Rupees fifty thousand only) as assured during the course of hearing on or before 30.08.2010 and the balance shall be satisfied by way of 'three' equal monthly installments, the first of which shall be cleared on or before 30.09.2010 to be followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance. If any default is committed by the petitioner in effecting the installments as above, the respondents will be at liberty to pursue further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk