IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 29TH JANUARY 2010 / 9TH MAGHA 1931 WP(C).No. 35664 of 2009(C) -------------------------- CMP.9853/2009 of C.J.M.,KOLLAM .................... PETITIONER(S): --------------- K. SUNIL, AGED 40 YEARS, S/O. KARUNAKARAN, VALIYAKATTUVILA VEEDU, THAZHAM SOUTH MURI, CHIPORAKKARA VILLAGE, CHATHANNOOR.P.O, KOLLAM TALUK, KOLLAM DISTRICT. BY ADV. SRI.K.V.ANIL KUMAR RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER/REGIONAL MANAGER, STATE BANK OF TRAVANCORE, REGIONAL OFFICE, POOJAPURA, THIRUVANANTHAPURAM. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, CHATHANOOR BRANCH, KOLLAM DISTRICT 3. THE THAHSILDAR (REVENUE RECOVERY), OFFICE OF THE REVENUE RECOVERY THAHSILDAR, KOLLAM. STANDING COUNSEL SRI.R.S.KALKURA GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 35664 of 2009 ---------------------------------------- Dated, this the 29th day of January, 2010 J U D G M E N T The petitioner had availed a cash credit loan of Rs.8,00,000/- from the 2nd respondent Bank on 15.07.2005, creating security interest over the property in question. Subsequently, the petitioner turned to be a defaulter, when the account was declared as 'NPA' by the Bank and proceeded with further steps invoking the provisions under the SAFAESI Act. On receipt of Ext.P2 notice issued by the Advocate Commissioner appointed by the Chief Judicial Magistrate's Court, Kollam in the proceedings filed by the Bank under Section 14 of the 'Act', the petitioner has approached this Court seeking for immediate intervention, stating that he is ready and willing to clear the entire amount by way of instalments. 2. When the matter came for consideration before this Court on 10.12.2009, the coercive steps were intercepted on condition that the petitioner deposited a sum of Rs.2,00,000/- on or before 06.01.2010 which is stated as complied with. The learned counsel for the Bank submits on instructions, that after giving credit to the said amount, a further sum of about Rs.7.46 lakhs with interest and cost is still due from WP(C) No.35664/2009 2 the petitioner, so as to clear the entire liability under the loan transaction. 3. Considering the facts and circumstances, the petitioner is to clear the entire outstanding liability by way of 'four' equal monthly instalments, the first of which shall be effected on or before the 25th of February, 2010, to be followed by similar instalments to be effected on or before the 25th of the succeeding months. Subject to the above, all further proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that if any default is committed by the petitioner in satisfying the liability as above, the Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc