IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 1ST FEBRUARY 2010 / 12TH MAGHA 1931 WP(C).No. 2860 of 2010(F) ------------------------- CMP.3413/2009 of C.J.M.,TRIVANDRUM .................... PETITIONER(S): --------------- M.A.VAHAB, (PARTNER M/S.ADAMS), KURINGANOOR HOUSE K.R.A. 90, PATTAM.P.O., THIRUVANANTHAPURAM. BY ADV. SRI.M.R.ANANDAKUTTAN SMT.M.A.ZOHRA SRI.R.S.MADHU SRI.MAHESH ANANDAKUTTAN RESPONDENT(S): --------------- THE CHIEF MANAGER, (AUTHORISED OFFICER) SYNDICATE BANK, REGIONAL OFFICE, THIRUVANANTHAPURAM. STANDING COUNSEL SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 2860 of 2010 ------------------------------------- Dated, this the 1st day of February, 2010 J U D G M E N T The petitioner has approached this Court challenging the recovery proceedings taken by the respondent Bank invoking the machinery under the SARFAESI Act. 2. The learned counsel for the petitioner submits that the grievance projected in the Writ Petition is confined to have some breathing time to wipe off the entire liability and that the petitioner does not intend to challenge the correctness or sustainability of the action being pursued by the respondent Bank invoking the power under the SARFAESI Act. The learned counsel also submits that the petitioner has been very much enthusiastic in effecting payments even till 14.01.2010 as revealed from Ext.P1. With reference to the entries in Ext.P1 statement, the learned counsel further submits that, even though the outstanding liability under the loan transaction as on 31.07.2009 was Rs.30.89 lakhs, the same has been substantially scaled down to Rs.19.3 lakhs as on 14.01.2010, showing the bonafides of the petitioner remitting nearly Rs.13.5 lakhs within five months. The learned counsel further submits that the marriage of the daughter of the petitioner is scheduled on 13.02.2010 and that the entire outstanding arrears will be WP(C) No.2860/2010 2 cleared by way of ‘six’ equal monthly instalments commencing from March, 2010. 3. Heard the learned Standing Counsel appearing for the respondent as well, who opposed the prayers sought for as above stating that any laxity will adversely affect the rights and interests of the Bank as limitation is fast approaching. However, considering the actual facts and figures as noted above, the petitioner is permitted to clear the entire outstanding liability by way of ‘six’ equal monthly instalments, the first of which shall be effected on or before the 30th of March, 2010, to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to the above, the recovery proceedings stated as being pursued by the respondent shall be kept in abeyance for the time being. It is also made clear that, if any default is committed by the petitioner in clearing 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. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc