IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 11TH FEBRUARY 2010 / 22ND MAGHA 1931 WP(C).No. 4306 of 2010(K) ------------------------- PETITIONER(S): --------------- BABU ANTONY, AGED 53 YEARS, S/O. ANTONY, PROPRIETOR, MODERN INDUSTRIES, NADAKKEPARAMBIL HOUSE, PATHIRAPPALLY, ALAPPUZHA DISTRICT. BY ADV. SRI.K.C.SUDHEER RESPONDENT(S): --------------- 1. THE KERALA STATE CO-OPERATIVE BANK, REGIONAL OFFICE, ERNAKULAM LTD., REPRESENTED BY ITS REGIONAL MANAGER. 2. THE KERALA STATE CO-OPERATIVE BANK LTD., BRANCH OFFICE AT ALAPPUZHA, REPRESENTED BY ITS BRANCH MANAGER, NEAR DISTRICT HOSPITAL, ALAPPUZHA. 3. THE STATE OF KERALA, REPRESENTED BY CHIEF SECRETARY TO THE GOVERNMENT, GOVERNMENT SECRETARIAT, THIRUVANANTHAPURAM. 4. UNION OF INDIA, REPRESENTED BY SECRETARY TO THE GOVERNMENT, UNION SECRETARIAT (FINANCE), NEW DELHI. ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK FOR R1-2 SRI.T.P.M.IBRAHIM KHAN,ASST.S.G OF INDI FOR R4 GOVERNMENT PLEADER SRI.BIJOY CHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 4306 of 2010 -------------------------------------- Dated, this the 11th day of February, 2010 J U D G M E N T The challenge involved in this Writ Petition is against the steps taken by the respondent Bank invoking the remedy under the SARFAESI Act for realisation of the amount stated as due from the petitioner under a loan transaction. 2. The learned counsel for the petitioner submits that the petitioner had availed a loan of Rs.4,00,000/- from the 2nd respondent in connection with the business, which however could not be repaid on time because of some unforeseen circumstances and the sudden downfall in the business. It is however stated that the petitioner has already effected payment of Rs.1,00,000/- and that the only relief confined is to give some breathing time to clear the liability, making it clear that outstanding liability will be cleared by the petitioner within three months. 3. The learned counsel for the petitioner submits on instructions, that a total sum of Rs.3,21,357/- with interest and cost is still due from the petitioner, to clear the entire liability under the loan transaction. The learned counsel very fairly submitted that the Bank will WP(C) No.4306/2010 2 of course wait till the end of April, before proceeding with coercive steps, thus extending a helping hand to the petitioner. In the above facts and circumstances, the Writ Petition is disposed of, directing the petitioner to satisfy the outstanding liability to the respondent Bank on or before the 30th of April 2010. Subject to this, all recovery proceedings shall be kept in abeyance till such time. However, it is made clear that in case of any failure in honouring the commitment as above, the respondents will be at liberty to proceed with such steps for realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc