IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 18TH AUGUST 2009 / 27TH SRAVANA 1931 WP(C).No. 23648 of 2009(A) -------------------------- CMP.2293/2009 of C.J.M.,KOZHIKODE .................... PETITIONER: --------------- P.ASLAM, AGED 25, S/O.LATE KUNHIKOYA, AAMOLI HOUSE, O.K.ROAD, THRUVANNUR PO, KOZHIKODE. BY ADV. MR. SRINATH GIRISH MR. E.NARAYANAN RESPONDENTS: --------------- THE CALICUT CO-OP.URBAN BANK LTD,. KALLAI ROAD, KOZHIKODE- 673 002, REP.BY THE AUTHORISED OFFICER. UNDER THE SARFAESI ACT , 2002. BY ADV. MR. DEVAPRASANTH P.J, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 23648 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 18th day of August, 2009 JUDGMENT The case of the petitioner is that, despite the willingness offered by the petitioner to clear the entire liability to the Bank by way of reasonable installments, the proposal is not accepted and that the respondent is proceeding with the coercive steps including filing of a petition before the concerned Chief Judicial Magistrate's Court, for availing necessary assistance to physically dispossess the petitioner invoking the provision under Section 14 of the SARFAESI Act, which hence is sought to be intercepted in the present Writ Petition. 2. The learned counsel appearing for the respondent Bank submits on instructions that, as on date a sum of nearly Rs. 2.8 lakhs is due and the petitioner was not at all eager to clear the liability and is evading the payments. The learned counsel further submits that, the Bank is ready and willing to provide some breathing time to have the loan account closed, if the petitioner proves his bona fides by effecting a substantial payment. 3. Considering the facts and circumstances, the petitioner is directed to pay a sum of Rs. 50,000/- (Rupees Fifty thousand only) on of before the 31st of this month, on which event the proceedings pursued by the Bank for physical dispossession of the petitioner shall WP (C) No. 23648 of 2009 : 2 : be withdrawn and the balance amount shall be cleared by way of '5' equal monthly installments; the first of which shall be effected on before the 30th of September, 2009 to be followed by the remaining installments to be effected on or before the 30th of the succeeding months. Subject to the above, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the payments as above, the respondent Bank will be at liberty to proceed with further steps, for realization of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd