IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 13TH JULY 2009 / 22ND ASHADHA 1931 WP(C).No. 2119 of 2009(B) ------------------------- PETITIONERS: --------------- 1. P.P.PHILIPOSE, PUTHUKULLANGARA HOUSE, THIRUKOTHAMANGALAM, PUTHUPILLY, KOTTAYAM. 2. GEORGE .P.PHILIP, PUTHUKULLANGARA HOUSE, THIRUKOTHAMANGALAM, PUTHUPILLY, KOTTAYAM. BY ADV. MR. M.CHATHUKUTTY NAMBIAR RESPONDENTS: --------------- 1. GENERAL MANAGER, ALLAHABAD BANK, ZONAL OFFICE, CHENNAI. 2. ASSISTANT GENERAL MANAGER AND AUTHORIZED OFFICER ALLAHABAD BANK, ERNAKULAM BRANCH, ERNAKULAM. ADV. MR. K.THYAGARAJESWARAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 2119 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 13th day of July, 2009 JUDGMENT The petitioners when turned to be defaulters in discharging the liability towards the Bank in connection with loan availed in February, 2007, the respondent Bank proceeded with coercive steps invoking the relevant provisions under the SARFAESI Act, which is sought to be intercepted by this Court by filing the present Writ Petition. 2. When the matter had come up for consideration before this Court on 20.1.2009, the coercive steps were intercepted on condition that the petitioners deposited a sum of Rs.3.5 lakhs as specified. Subsequently, the time was extended till 2.4.2009 and as per the order dated 1.4.2009, the petitioners were directed to pay an amount of Rs.3.61 lakhs on or before 6.4.2009 to avail the benefit of the interim order. 3. The learned counsel for the petitioners submits that, the petitioners have already complied with the direction, which is not disputed from the part of the Bank as well; who has filed a statement showing the various deposits made by the petitioners and the outstanding liability. The learned counsel for the respondent Bank submits that, as on 12.6.2009, a sum of Rs. 1.10 lakhs (approximately) is still due with further interest from the 1st June, 2009 and cost. The WP (C) No. 2119 of 2009 : 2 : prayer of the petitioners is only to permit them to clear the balance amount as well, by way of reasonable installments. 4. After hearing both the sides, this Court directs the petitioners to deposit a further sum of Rs.50,000/- within one month and the balance shall be cleared by way of 3 equal monthly installments to be effected on or before the 10th of each month commencing from September, 2009 onwards. Subject to the above, the coercive proceedings stated as being pursued against the petitioners, shall be kept in abeyance. It is made clear that, if any default is made in effecting the payments as above, the Bank will be at liberty to proceed with further coercive steps for realization of the entire amount in lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd WP (C) No. 2119 of 2009 : 3 :