IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 1ST JULY 2009 / 10TH ASHADHA 1931 WP(C).No. 18154 of 2009(L) ------------------------------------- PETITIONER(S): ---------------------- K.DIVAKARAN NAIR, AGED 57 YEARS, KOLLASSERIL HOUSE, THRIPPUNITHURA P.O., CHENNITHALA, MAVELIKKARA. BY ADV. MR.BENHUR JOSEPH MANAYANI RESPONDENT(S): ---------------------------- 1. THE CHIEF MANAGER, AUTHORISED OFFICER, STATE BANK OF INDIA, RASMECCC RAJESWARI COMPLEX, M.C.ROAD, PERUNNAI, CHANGANACHERRY-686 102. 2. STATE BANK OF INDIA, CHANGANACHERRY BRANCH, REP.BY ITS MANAGER. BY ADV. MR.K.K.CHANDRAN PILLAI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 01/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 18154 OF 2009 ----------------------------------- Dated this the 1st day of July, 2009 JUDGMENT The petitioner is aggrieved of the steps taken by the respondent invoking the machinery under the SARFAESI Act for realisation of the amount due from the petitioner under a loan transaction which was availed in the year in April, 2006. The liability is admitted from the part of the petitioner, who submits that the loan amount of Rs.12,50,000/- which was procured for pursuing 'hotel business' could not be repaid as scheduled, because of some unforeseen circumstances including labour dispute, leading to unhealthy industrial relations scene; coupled with such other incidental adverse circumstances. Learned counsel appearing for the petitioner submits that, notwithstanding the calamities being faced by the petitioner, he is ready and willing to clear the entire liability, provided some breathing time is given to him. It is also the case of the petitioner, that, he has approached the Bank by filing Ext.P2 representation for extending some concession to clear the liability. 2. Heard the learned Counsel appearing on behalf of the respondent Bank as well. WPC NO.18154/2009 2 3. After considering the facts and figures, this Court finds it fit and proper to have the matter disposed of and accordingly, the petitioner is directed to pay a sum of Rs.3,00,000/- on or before the 30th of this month and the balance amount shall be cleared by way of five equal monthly instalments to be effected on or before the 30th of the succeeding months. Subject to the above, the steps being pursued by the respondent Bank on the basis of Ext.P1 under the SARFAESI Act shall be kept in abeyance. It is also made clear that if any default is committed by the petitioner in honouring the commitment as above, the Bank will be at liberty to proceed with further coercive steps for realisation of the entire amount in lump sum. It is further made clear that, this will not a bar for the petitioner to pursue Ext.P2 representation before the Bank for obtaining some or other concession if found to be fit and proper by the Bank. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc