IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 17TH AUGUST 2010 / 26TH SRAVANA 1932 WP(C).No. 23136 of 2010(N) --------------------------------------- PETITIONER(S): ----------------------- HARISH.T.K., S/O.KRISHNAN GUPTHAN, THEKKANANGADI HOUSE, CHERAYA.P.O., KONGAD, PALGHAT. BY ADV. SRI.M.R.SARIN RESPONDENT(S): -------------------------- 1. THE MANAGER, CANARA BANK, KONGAD BRANCH, MAIN ROAD, PALGHAT. 2. THE AUTHORISED OFFICER, CANARA BANK, KONGAD BRANCH, MAIN ROAD, PALGHAT. BY ADV. SRI.PAULY MATHEW MURICKEN, SC, CANARA BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: kl. P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 23136 of 2010-N ---------------------------- Dated this the 17th day of August, 2010. J U D G M E N T The petitioner availed a loan of Rs.5 lakhs from the respondent Bank in connection with his business, creating security interest over the property in question. Since the re-payment was not effected as scheduled, the Bank proceeded with further steps invoking the provisions under the SARFAESI Act; which forms the subject matter of challenge in this Writ Petition. 2. When the matter came up for consideration before this Court on 23.7.2010, coercive steps were intercepted on condition that the petitioner deposited a sum of Rs.1 lakh as specified. 3. The learned counsel for the petitioner submits that, the petitioner has already effected payment of Rs.50,000/- on 2.8.2010 and arrangements are being made to clear the balance as well. The learned counsel also submits that, the default was never wilful but because of some unforeseen pecuniary circumstances, simultaneously adding that the petitioner does not intend to avail the statutory remedy provided under Section 17 of the Act, by approaching the Debt Recovery Tribunal. The only relief pressed W.P(C) No. 23136 of 2010-N 2 before this Court is to permit the petitioner to clear the entire liability by way of reasonable instalments. 4. The learned counsel for the Bank submits on instructions that the total liability will come about Rs.5,15,973/-. 5. After hearing both the sides, this Court finds it fit and proper to permit the petitioner to clear the entire liability in a phased manner. Accordingly, the petitioner is permitted to clear the same by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 15th of September, 2010; to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to this, all further coercive proceedings pursuant to Ext.P2 shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will be open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab