IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 6TH JANUARY 2010 / 16TH POUSHA 1931 WP(C).No. 30216 of 2009(V) ---------------------------------------- PETITIONER(S): ----------------------- K.K.KUTTAPPAN, KARUKELIL HOUSE, PADINJARAKKARA P.O., VAIKOM. BY ADV. MR.J.ABHILASH RESPONDENT(S): --------------------------- 1. THE VAIKOM URBAN CO-OPERATIVE BANK LTD. NO.1193, REPRESENTED BY ITS BRANCH MANAGER. 2. THE SPECIAL OFFICER SARFAESI ACT, THE VAIKOM URBAN CO-OPERATIVE BANK LTD., NO.1193,VAIKOM. R1 & R2 BY ADV. MR. V.G. ARUN, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J ----------------------------- W.P(C) No.30216 of 2009 -V ------------------------------ Dated this the 6th day of January, 2010. J U D G M E N T Challenging the proceedings taken by the bank invoking the provisions under the SARFEASI Act for realization of the amount due from the petitioner under the loan transaction, the petitioner had approached this Court earlier by filing W.P.(C) No.35389 of 2008, which was disposed of as per Ext.P2 judgment, whereby the loan transaction was permitted to be regularized on condition that the petitioner satisfied a sum of Rs.15,000/- more, over and above the sum of Rs.40,000/- deposited by him pursuant to the interim order passed in this case. However, the petitioner did not effect the payment within the said time and became a defaulter again; which made the bank to proceed with further steps and this in turn is sought to be intercepted in this Writ Petition stating that the petitioner is ready to clear the entire liability within six months. 2. The learned counsel appearing for the respondent bank W.P(C) No.30216 of 2009 -V 2 submits that the matter has already become final because of Ext.P2 judgment . It also brought to the notice of this Court that, when the petitioner did not comply with the direction by depositing the sum of Rs.15,000/- within one month as prescribed in Ext.P2 and when the bank proceeded with further steps, the petitioner had approached this Court by filing an interlocutory application for extension of time, which was not entertained by this Court and that the same was dismissed. Pursuant to this, the petitioner approached the bank for some breathing time which was favourably considered, granting time till 25th December 2009. It is also submitted by the learned counsel for the bank that the petitioner had remitted a sum of Rs.20,000/- in the meanwhile and that the balance amount is still due, towards interest and cost in respect of the proceedings already initiated. 3. The learned counsel for the petitioner submits that the petitioner is ready and willing to clear the entire outstanding liability under the loan transaction on or before 31.3.2010. Taking note of the fact that the bank had extended further time to the petitioner enabling him to wipe out the liability and further that the petitioner, availing the benefit of such extension, had remitted a sum of W.P(C) No.30216 of 2009 -V 3 Rs.20,000/- in the meanwhile and also taking note of the submission made by the learned counsel for the petitioner that the petitioner will wipe out the entire liability without availing the course for regularization, this Court finds it fit and proper to permit the petitioner to clear the entire outstanding liability under the loan transaction and to have it closed on or before 31.3.2010. If any default is made by the petitioner, the bank will be at liberty to proceed with appropriate steps for realization of the due amount. The Writ Petition is disposed of as above. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab