IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 28TH JANUARY 2010 / 8TH MAGHA 1931 WP(C).No. 36876 of 2009(D) --------------------------------------- PETITIONER(S): ---------------------- MINI, AGED 42 YEARS, D/O.CHELLAKKUDAM DEVASSY, MALA, PALLIPURAM, THRISSUR DISTRICT. BY ADV. MR.G.SREEKUMAR (CHELUR), SMT.PREETHY KARUNAKARAN, MR.K.RAVI (PARIYARATH), MR.THOMAS M.JACOB. RESPONDENT(S): -------------------------- 1. THE SYNDICATE BANK, HOUSING FINANCE BRANCH, MUTHOOT TOWERS, M.G.ROAD, ERNAKULAM, KOCHI, REP. BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER AND CHIEF MANAGER SYNDICATE BANK, REGIONAL OFFICE, PIONEER TOWERS IST FLOOR, SHANMUGHAM ROAD, ERNAKULAM, KOCHI-31. R1 & R2 BY ADV. MR.R.S.KALKURA SC FOR SYNDICATE BANK. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/01/2010,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R.RAMACHANDRA MENON, J ---------------------------- W.P(C) No.36876 of 2009-D --------------------------- Dated this the 28th day of January, 2010. J U D G M E N T The petitioner has approached this Court challenging the recovery proceedings initiated by the respondent bank invoking the machinery under the SARFAESI Act, raising several contentions, factual as well as legal. 2. When the matter came up for consideration before this Court, on 21st December 2009, coercive steps were intercepted on condition that the petitioner deposited a sum of Rs.10 lakhs within three weeks. The petitioner has failed a petition as I.A.No.76 of 2010 along with an affidavit in support thereof, stating that the petitioner has deposited a sum of Rs.4 lakhs to show the bonafides in the matter of compliance with the direction given by this Court and that earnest efforts are being made to deposit the balance sum, for which some reasonable time is sought for. It is also stated by the learned counsel for the petitioner that the petitioner will wipe off the entire outstanding liability to the bank, if some breathing time is provided in this regard. 3. The learned counsel appearing for the respondent bank W.P(C) No.36876 of 2009-D 2 submits with reference to the counter affidavit filed by the respondents 1 and 2, that after giving credit to the amount already deposited by the petitioner, a further sum of about Rs.30 lakhs is due with interest and cost. Taking note of the submission made by the learned counsel for the petitioner that the petitioner does not want to avail the benefit of statutory remedy challenging the steps taken by the respondent bank and would like to have the entire loan transaction closed by re-paying the due amount by way of instaments, the petitioner is hereby directed to clear the entire outstanding liability by way of 'six' equal monthly instalments; the first of which shall be effected on or before 25.2.2010, to be followed by similar instalments to be effected on or before the 25th of the succeeding months. Subject to the above, all further coercive steps stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that if any default is made by the petitioner, the respondent bank will be at liberty to proceed with further steps, for realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. Sd/- P.R.RAMACHANDRA MENON ab JUDGE