IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 11TH MARCH 2010 / 20TH PHALGUNA 1931 WP(C).No. 7985 of 2010(W) -------------------------------------- CMP.4824/2009 of CHIEF JUDICIAL MAGISTRATE COURT, TRIVANDRUM .................... PETITIONER(S): ------------------------- 1. K. RAMAN, S/O. KRISHNA PILLAI, HINDU, AGED 50, RESIDING AT T.C. NO. 9/1072, KOCHAR ROAD, SASTHAMANGALAM, TRIVANDRUM. 2. K. SHEKHAR, S/O. KRISHNA PILLAI, AGED 45, RESIDING AT T.C. 38/1288, S.K.P. COMPOUND, KAMUKUVILAKAM STREET, CHALAI, TRIVANDRUM - 695 036. BY ADV. MR.M.RAMASWAMY PILLAI, MR.P.M.JOSEPH. RESPONDENT(S): ------------------------- 1. THE STATE BANK OF TRAVANCORE, KOWDIAR BRANCH, TRIVANDRUM, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, CHIEF MANAGER (P & SB), KOWDIAR BRANCH, THIRUVANANTHAPURAM. R1 & R2 BY ADV. MR.R.S. KALKURA, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/03/2010THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: rs. P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 7985 of 2010-W ---------------------------- Dated this the 11th day of March, 2010. J U D G M E N T The petitioners had availed a loan from the respondent Bank creating security interest over the property in question. But the petitioners could not satisfy the commitment in repaying the due amount. In the said circumstances, there was no other alternative for the Bank, but to declare the account as NPA and proceeded with further steps invoking the provisions under the SARFAESI Act; which in turn is subjected to challenge in this Writ Petition. 2. Heard the learned standing counsel appearing for the Bank as well. 3. The learned counsel for the petitioners submits that as the petitioners do not intend to challenge the sustainability of the facts and figures and also the steps taken by the Bank invoking the machinery under the SARFEASI Act by fling any statutory appeal before the DRT and further that the only relief now pressed before this Court is to permit the petitioners to clear the liability by way of reasonable instalments. W.P(C) No. 7985 of 2010-W 2 4. After hearing both the sides, this Court finds it fit and proper to permit the petitioners to discharge the liability in a phased manner. Accordingly, the petitioners are directed to deposit a sum of Rs.50,000/- on or before the 30th of this month and the balance amount shall be cleared by way of 'four' equal monthly instalments; the first of which shall be effected on or before the 30th of April, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to the above, all further coercive proceedings pursuant to Exts.P1, P4 and P6 shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will 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. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab