IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 13TH AUGUST 2010 / 22ND SRAVANA 1932 WP(C).No. 25494 of 2010(J) -------------------------- PETITIONER: --------------- SEBASTIAN @ DEVASSIKUTTY, AGED 62 YEARS, S/O. OUSEPH, ARROW MARBLES, NEELESWARAM, KALADY. BY ADV. SRI.A.T.ANILKUMAR SMT.V.SHYLAJA RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE REP. BY ITS MANAGER. PERUMBAVOOR BRANCH, PIN-683542. 2. THE AUTHORIZED OFFICER, CHIEF MANAGER, STATE BANK OF TRAVANCORE PERUMBAVOOR BRANCH PIN-683542. BY SRI. SATHISH NINAN, SC FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/08/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No. 25494 of 2010-J ---------------------------- Dated this the 13th day of August, 2010. J U D G M E N T The petitioner had availed a loan from the respondent Bank creating security interest over the property in question. But the re- payment could not be effected as scheduled. In the said circumstances, there was no other alternative for the Bank, but to declare the account as 'NPA' and proceed with further steps, which was subjected to challenge by filing W.P(C) No.34482 of 2007, culminating in Ext.P1 judgment, whereby the petitioner was directed to satisfy a sum of Rs.5 lakhs and giving appropriate directions to the Bank in this regard. 2. The learned counsel for the petitioner submits that, pursuant to Ext.P1 judgment, the 'overdue' amount was cleared by the petitioner and the loan account was regularised. But because of some unforeseen circumstances the petitioner turned to be a defaulter again and the Bank proceeded with further steps, which is under challenge in this Writ Petition. 3. Heard the learned standing counsel for the Bank as well. W.P(C) No. 25494 of 2010-J 2 4. The learned counsel for the petitioner submits that, as on date nearly Rs.15,70,476/- is due to the Bank and that the petitioner is making earnest efforts to sell the property to somebody else, to clear the entire liability. It is also stated that the petitioner has already accepted Rs.8 lakhs as advance sale consideration and the same has been remitted to the Bank within the time stipulated and the petitioner would like to have a further period of two months, so as to wipe off the entire liability. It is also stated in the Writ Petition that the petitioner will deposit a sum of Rs.5 lakhs on 20.9.2010 and the balance will be paid on 20.10.2010. 5. After considering the persuasive submission made by the learned counsel for the petitioner, this Court finds that the petitioner has made earnest efforts to clear the entire outstanding liability. 6. In the above circumstances, the petitioner is permitted to clear the outstanding liability by effecting the payment of Rs.5 lakhs on or before 20th of September 2010 and the balance amount on or before the 20th of October 2010 as undertaken by the petitioner. Subject to the above, all further coercive proceedings shall be kept W.P(C) No. 25494 of 2010-J 3 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