IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 9TH JUNE 2010 / 19TH JYAISTHA 1932 WP(C).No. 17844 of 2010(E) -------------------------- PETITIONER: --------------- SMT.SAVITHRI AMMA, PANIKANTAYYATHU HOUSE, THUMPAMON THAZHAM, PATHANAMTHITTA. BY ADV. SRI.O.D.SIVADAS RESPONDENTS: --------------- 1. THE BRANCH MANAGER, PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD., ULANAD BRANCH, PATHANAMTHITTA. 2. THE AUTHORISED OFFICER, (CHIEF MANAGER) PATHANAMTHITTA DISTRICT CO-OPERATIVE BANK LTD., PATHANAMTHITTA. BY ADV. MR. P.C. SASIDHARAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 17844 OF 2010 ......................................................................... Dated this the 9th June , 2010 J U D G M E N T The petitioner availed a loan of Rs. 1.5 lakhs from the respondent in August, 2005 creating security interest over the property in question. But the repayment could not be effected on time, which made the petitioner a defaulter and the Bank proceeded with further steps invoking the machinery under the SARFAESI Act, after declaring the account of the petitioner as NPA, which forms the subject matter of challenge in this Writ Petition. 2. Heard the learned Government Pleader as well. 3. The learned Counsel for the petitioner submits that the petitioner does not intend to press any of the grounds raised in the Writ Petition challenging the steps taken by the Bank nor does she propose to avail the statutory remedy by approaching the DRT. The only relief pressed before this Court is to permit W.P.(C) No. 17844 OF 2010 2 the petitioner to clear the liability in a phased manner, more so since the tenure of the loan is not yet over. 4. Considering the facts and circumstances and also the plight of the petitioner as projected in the Writ Petition, this Court finds it fit and proper to permit the petitioner to clear the liability by way of 'eight' equal monthly installments, the first of which shall be effected on or before 30.06.2010, to be followed by similar installments to be effected on or before the 30th of the succeeding monhs. Subject to this, the revenue recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is further made clear that, this will not bar the way of the petitioner in approaching the Bank for some other concessions/allowance or the benefit of OTS,, if any, and this will be at the sole discretion of the Bank. The benefit of such concession, if any, will be given credit against the final installments to be paid by the petitioner. 5. It is made clear that, if any default is committed by the petitioner in effecting the installments as above, the respondent Bank will be at liberty to proceed with further steps for W.P.(C) No. 17844 OF 2010 3 realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk