IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 16TH MARCH 2010 / 25TH PHALGUNA 1931 WP(C).No. 6970 of 2010(U) ------------------------- CRMP.450/2010 of C.J.M.,THRISSUR .................... PETITIONER: --------------- SANI.P.V., S/O.VAREED, AGED 40, PROPRIETOR OF M/S.SIVA PHARMASEUTICALS, KOMBODINJAMAKKAL, THAZHAKKADU P.O., PIN-680 698. BY ADV. SRI.S.SUDHISH KUMAR SRI.K.Y.TOMY RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE, CHALAKKUDY BRANCH REPRESENTED BY THE CHIEF MANAGER. 2. THE AUTHORISED OFFICER, CHIEF MANAGER, STATE BANK OF TRAVANCORE, CHALAKUDY BRANCH. BY ADV. SRI.T.SETHUMADHAVAN ADV. SRI.PUSHPARAJAN KODOTH ADV. SRI.K.JAYESH MOHANKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 6970 OF 2010 ......................................................................... Dated this the 16th March, 2010 J U D G M E N T The petitioner has approached this Court challenging the steps taken by the respondent invoking the machinery under the SARFAESI Act for realisation of the entire amount stated as due under a 'Cash Credit facility' availed by the petitioner. 2. The learned Counsel appearing for the Bank submits with reference to the statement filed (which is yet to form part of the records) that the overdue amount itself will come around Rs. Seven lakhs and unless and until the said amount is cleared by the petitioner, the question of regularisation of the loan account cannot be considered. 3. The learned Counsel for the petitioner submits that the petitioner is ready and willing to clear the overdue amount on or before 31.03.2010 and that the petitioner might be permitted to continue to avail the benefit of the 'Cash Credit facility' subject to the regularisation as above, as originally scheduled. 4. After hearing both the sides, the petitioner is directed to remit a sum of 'Rs. Seven lakhs' on or before 31.03.2010, on W.P.(C) No. 6970 OF 2010 2 which event, the loan account of the petitioner shall stand regularised. It is also made clear that the petitioner shall continue to effect the regular E.M.Is as originally stipulated, besides clearing the arrears as above. Subjuect to the above further coercive proceedings shall be kept in abeyance. It is further made clear that if the petitioner commits any default in remitting the arrears or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed against the petitioner and his assets for realisation of the entire outstanding liability in a lump sum, pursuing the coercive steps, from the stage where it stands now. The Writ Petition is disposed of. P.R. RAMACHANDRA MENON, JUDGE. lk