IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 10TH MARCH 2011 / 19TH PHALGUNA 1932 WP(C).No. 7493 of 2011(J) --------------------------------- PETITIONER(S): -------------------- N.BHAGYALEKSHMY, D/O. LATE DAMODARAN PILLAI, 'VISHNUKRIPA', KOODALLUR COTTAGE, CIVIL LANE ROAD, POOTHOLE P.O., AYYANTHOLE, THRISSUR. BY ADV. SRI.P.VENUGOPAL (1086/92) SMT.T.J.MARIA GORETTI RESPONDENT(S): ---------------------- 1. NORTH MALABAR GRAMIN BANK, TRIPUNITHURA BRANCH, TRIPUNITHURA, PIN-682 301, REPRESENTED BY ITS MANAGER. 2. AUTHORIZED OFFICER, NORTH MALABAR GRAMIN BANK, NMGB TOWERS, PALLIKUNNU, KANNUR, PIN-670 004. BY SC SRI.DEVAN RAMACHANDRAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/03/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ---------------------------------------------- W.P(C).No.7493 of 2011 ---------------------------------------------- Dated this the 10th day of March, 2011 JUDGMENT Petitioner, her brother, sister and sister-in-law had availed different loans from the respondent-Bank to which property belonging to the petitioner was given as security. But the fact remains that the loan amount could not be repaid on time. In such circumstances, the bank has taken coercive steps to recover the due amount under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, leading to Exhibit P1 proceedings filed before the concerned Chief Judicial Magistrate's Court, on the basis of which, an Advocate-Commissioner was appointed, who, in turn, has issued Exhibit P2 notice demanding vacant surrender, which is under challenge in this Writ Petition. 2. Learned Standing Counsel appearing for the respondent-Bank submits that the total amount due in respect of the loan is nearly Rs.18,00,000/- and that there was no alternative for the Bank, but to proceed with the steps in tune with the law, which hence is stated as not assailable under any circumstances. 3. Learned counsel for the petitioner submits that the petitioner WP(C) No.7493/2011 - 2 - does not intend to challenge the correctness or sustainability of the steps taken by the Bank by availing the statutory remedy or otherwise and that the intention of the petitioner is to save the property and with this intent, steps are being taken to clear off the liability in a phased manner. The only prayer pressed before this Court is to have the benefit of some instalments. 4. Heard the learned Standing Counsel for the Bank as well. 5. Taking note of the particular facts and circumstances, the petitioner is permitted to satisfy the liability by depositing Rs.5,00,000/- on or before 31st of this month and the balance amount shall be cleared off by way of six equal monthly instalments thereafter, first of which shall be effected on or before 30th April, 2011 followed by remaining instalments on or before 30th day of the succeeding months. Subject to this, recovery proceedings shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in clearing off the balance amount as stated above, the respondent-Bank will be free to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON, JUDGE vgs