IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 25TH JUNE 2009 / 4TH ASHADHA 1931 WP(C).No. 23352 of 2008(E) --------------------------------------- PETITIONER(S): ------------------------- 1. N.K.SUNIL KUMAR, PROPRIETOR, N.K. ASSOCIATES, P.O. KOKKALUR, BALUSSERRY, KOZHIKODE. 2. N.K. ANIL KUMAR, NAGATHARAKANDI HOUSE, KOKKALUR P.O., BALUSSERRY, KOZHIKODE. BY ADVS.MR.K.I.MAYANKUTTY MATHER MR.P.P.RAMACHANDRAN RESPONDENT(S): -------------------------- 1. DENA BANK, REPRESENTED BY ITS BRANCH MANAGER, KOZHIKODE. 2. AUTHORIZED OFFICE AND CHIEF MANAGER, DENA BANK, CHENNAI REGIONAL OFFICE, 32, VENKATESAN STREET, T. NAGER, CHENNAI -17. ADV. S.C,DENA BANK THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 25/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.23352/2008 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE NOTICE UNDER SECTION 13 (1) OF THE SARFAESI ACT. DT. 10.5.08 P1(a):- COPY OF THE NOTICE UNDER SECTION 13(1) OF THE SARFAESI ACT. DT. 10.5.08. P2:- COPY OF THE REPLY GIVEN BY THE PETITIONER DT. 18.6.08. P3:- COPY OF THE COMMUNICATION OF THE 2ND RESPONDENT DT. 30.6.08. TRUE COPY P.S. TO JUDGE TSS P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No. 23352 OF 2008 ......................................................................... Dated this the 25th June, 2009 J U D G M E N T The petitioner has approached this Court challenging the coercive proceedings stated as being pursued by the respondent Bank invoking the relevant provisions under the SARFAESI Act. The case of the petitioner is that repayment in respect of the loan availed from the Bank could not be effected on time as scheduled, which was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances and also due to some alien conditions in the market, which adversely affected his business. 2. Despite service of notice by Speed Post, nobody has entered appearance on behalf of the respondent Bank. The learned Counsel for the petitioner submits that earnest efforts are being taken to discharge the liability, provided some breathing time is given. W.P.(C) No. 23352 OF 2008 2 3. Considering the facts and circumstances, this Court finds it fit and proper to have the matter disposed of permitting the petitioner to wipe out the liability by way of six equal monthly installments, commencing from 15.07.2009 onwards. It is made clear that the coercive steps stated as being pursued against the petitioner and his assets shall be kept in abeyance till such time. It is further made clear that if the petitioner commits any default in clearing the liability as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk