IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 18TH JUNE 2009 / 28TH JYAISHTA 1931 WP(C).No. 16909 of 2009(G) -------------------------- PETITIONER: --------------- M.JAYAKUMAR, KUZHIVILA MELA PUTHEN VEEDU, MUZHUNGIL, ARALUMMODU P.O. BY ADV. MR. R.GOPAN RESPONDENTS: --------------- 1. THE AUTHORIZED OFFICER, THIRUVANANTHAPUR AM, DISTRICT CO-OP BANK LTD., HEAD OFFICE, THIRUVANANTHAPURAM, EAST FORT. 2. THE MANAGER, THIRUVANANTHAPURAM DIST, CO-OP BANK LTD., NEYYATTINKARA MAIN BRANCH, NEYYATTINKARA P.O. BY AD. MR. K.G. RADHAKRISHNAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 16909 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 18th day of June, 2009 JUDGMENT The petitioner, who is stated as an unemployed youth but pursuing some petty business had availed a loan of Rs.2.6 lakhs from the second respondent on 4.8.04 on the strength of creating equitable mortgage over the property having an extent of 50 cents of land situated in the concerned village. When the petitioner turned to be a defaulter, the respondents resorted to coercive steps invoking the relevant provisions under the SARFAESI Act, which hence is sought to be intercepted by this Court. 2. Case of the petitioner is that he has already made arrangements to sell some other property belonging to him and to generate funds for clearing the entire outstanding liability to the respondents Bank. In furtherance to the above attempt, petitioner has entered into an agreement for sale and immediately on receiving the advance sales consideration, he had remitted a sum of Rs.45,000/- on 1.6.2009 as borne by Ext.P2 receipt. The learned counsel for the petitioner submits that the petitioner will clear ther entire outstanding liability on or before the 30th of November, 2009, on receipt of the balance sale consideration as agreed with the prospective purchaser and to prove his bona fides, the petitioner will effect a deposit of WP (C) No. 16909 of 2009 : 2 : Rs.10,000/- on or before 30th of this month and will continue to effect a sum of Rs.3,000/- every month commencing from the 20th of July, 2009 onwards till the deal gets finalized as above. 3. Heard the learned counsel appearing on behalf of the Bank as well. 4. Considering the above facts and circumstances, it is ordered that coercive steps being pursued by the bank shall be kept in abeyance till the 10th of December, 2009 for enabling the petitioner to clear the liability as above. It is also made clear that, if any, default is committed in honouring the commitment as above, the respondents will be at liberty to proceed against the petitioner for realization of the entire amount in a lump sum. The Writ Petition is disposed as above. P. R. RAMACHANDRA MENON, JUDGE kmd