IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 13TH JANUARY 2010 / 23TH POUSHA 1931 WP(C).No. 35234 of 2009(Y) -------------------------- PETITIONER(S): --------------- DIVYA CHIDAMBARAM, W/O.PRADEEP P.PILLAI,AGED 33,RESIDING AT PARAMESWARATH HOUSE,KADATHURUTHY. BY ADV. SMT.R.RANJINI RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER,THE KADATHURUTHY URBAN CO-OPERATIVE BANK LTD,HEAD OFFICE KADATHURUTHY,KOTTAYAM,KERALA. 2. THE KADATHURUTHY URBAN CO-OPERATIVE BANK LTD,HEAD OFFICE KADATHURUTHY,KOTTAYAM,KERALA. REPRESENTED BY THE GENERAL MANAGER. ADV. SRI.VARGHESE C.KURIAKOSE FOR R1 & 2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 35234 of 2009 ------------------------------------ Dated, this the 13th day of January, 2010 J U D G M E N T The proceedings taken by the respondent Bank invoking the power under the SARFAESI Act have been subjected to challenge in this Writ Petition. 2. When the matter came up for admission before this Court on 08.12.2009, the coercive steps were intercepted, on condition that the petitioner deposited a sum of Rs.2,00,000/- on before 31.12.2009. The learned counsel appearing for the petitioner submits that, the condition imposed while granting the interim order has already been complied with. Learned counsel appearing for the respondent submits with specific reference to the counter affidavit that the outstanding liability as on date will come around Rs.9.83 lakhs plus further interest and cost. The learned counsel for the petitioner submits that the petitioner might be permitted to clear the entire liability by way of reasonable instalments. Considering the facts and circumstances, this Court finds it fit, just and proper that the petitioner is permitted to wipe off the entire liability by way of regular monthly instalments. 3. In the above facts and circumstances, the petitioner is WP(C) No.35234/2009 2 directed to clear the outstanding liability as above, by way of ‘ten’ equal monthly instalments, the first of which shall be effected on or before the 31st of this month, to be followed by similar instalments to be effected on or before the 25th of the succeeding months. It is also made clear that, if any default is committed by the petitioner in satisfying 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, by pursuing such steps from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc