IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 22ND JULY 2010 / 31ST ASHADHA 1932 WP(C).No. 21066 of 2010(G) -------------------------- PETITIONER: --------------- T.C.ANTONY, NIRMALA AGENCIES,TRICHUR. BY ADV. SRI.K.ANAND (A.201) SMT.LATHA KRISHNAN RESPONDENTS: --------------- 1. STATE BANK OF TRAVANCORE, MAIN BRANCH 'GEETHANJALI', BUILDING, PARAMEKKAVU, P.O.TRICHUR REP. BY ITS BRANCH MANAGER. *ADDL. RESPONDENTS: *R2 THE VILLAGE OFFICER, KANIMANGALAM VILLAGE OFFICE, THRISSUR. *R3 DEPUTY TAHSILDAR (RR ) THRISSUR-20 (*ADDL. R2 AND R3 ARE IMPLEADED VIDE ORDER DATED 22.07.2010 IN I.A.NO.10045 OF 2010) BY ADV. SRI.T.SETHUMADHAVAN ADV. SRI.PUSHPARAJAN KODOTH ADV. SRI.K.JAYESH MOHANKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 21066 OF 2010 ......................................................................... Dated this the 22nd July, 2010 J U D G M E N T The petitioner was sanctioned a cash credit facility to the tune of Rs.35 lakhs, out of which only a sum of Rs. 16.40 lakhs was disbursed, effecting the payments to the parties concerned, from whom, the materials were stated as purchased, including from the agency run by the petitioner's wife. After availing the loan amount as above, the repayment could not be effected on time due to many a reason, as narrated in the Writ Petition, under which circumstance, the Bank proceeded with steps under the SARFAESI Act issuing Ext.P2 notice under Section 13(2) of the Act, followed by Ext. P3, making it clear that if the entire liability is not satisfied on or before 21.08.2010, further steps will be taken by filing necessary petition under Section 14 of the Act, seeking for intervention of the C.J.M. Court for taking physical possession of the property and to have it sold in public auction. 2. The petitioner has approached this Court challenging W.P.(C) No. 21066 OF 2010 2 the said steps, proposed to be taken by the respondent Bank, assuring that the entire liability will be wiped out on or before '31.10.2010', instead of '21.08.2010' as stated in Ext.P3 notice issued by the Bank. 3. The learned Counsel for the respondent Bank, with reference to the statement filed, submits that the total outstanding liability as on 01.04.2010 is Rs.18,06,867/- and the figure has now crossed Rs. 19 lakhs, by way of subsequent interest and cost. It is also stated that the course pursued by the Bank is very much in conformity with the statutory requirements and is not assailable under any circumstance . 4. The learned Counsel for the petitioner submits that the petitioner does not propose to press any other grounds raised in the Writ Petition, but for praying for some more time to clear the entire liability, giving extension of 'two more months' till 31.10.2010 and nothing more. It is also stated that the petitioner does not intend to avail the statutory remedy as provided under Section 17 of the Act as well. 5. Taking note of the limited prayer, as above, the W.P.(C) No. 21066 OF 2010 3 petitioner is permitted to clear the entire liability under the loan transaction on or before 31.10.2010. The coercive proceedings proposed shall be kept in abeyance for the time being on condition that the petitioner satisfies a sum of Rs. Five lakhs on or before 31.08.2010. It is also made clear that if the petitioner fails to satisfy the condition as above, the respondents 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. P.R. RAMACHANDRA MENON, JUDGE. lk