IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 19TH MAY 2010 / 29TH VAISAKHA 1932 WP(C).No. 15223 of 2010(C) -------------------------- PETITIONER: --------------- DEVI PRASAD SEKHAR, OTTATHENGIL HOUSE, PRAKULAM P.O., KOLLAM. BY ADV. SRI.JOHNSON MANAYANI SRI.BENHUR JOSEPH MANAYANI SRI.JOSEPH SEBASTIAN RESPONDENTS: --------------- 1. STATE BANK OF INDIA, RASMECEE, 2ND FLOOR, RAVIS ARCADE, NEAR IRON BRIDGE KOLLAM-13 REP. BY ITS ASSISTANT GENERAL MANAGER. 2. THE AUTHORISED OFFICER AND CHIEF MANAGER OF THE STATE BANK OF INDIA, OF DO. DO. BY SRI.N.RAJAGOPALAN NAIR- SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.15223 of 2010-C ---------------------------- Dated this the 19th day of May, 2010. J U D G M E N T The petitioner is challenging the steps taken by the respondent Bank seeking realisation of the amount allegedly due from the petitioner invoking the remedy under the SARFAESI Act. 2. The petitioner had availed a loan from the respondent Bank creating security interest over the property in question. Since the petitioner did not satisfy the repayment by way of instalments on time, there was no other alternative for the Bank, but to declare the account as ‘NPA’ and proceed with further steps, which in turn is subjected to challenge in this Writ Petition. 3. The learned counsel for the petitioner submits that the petitioner does not intend to challenge the sustainability of the facts and figures and the steps taken by the Bank invoking the machinery under the SARFEASI Act by fling any statutory appeal before the DRT and that the only relief now pressed before this Court is to permit the petitioner to clear the liability by way of reasonable instalments. 4. Heard the learned counsel for the Bank as well. W.P(C) No.15223 of 2010-C 2 5. Considering the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to discharge the liability in a phased manner. Accordingly, the petitioner is directed to clear the total outstanding liability by way of 'four' equal monthly instalments; the first of which shall be effected on or before the 15th of June, 2010; to be followed by similar instalments to be effected on or before the 15th of the succeeding months. Subject to the above, all further coercive proceedings pursuant to Exts.P1 to P3 shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab