IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 9TH APRIL 2010 / 19TH CHAITHRA 1932 WP(C).No. 12908 of 2010(K) -------------------------- PETITIONER: --------------- MUHAMMED SYED K.V., S/O. VEERAN HAJI, KAYALUMVAKKATH HOUSE, ANGADIPPURAM, MALAPPURAM DIST. BY ADV. SRI.KALEESWARAM RAJ RESPONDENTS: --------------- 1. MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD. NO.4329, HEAD OFFICE, MALAPPAURAM REPRESENTED BY THE GENERAL MANAGER, MALAPPURAM DISTRICT. CO-OPERATIVE BANK, MALAPPURAM. 2. DEPUTY GENERAL MANAGER, MALAPPAURM DISTRICT CO-OPERATIGE BANK LTD.NO.4329 HEAD OFFICE MALAPPURAM. BY ADVOCATE SHRI V. KRISHNA MENON, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/04/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 12908 OF 2010 ......................................................................... Dated this the 9th April , 2010 J U D G M E N T The petitioner had availed a loan of Rs. 4 lakhs from the respondent Bank in the year 2006, but repayment could not be effected in time, which made the respondents to proceed with further steps invoking the machinery under the SARFAESI Act, which is under challenge. 2. The learned Counsel for the petitioner submits that the default was never wilful and that the petitioner is ready and willing to clear the entire liability, provided some breathing time is given in this regard. 3. Heard the learned Standing Counsel for the respondent Bank as well. 4. Considering the facts and circumstances, the petitioner is directed to clear the entire liability by way of 'five' equal monthly installments, the first of which shall be effected on or W.P.(C) No. 12908 OF 2010 2 before 30.04.2010 to be followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to the above, the coercive steps stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in effect the installments, as mentioned above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk