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. 35872 of 2009(D) -------------------------- CMP.7903/2009 of C.J.M., ALAPPUZHA .................... PETITIONER(S): --------------- PURUSHOTHAMAN G., S/O. LATE GOVINDAN, AGED 61 YEARS, KATTUNGAL, PUNNAPURA NORTH, ALAPPUZHA. BY ADV. SRI.K.S.HARIHARAPUTHRAN SRI.M.D.SASIKUMARAN SRI.GEORGE MATHEW RESPONDENT(S): --------------- 1. STATE BANK OF INDIA, ALLEPPEY ADB, ALAPPUZHA. 2. AUTHORISED OFFICER, STATE BANK OF INDIA, ALLEPPEY ADB, ALAPPUZHA. STANDING COUNSEL SRI.R.S.KALKUR 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. 35872 of 2009 ------------------------------------ Dated, this the 13th day of January, 2010 J U D G M E N T The petitioner had availed two loans from the first respondent Bank, the first one for the purchase of a vehicle and the other one in connection with business purpose. However, the petitioner turned to be a defaulter, since the due amounts which were liable to be paid by way of instalments were not paid, under which circumstances, the respondent Bank proceeded with steps invoking the power under the SARFAESI Act, which in turn forms the subject matter of challenge in this Writ Petition. 2. The learned counsel appearing for the petitioner submits that the condition imposed by this Court, while granting interim order of stay on 11.12.2009 has already been satisfied and that the petitioner has deposited a sum of Rs.1.5 lakhs accordingly. The learned counsel for the respondents submits, on basis of the instructions, that the claim of the petitioner to provide the benefit of 'One Time Settlement' cannot be entertained, as no such Scheme is in existence, as on date. 3. In the above facts and circumstances, the petitioner is directed to clear the entire outstanding liability by way of ‘six’ regular WP(C) No.35872/2009 2 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. Subject to the above, all the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that, if any default is made 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, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc