IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 15TH JULY 2010 / 24TH ASHADHA 1932 WP(C).No. 9622 of 2010(C) ------------------------- CRMP.720/2010 of C.J.M.,KOTTAYAM .................... PETITIONER(S): --------------- SEBASTIAN KURIAN,NJAVALLY PUTHENPURAYIL HOUSE,T.V.PURAM.P.O,VAIKOM-686 606. BY ADV. SRI.MATHEW JOHN (K) RESPONDENT(S): --------------- 1. THE CHIEF MANAGER,SOUTH INDIAN BANK, (AUTHORISED OFFICER APPOINTMENT UNDER THE PROVISIONS OF SARFAESI ACT),REGIONAL OFFICE, KOTTAYAM,IST FLOOR REGENCY SQUARE K.K.ROAD, COLLECTORATE POST,KOTTAYAM-686 002. 2. HARIHARAN.S,ADVOCATE, KOTTAYAM-686 002. ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) FOR R THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ``````````````````````````````````````````````````````` W.P.(C) No. 9622 of 2010 C ``````````````````````````````````````````````````````` Dated this the 15th day of July, 2010 J U D G M E N T The petitioner, who is the Proprietor of M/s.Vembanad Rubbers, and his wife, who is the Proprietrix of M/s.Vembanad Coir Mat, had procured various loans from different branches of the first respondent Bank in connection with their business about a decade ago, on the strength of the property given as mortgage to the respondent Bank. It is stated that the loan repayments were effected very promptly till December, 2004. But, because of an outbreak of fire occurred in the coir mat unit, heavy loss was sustained, which virtually derailed the petitioner's establishments, making them defaulters. This made the respondent Bank to proceed with the steps under the relevant provisions of SARFAESI Act for realisation of the amount due under the loan transaction. 2. The learned counsel for the petitioner submits that every earnest effort is being made by the petitioner and his wife to see that the liability to the Bank is cleared within the shortest possible time. Out of the total outstanding arrears of WPC.9622/2010 : 2 : Rs.1,04,67,586/- as given in Ext.P1, the petitioner has already satisfied a sum of Rs.47,60,000/- and the entire outstanding liability is undertaken to be cleared within three months. 3. When the matter came up for admission before this Court on 22-03-2010, recovery proceedings were interfered on condition that the petitioner deposited a sum of Rs.15 lakhs on or before 30-03-2010. The time for satisfying the said condition was further enlarged as per order dated 05-04-2010 in I.A.No.4878/2010, simultaneously extending the interim stay further, on condition that the petitioner satisfied a further sum of Rs.5 lakhs on or before 16-05-2010. This period was subsequently enlarged as per order dated 19-05-2010 in I.A.No.6125/2010. The learned counsel for the petitioner submits that the said condition has also been satisfied and brings to the notice of this Court that the petitioner has filed I.A.No.9704/2010 as to the concrete suggestion with regard to the manner in which the remaining liability is intended to be wiped off. With reference to the averments in the affidavit in support thereof, the learned counsel for the petitioner submits that some other property is being sold for WPC.9622/2010 : 3 : generating funds and that a sum of Rs.5 lakhs will be deposited before the 30th of this month and the entire balance will be cleared within three months from today. The learned counsel also submits that the petitioner does not intend to press any of the grounds raised in the writ petition, nor to avail the statutory remedy by approaching the Debt Recovery Tribunal and that the petitioner may be permitted to clear the liability as aforesaid. 4. Heard the learned counsel appearing for the respondent Bank as well, who submits that the petitioner might be directed to clear the remaining amount by way of 'instalments'. However, taking note of the submission made by the learned counsel for the petitioner that funds are being generated by way of sale of some other properties; that the petitioner has effected substantial payments also satisfying the conditions imposed by this Court at different point of time, this Court finds that an opportunity can be given to the petitioner to honour his undertaking as aforesaid. 5. In the above circumstances, the petitioner is directed to deposit a sum of Rs.5 lakhs on or before the 30th of this month WPC.9622/2010 : 4 : and the entire outstanding liability shall be cleared within 'three months' from today. It is made clear that the time stipulated in this judgment has to be strictly adhered to by the petitioner and no petition for enlargement of time will be entertained under any circumstances. The writ petition is disposed of as above. (P.R. RAMACHANDRA MENON, JUDGE) aks