IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 19TH JUNE 2009 / 29TH JYAISHTA 1931 WP(C).No. 13446 of 2009(A) ---------------------------------------- PETITIONER(S): ------------------------- 1. MINI VIJAYAKUMAR, KATTAPURATHU HOUSE, THOTTAKAM P.O., KOTTAYAM DISTRICT. 2. VIJAYAKUMAR V.K., KATTAPURATHU HOUSE, THOTTAKAM P.O. KOTTAYAM DISTRICT. BY ADV. MR.GEORGE SEBASTIAN RESPONDENT(S): --------------------------- 1. THE AUTHORIZED OFFICER (CHIEF MANAGER, RURAL CPC),STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE. 2. STATE BANK OF INDIA,ULLALA BRANCH, KOTTAYAM DISTRICT, REP.BY ITS BRANCH MANAGER. R1 & R2 BY ADV. MR. K.K.CHANDRAN PILLAI, SC, SBI THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 19/06/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss WPC.NO.13446/2009 A APPENDIX PETITIONER'S EXHIBITS: P1: COPY OF THE RECEIPT EVIDENCING PAYMENT OF RS.50000/- DTD. 19/09/2006. P2: COPY OF THE RECEIPT EVIDENCING PAYMENT OF RS.17000/- DTD. 29/07/2008. P3: COPY OF THE NOTICE DTD. 29/04/09 ISSUED BY THE 1ST RESPONDENT UNDER SECTION 13 (4) OF THE SARFAESI ACT. P4: COPY OF THE POSSESSION NOTICE ISSUED BY THE 1ST RESPONDENT PUBLISHED IN MATHRUBHUMI DAILY DTD. 03/05/2009. RESPONDENT'S EXHIBITS: N I L /TRUE COPY/ P.A.TO JUDGE Kss P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 13446 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 19th day of June, 2009 JUDGMENT The proceedings taken by the respondent Bank invoking the relevant provisions under the SARFAESI Act, are sought to be intercepted by the petitioner on many a ground. The learned counsel appearing on behalf of the respondent Bank, with specific reference to the statement already filed submits that, many an opportunity has already been extended to the petitioners for clearing the loan amount and it was only when the petitioners turned to be chronic defaulter, that the Bank chose to proceed with coercive steps as above. 2. The learned counsel for the petitioners submits that, notwithstanding the adverse circumstances, the petitioners have made every earnest effort to clear the liability at the earliest. 3. Considering the facts and circumstances, the petitioners are permitted to clear the entire loan arrears by way of 5 equal monthly installments. The first installment shall be paid on or before 30th of this month and remaining installment shall be satisfied on or before 20th of the succeeding months. Till such time, all further coercive taken by the Bank under the SARFAESI Act including Ext.P4, shall stand stayed. It is also made clear that if the petitioners commit any default in clearing the liability, as aforesaid, the respondent Bank will be at liberty to WP (C) No. 13446 of 2009 : 2 : proceed with further steps from the stage where it exists as on date. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd