IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 12TH JANUARY 2010 / 22TH POUSHA 1931 WP(C).No. 36621 of 2009(W) -------------------------- PETITIONERS: --------------- 1. VIJAYA KUMARAN G., SHOBHA VILASOM, KALLAYAM P.O.,THIRUVANANTHAPURAM. 2. MRS. SHOBHA V., SHOBHA VILASOM, KALLAYAM P.O.,THIRUVANANTHAPURAM. BY ADV. SRI.M.P.MADHAVANKUTTY RESPONDENTS: --------------- 1. CORPORATION BANK, THIRUVANANTHAPURAM BRANCH, GOVERNMENT PRESS ROAD, THIRUVANANTHAPURAM, REPRESENTED BY ITS BRANCH MANAGER. 2. AUTHORIZED OFFICER, CORPORATION BANK, THIRUVANANTHAPURAM. BY ADV. MR. VIVEK VARGHESE, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 36621 OF 2009 ......................................................................... Dated this the 12th January , 2010 J U D G M E N T The petitioners are challenging the steps taken by the respondents under the SARFAESI Act for realisation of the amount due under the loan. 2. The learned Counsel for the petitioners submits that the respondents have taken symbolic possession of the property and that the petitioners are taking earnest efforts to see that the entire liability is wiped out within a couple of months by disposing some other property . 3. The learned Counsel appearing for the Bank submits, on instruction, that unless and until the petitioners prove their bonafides by effecting some substantial deposit, the request for extension of further indulgence might not be entertained. 4. After considering the facts and figures, particularly as to the total extent of liability to the tune of Rs.13.5 lakhs, the petitioners are directed to deposit a sum of Rs. 3.5 lakhs within one month and the balance shall be cleared within three months W.P.(C) No. 36621 OF 2009 2 thereafter. Subject to the above, the coercive steps now being pursued against the petitioners shall be kept in abeyance. It is made clear that if any default is committed by the petitioners in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further steps, from the stage where it stands now, for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk