IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 22ND JUNE 2010 / 1ST ASHADHA 1932 WP(C).No. 18249 of 2010(E) -------------------------- PETITIONER: --------------- M.SASI, AGED 53, S/O.MADHAVANKUTTY, RESIDING AT SG BHAVAN, AZHOOR P.O., PERUMKUZHI, CHIRAYINKEEZHU TALUK, THIRUVANANTHAPURAM. BY ADV. MR. A.B.MOHANAKUMAR RESPONDENT: --------------- THE AUTHORISED OFFICER, THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK, HEAD OFFICE, FORT, THIRUVANANTHAPURAM. BY ADV. MR. K.G. RADHAKRISHNAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 18249 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 22nd day of June, 2010 JUDGMENT The petitioner availed a loan of nearly Rs. 2 lakhs from the Chirayinkeezhu branch of the respondent Bank, creating security interest over the property in question. But, the repayments could not be effected on time, which made the respondent to proceed with the steps under the SARFAESI Act, after declaring the account as 'NPA', which is turn subject to challenge by filing the present Writ Petition. 2. When the matter came up for consideration on 01.06.2010, 'status quo' was ordered to be maintained on condition that the petitioner deposited a sum of Rs, 50,000/- within one week, which is stated as complied with. 3. The learned counsel for the petitioner submits that, the petitioner does not intend to press any of the grounds raised against the steps taken by the Bank nor does he intend to approach the DRT, to avail the statutory remedy. The limited prayer now pressed before this Court is to provide some breathing time to wipe off the entire liability, by reasonable installments. 4. The learned standing counsel appearing for the respondent Bank submits, on instructions, that after deducting the sum of W.P. (C) No. 18249 of 2010 : 2 : Rs.50,000/- remitted by the petitioner, pursuant to the interim order, the balance amount will be nearly Rs. 3 lakhs. 5. Considering the facts and circumstances, the petitioner is permitted to clear entire outstanding liability by way of '6' equal monthly installments; the first of which shall be paid on or before the 15th of July, 2010; to be followed by similar installments to be effected on or before the 15th of succeeding months. Subject to this, the coercive proceedings stated as being pursued against the petitioner shall be kept in abeyance, for the time being. It is made clear that, if the petitioner commits any default in clearing outstanding liability as above, the respondents will be at liberty to proceed with further steps for realization of the entire amount in lump sum. It is further made clear that this will not stand in the way of the petitioner to approach the respondent for the benefit of 'OTS' if any, or any concessions or allowances, as the case may be. On such event, the same shall be considered and the eligible benefit shall be extended to the petitioner, which shall be set off against the final installment to be effected in the due course. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd