IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.SURENDRA MOHAN FRIDAY, THE 21ST MAY 2010 / 31ST VAISAKHA 1932 WP(C).No. 14403 of 2010(A) ----------------------------------------- PETITIONER(S): ------------------------- P.S. SUGUNAN, PERUMBATTU HOUSE, PERUMBALAM.P.O, CHERTHALA. BY ADV. SRI.BABU CHERUKARA RESPONDENT(S): --------------------------- 1. SPECIAL SALE OFFICER/JUNIOR INSPECTOR, KANAYANNUR CO-OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK GROUP, PALARIVATTOM, COCHIN -25. 2. THE SECRETARY, KANAYANNUR CO-OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LTD. NO. E 326, PALARIVATTOM, COCHIN -25. R2 BY ADV. SRI.VARGHESE P.CHACKO THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/05/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss K.SURENDRA MOHAN, J. ----------------------------------------- W.P.(C) No.14403 of 2010 ----------------------------------------- Dated this the 21st day of May, 2010 JUDGMENT The petitioner is a defaulter in repaying a loan that he had availed from the second respondent bank on 7.12.2005. In view of the default in repayment of the loan, the bank has issued Ext.P1 notice intimating sale of the petitioner's property in public auction. The sale is scheduled to be conducted on 22.5.2010. The total amount that is demanded from the petitioner is Rs.64,983/-. The petitioner submits that he may be given a breathing time so that he could clear off the arrears that are due from him. 2. Adv.Varghese P.Chacko who appears for the respondent has filed a counter affidavit opposing the petition. According to the counsel, the loan that was availed of by the petitioner is a trade loan which does not enjoy any of the concessions announced by the Government. Therefore, the petitioner is bound to pay back the entire amount with interest. It is further submitted that if the petitioner was not possessed of sufficient funds to pay off the entire amount demanded, he was free to regularise the loan account by paying an amount of Rs.44,015/- as on 11.5.2010. Once the loan account is regularised, it is submitted that the petitioner would be able to pay back the rest of the amount in instalments. wpc No.14403/2010 2 3. The counsel for the petitioner submits that if he is granted six month's time, he would be able to remit the necessary amount and to regularise the account. The learned counsel for the respondent stoutly opposed the request for the grant of six month's time. However, he has no objection to a reasonable time being granted, as may be fixed by this Court. 4. In the above circumstances, this Writ Petition disposed of directing the respondents to postpone the sale that is notified by the notice of auction evidenced herein by Ext.P1 and scheduled to be conducted on 22.5.2010 by a period of three months from today. If the petitioner regularises his loan account by remitting the necessary amounts that are remaining in default, he would be permitted to pay off the balance amount in instalments in accordance with the terms of his loan. It is made clear that if the petitioner does not regularise the account within the period of three months stipulated above, the bank shall be free to go ahead with the proceedings to recover the amount due by sale of the petitioner's property. K.SURENDRA MOHAN, Judge css/