IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 24TH AUGUST 2009 / 2ND BHADRA 1931 WP(C).No. 23875 of 2009(D) -------------------------- PETITIONER(S): --------------- V.N.SATHEESAN, S/O.NARAYANAN, VADASSERY HOUSE, CHERAI P.O., 683514. BY ADV. SRI. S. SHYAM RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER UNDER THE SARFAESI ACT, UCO BANK, MUNAMBAM BRANCH, PALLILPORT P.O., PIN-683515. 2. UCO BANK, MUNAMBAM BRANCH, PALLIPORT P.O PIN 683515 REPRESENTED BY ITS MANAGER. GOVERNMENT PLEADER SRI.P.V.SURENDRANATH THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 24/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 23875 OF 2009 ----------------------------------- Dated this the 24th day of August, 2009 J U D G M E N T The petitioner had availed a business loan from the respondent Bank, which however could not be repaid on time. Met with the said circumstance, the Bank proceeded with coercive steps under the SARFAESI Act, leading to issuance of Ext.P2 notice after declaring the account as ‘NPA’ on 31.03.2009. The learned counsel for the respondent Bank submits, on instructions that, as on 31.03.2009, a total sum of Rs.4,70,000/- is due from the petitioner. Learned counsel for the petitioner submits that, the default was never willful, but because of some unforeseen circumstances and that earnest efforts are being made to wipe off the entire liability. 2. After considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs.2,00,000/- within one month and the balance amount shall be satisfied by way of ‘five’ equal monthly instalments; the first of which shall be effected on or before the 20th of October, 2009, to be followed by the remaining instalments on or before the 20th of succeeding months. Subject to the above, the recovery WPC NO.23875/2009 2 proceedings will stand deferred for the time being. It is made clear that, if any default is committed by the petitioner in satisfying the requirement as above, the respondent will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, pursuing such steps from the stage where it stands now. The Writ Petition is disposed of accordingly. P.R.RAMACHANDRA MENON JUDGE dnc