IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 28TH AUGUST 2009 / 6TH BHADRA 1931 WP(C).No. 25171 of 2009(N) -------------------------- PETITIONER: --------------- MATHEW THOMAS, PULLANTHIYIL HOUSE, ELAKKAD P.O., ELAKKAD VILLAGE, KOTTAYAM DISTRICT. BY ADV. SRI.V.G.ARUN ADV. SRI.T.R.HARIKUMAR RESPONDENTS: --------------- 1. AUTHORISED OFFICER, SOUTH INDIAN BANK,REGIONAL OFFICE, K.K.ROAD,KOTTAYAM. 2. THE BRANCH MANAGER, SOUTH INDIAN BANK,VATTAKULATHIL BUILDING, UZHAVOOR,KOTTAYAM DISTRICT. 3. SMT.JESSY JOSEPH, CHENGAMTHOTTATHIL HOUSE, ELAKKAD P.O.,KOTTAYAM. 4. SHIJU C.JOSEPH, CHENGAMTHOTTATHIL HOUSE, ELAKKAD P.O.,KOTTAYAM. BY ADV. MR. GEORGE VARGHESE, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No.25171 OF 2009 ......................................................................... Dated this the 28th August, 2009 J U D G M E N T The petitioner is a guarantor to the loan availed by the respondent Nos. 3 and 4, from the respondent Bank whereby security interest has been created over the property belonging to the petitioner. It is brought to light that the borrower did not choose to repay the monthly installments on time, under which circumstance, the respondent bank proceeded with further steps invoking the provisions under the SARFAESI Act, which is sought to be intercepted in the present Writ Petition. The limited prayer raised in the Writ Petition is that the petitioner might be permitted to satisfy the liability by way of installments 2. The learned Counsel for the respondent Bank, on instruction, submits that as on 13.08.2009, a sum of Rs. 6.92 lakhs with further interest and cost is due from the petitioner, to wipe out the entire liability. W.P.(C) No.25171 OF 2009 2 3. After considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs. Two lakhs within one month and the balance amount shall be cleared by way of four equal monthly installments, the first of which shall be paid on or before the 20th October, 2009 to be followed by the remaining installments to be effected on or before the 20th of the succeeding months. Subject to the above, all coercive steps shall be kept in abeyance. It is made clear that if any default is committed in satisfying the requirements 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