IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 18TH JANUARY 2010 / 28TH POUSHA 1931 WP(C).No. 29146 of 2009(K) ------------------------------------ PETITIONER(S): ----------------------- 1. D.RAJESH KUMAR, S/O.DHARMAJAN, TC.64/197.LAKSHMI VILLA, KARUMOM PO, THIRUVANANTHAPURAM-695 002. 2. V.BINDU, W/O.D.RAJESH KUMAR, RESIDING AT -DO- -DO BY ADVS.MR.G.P.SHINOD MR.RAM MOHAN.G. RESPONDENT(S): ------------------------- 1. THE CITY UNION BANK LTD, HAVING ITS CENTRAL OFFICE AT 149, TSR(BIG)STREET,KUMBHAKONAM 612 001 AND REP.BY ITS ASSISTANT GENERAL MANAGER, CUM AUTHORISED OFFICER, CITY UNION BANK,TC38/553/5 &6, 1ST FLOOR,POWER HOUSE ROAD, THIRUVANANTHAPURAM- 695 036. 2. THE AUTHORISED OFFICER, AND ASST.GENERAL MANAGER, CITY UNION BANK LTD, TC.38/553/556,FIRST FLOOR, BLUE TOWERS, POWER HOUSE ROAD, THIRUVANANTHAPURAM- 695 036 R2 BY ADV. SRI.A.KUMAR THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C) NO.29146/2009 APPENDIX PETITIONER'S EXHIBITS P1:- COPY OF THE POSSESSION NOTICE DTD. 24.4.09 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONERS. P2:- COPY OF THE SALE NOTICE DTD. 14.9.09 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONRS. P3:- COPY OF THE ENCUMBRANCE CERTIFICATE DTD. 18.9.09 ISSUED BY THE SUB REGISTRAR, CHALAI. RESPONDENT'S EXHIBITS R1:- COPY OF THE STATEMENT SHOWING THE AMOUNT OUTSTANDING DUE IN THE ACCOUNT OF THE RESPONDENT. TRUE COPY P.A. TO JUDGE tss P.R.RAMACHANDRA MENON, J ----------------------------- W.P(C) No. 29146 of 2009 -K ------------------------------ Dated this the 18th day of January, 2010. J U D G M E N T The proceedings taken by the respondent bank against the petitioner and the properties over which the security interest has been created for realization of the amount stated as due in respect of the loan transaction, are under challenge in this Writ Petition. The respondent has filed a detailed statement showing the sequence of events and the sustainability of the proceedings invoking the provisions under the SARFAESI Act. 2. The learned counsel appearing for the respondent bank submits on instructions and also with reference to the contents of the statement, that about Rs.5,60,000/- was due as in October 2009, with further interest and cost. 3. The learned counsel for the petitioner submits that the petitioner would clear the entire liability if some breathing time is given in this regard. After hearing the rival submissions, this Court finds it fit and proper to permit the petitioner wipe out all the W.P(C) No. 29146 of 2009 -K 2 liability by way of 'six' equal monthly instalemnts; the first of which shall be effected on or before 31.1.2010; to be followed by similar instalments to be effected on or before the 25th of the succeeding months. It is also made clear that, if the petitioner does not honour the commitment as above, the respondent bank will be at liberty to proceed with further steps for realization of the entire amount in a lump sum, from the stage where it stands now. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// P.A to Judge ab