IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 17TH FEBRUARY 2010 / 28TH MAGHA 1931 WP(C).No. 5112 of 2010(L) ------------------------- PETITIONER: --------------- RAJKUMAR NAIR, DIRECTOR, PADMA CONDUCTORS PVT. LTD, 29, NAKSHODA STREET, 4TH FLOOR, PYDHONIC, MUMBAI-400 003. BY ADV. SRI.N.K.KARNIS RESPONDENTS: --------------- 1. AUTHORISED OFFICER,THE SOUTH INDIAN BANK LTD., REGIONAL OFFICE, PALAKKAD. 2. THE BRANCH MANAGER, THE SOUTH INDIAN BANK LTD.,, PALAKKAD. BY ADV. SRI.GEORGE VARGHESE (MANACHIRACKEL) ADV. SRI.P.R.MILTON ADV. SRI.K.J.CHACKOCHAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 17/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 5112 of 2010 ......................................................................... Dated this the 17th February , 2010 J U D G M E N T The petitioner is aggrieved of the steps taken by the respondent Bank invoking the machinery under the SARFAESI Act in the course of realisation of the amount stated as due from the petitioner. 2. The learned Counsel for the petitioner submits that the default occurred in satisfying the due amount was never because of any wilful laches or deliberate negligence, but because of certain downfall in the business and that earnest efforts are being made to clear the entire liability on or before 31.03.2010 as clearly stated in Ground No.II of the Writ Petition. 3. The learned Counsel appearing for the respondent Bank submits that Ext.P5 notice dated 05.02.2010 issued to the petitioner does not intend to take physical possession of the premises and what is intended is a symbolic possession, subject to further rights and liberties to proceed with further steps for W.P.(C) No. 5112 of 2010 2 realisation of the due amount . It is also submitted that the Bank is ready and willing to accede to the request made by the petitioner in Ground No.II providing time till 31.03.2010 to satisfy the entire outstanding liability, provided the petitioner proves his bonafides by clearing the overdue amount, depositing a sum of Rs.6.5 lakhs within the shortest possible time. 4. Considering the facts and circumstances, the petitioner is directed to deposit a sum of Rs. 6.5 lakhs within two weeks and the balance shall be cleared on or before 31.03.2010. Subject to the above, all coercive steps stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in effecting the payments as above, the respondents will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, from the stage where it stands now. It will be open to the petitioner to approach the respondent Bank for availing some or other concessions/allowance by filing appropriate representation. On such an event, the same shall be considered by the respondents providing necessary reliefs to the W.P.(C) No. 5112 of 2010 3 permissible extent. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk