IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 12TH AUGUST 2009 / 21ST SRAVANA 1931 WP(C).No. 21748 of 2009(K) -------------------------- PETITIONER: --------------- OUSEPH, AGED 47, S/O.LAZAR, CHERAVATHUR HOUSE, ATHANI, M.G.KAVU, THRISSUR. BY ADV. MR. G. SREEKUMAR (CHELUR) RESPONDENTS: --------------- 1. THE KERALA STATE CO-OPERATIVE BANK LTD, THRISSUR BRANCH, REP. BY ITS BRANCH MANAGER, ST.THOMAS COLLEGE ROAD, THRISSUR. 2. THE AUTHORSIED OFFICER,THE KERALA STATE CO-OPERATIVE BANK LTD,REGIONAL OFFICE, DORAI SWAMY IYYER ROAD, KOCHI. ADV. MR. NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 21748 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 12th day of August, 2009 JUDGMENT The petitioner had availed a loan of Rs. 5 lakhs from the respondent, agreeing to have it repaid by way of regular EMIs as prescribed therein. However, the petitioner could not prove his words by his deeds, under which circumstance, the respondent Bank proceeded with the steps under the SARFAESI Act, apprehending the immediate physical dispossession, to be followed by subsequent sale of the property in public auction. The petitioner has approached this Court, contending that the petitioner is very much ready and willing to satisfy the entire liability, if some breathing time is provided in this regard. 2. Learned counsel appearing for the respondent Bank submits on instructions that, as on 31.7.2009 a sum of Rs. 6.22 lakhs (approximately) with further interest and cost is due from the petitioner. 3. Considering the facts and circumstances, the petitioner is directed to clear the entire liability by way of 'six' equal monthly instalments; the first of which shall be effected on before the 31st of this month, to be followed by the remaining instalments to be effected on before the 30th of the succeeding months. Subject to the above, the coercive steps, stated as being pursued against the petitioner, pursuant WP (C) No. 21748 of 2009 : 2 : to Ext.P3, shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the requirements as above, the respondent Bank will be at liberty to proceed against the petitioner with the coercive steps, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd