IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 28TH JANUARY 2010 / 8TH MAGHA 1931 WP(C).No. 2663 of 2010(G) ------------------------- PETITIONER(S): --------------- ABDUL SATHAR, AGED 29 YEARS, S/O.MUHAMMED ALI, KANNANTHARAYIL, KARIPADAM P.O. BY ADV. SRI.RASHEED C.NOORANAD RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE REPRESENTED BY ITS GENERAL MANAGER, HEAD OFFICE, POOJAPPURA, THIRUVANANTHAPURAM. 2. CHIEF MANAGER, STATE BANK OF TRAVANCORE, ZONAL OFFICE, ERNAKULAM, REGION II. 3. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, MULANTHURUTHY. BY ADV. MR. SATHISH NINAN, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 2663 OF 2010 ......................................................................... Dated this the 28th January , 2010 J U D G M E N T The petitioner had availed a cash credit facility to an extent of Rs. Six lakhs from the third respondent Bank on 31.10.2008, creating security interest over the property in question. Admittedly, the petitioner turned to be a defaulter, under which circumstance the Bank has proceeded with further steps invoking the provisions under the SARFAESI Act to realise the amount stated as due. It is conceded by the learned Counsel for the petitioner that pursuant to the steps taken as above, the Bank took possession of the building and the petitioner has been physically evicted from the premises. 2. The learned Counsel for the petitioner submits that in view of bonafide steps pursued by the petitioner, various payments have been effected at different point of time, though overdue amount could not be satisfied in toto. It is further W.P.(C) No. 2663 OF 2010 2 submitted that the petitioner is ready and willing to deposit a sum of Rs.One lakh within two days and that the entire outstanding liability will be cleared within a couple of months. 3. Heard the learned Standing Counsel appearing for the respondent Bank as well. 4. After considering the facts and circumstances, particularly with regard to the hardship being brought to the notice of this Court and as pleaded in the Writ Petition and put forth by the learned Counsel for the petitioner; and also taking note of the magnitude of the liability involved, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. Accordingly, the petitioner is directed to deposit a sum of Rs. One lakh on or before 30. 01.2010 and the balance amount shall be cleared by way of four equal monthly installments, the first of which shall be effected on or before 25.02.2010, to be followed by similar installments to be effected on or before the 25th of the succeeding months. Subject to the above all further proceedings by way of coercive steps stated as being pursued to realise the due amount shall W.P.(C) No. 2663 OF 2010 3 be kept in abeyance. It is made clear that if any default is committed by the petitioner in effecting the payment 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. 5. On satisfying the amount of Rs. One lakh, as above, the possession of the building and premises shall be handed over to the petitioner within two days thereafter. It is also recorded that if any default is committed by the petitioner in satisfying the above requirement, the building will be surrendered by the petitioner unconditionally. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk