IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 12TH MARCH 2010 / 21ST PHALGUNA 1931 WP(C).No. 7117 of 2010(L) ------------------------- PETITIONER: --------------- MATHEW JOSEPH @ JIMY, S/O.SRI.MATHAI JOSEPH, AGED 46, PROPRIETOR, KOLOTH SPICES, KOLOTH HOUSE, PERINGALAM P.O., KOTTAYAM DISTRICT. BY ADV. SRI.JOHNSON MANAYANI SRI.BENHUR JOSEPH MANAYANI RESPONDENTS: --------------- 1. CHIEF MANAGER (ADVANCES), AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, REGION-III, ZONAL OFFICE, KOTTYAM-2. 2. THE MANAGER, STATE BANK OF TRAVANCORE, PLASANAL BRANCH, KOTTAYAM. STANDING COUNSEL SRI. K.S. DILEEP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ WP (C) NO. 7117 OF 2010 ............................................ Dated this the 12th day of March, 2010 J U D G M E N T The petitioner is challenging the steps taken by the respondent Bank invoking the machinery under the SARFEASI Act for realisation of the amount due from the petitioner in a loan transaction. 2. The learned counsel for the Bank submits that, a total sum of about Rs.12.78 lakhs is due from the petitioner for clearing the loan transaction. It is also stated that the action pursuaded by the Bank is strictly in conformity with the law and not assailable under any circumstances. 3. The learned counsel for the petitioner however submits that, the petitioner does not intend to press any of the contentions with regard to the sustainability of the WP (C) NO. 7117 OF 2010 2 action taken by the respondent Bank, nor does he intend to approach the Debt Recovery Tribunal for availing any statutory remedy. The prayer is only that the petitioner might be permitted to clear the outstanding liability by way of reasonable installments. 4. Considering the submissions made from either side and also taking note of the vital fact that one of the two loans extended by Bank was in the 'Housing Sector', 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 Rupees Two lakhs within two weeks as undertaken by him today and the balance amount shall be cleared by 'five' equal monthly installments, the first of which shall be effected on or before the 20th of April, 2010 to be followed by the subsequent installments to be effected on or before the 20th of the succeeding months. WP (C) NO. 7117 OF 2010 3 5. Subject to the above, all further recovery proceedings shall be kept in abeyance. It is also made clear that if any default is committed by the petitioner in satisfying the liability as above, the respondents will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of, as above. P.R. RAMACHANDRA MENON, JUDGE. rkc