IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 4TH JANUARY 2010 / 14TH POUSHA 1931 WP(C).No. 33849 of 2009(A) -------------------------- PETITIONER: --------------- SAINUL AVID.C.M, AGED 40 YEARS, S/O. IBRAHIM KUNHI, C.M. HOUSE, P.O. KADALAYI, KANNUR -7. BY ADV. SRI.P.U.SHAILAJAN RESPONDENTS: --------------- 1. THE MANAGING DIRECTOR/ GENERAL MANAGER, KERALA STATE CO-OPERATIVE BANK, THIRUVANANTHAPURAM. 2. THE REGIONAL MANAGER, (AUTHORISED OFFICER UNDER SARFAESI ACT) KERALA STATE CO-OPERATIVE BANK, KOZHIKODE. 3. THE BRANCH MANAGER, KERALA STATE CO-OPERATIVE BANK, KANNUR BRANCH, KANNUR. BY ADV. SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK . THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ............................................................................. W.P.(C)No. 33849 OF 2009 ......................................................................... Dated this the 4th January, 2010 J U D G M E N T The petitioner had availed a loan of Rs.1.5 lakhs from the respondent Bank agreeing to clear the liability by way of equal monthly installments, as specified , which however could not be satisfied because of some frustrating pecuniary circumstances. In the above circumstances, the respondent Bank proceeded with further steps invoking the relevant provisions under the SARFAESI Act, which made the petitioner to approach this Court by filing the Writ Petition. 2. When the matter came up for admission before this Court on 25.11.2009, coercive steps were intercepted on condition that the petitioner remitted a sum of Rs. Seventy Five thousand on or before 15.12.2009. The learned Counsel for the petitioner submits that the petitioner has complied with the said condition and that the balance outstanding under the loan W.P.(C)No. 33849 OF 2009 2 transaction would only be about Rs.2.5 lakhs and seeks for some breathing time to wipe out the entire liability. It is also contended that the specific request made by the petitioner vide Ext. P2 seeking to have the benefit of OTS has not been attended to positively from the part of the respondents. The learned Counsel also refers to the poor plight of the petitioner because of the various circumstances which hit him hard including the permanent disability of his little daughter aged 13 years as reflected from Ext.P1. 3. Heard the learned Counsel for the respondent Bank as well. 4. Considering the facts and circumstances, the petitioner is permitted to clear the outstanding liability including interest and cost by way of six equal monthly installments, the first of which shall be effected on or before the 30th of this month, the second installment to be effected on or before 20.02.2010 and the remaining installments are to be effected on or before the 30th of the succeeding months. It is made clear that if any default is committed in satisfying the liability as above, the W.P.(C)No. 33849 OF 2009 3 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. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk