IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 9TH JULY 2010 / 18TH ASHADHA 1932 WP(C).No. 19984 of 2010(W) -------------------------- PETITIONER: --------------- BABY RANJITH, AGED 49 YEARS, S/O.BHASKARAN, NADUVILPURAKKAL HOUSE,LALUR ROAD, AYYANTHOLE.P.O.,TRISSUR. BY ADV. SRI.G.SREEKUMAR (CHELUR) SRI.K.RAVI (PARIYARATH) RESPONDENTS: --------------- 1. THE BANK OF INDIA,REP;BY ITS CHIEF MANAGER,THRISSUR BRANCH,THRISSUR. 2. THE AUTHORIZED OFFICER,THE BANK OF INDIA ZONAL OFFICE,KERALA ZONE,KALOOR TOWERS,KALOOR KADAVANTHRA ROAD,COCHIN-17. BY ADV. SRI.P.P.JOYI ,SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 09/07/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 19984 OF 2010 ......................................................................... Dated this the 9th July , 2010 J U D G M E N T The petitioner had availed two loans from the respondent Bank, by way of 'cash credit facility' to an extent of Rs.30 lakhs and a 'home loan' to an extent of Rs.16 lakhs, creating security interest over the property in question. Inspite of the undertaking given to satisfy the regular monthly installments, the petitioner turned to be a chronic defaulter, under which circumstance, there was no other alternative for the respondent Bank, but to proceed with further steps under the SARFAESI Act in respect of cash credit facility. Finally, pursuant to the steps taken by the District Legal Services Authority, Thrissur, the matter was caused to be referred to the 'Adalat', wherein some settlement was arrived at. After the settlement at the Lok Adalat, the petitioner request for some more time to clear the liability, however, the request in this regard has not been positively considered by the W.P.(C) No. 19984 OF 2010 2 respondents, who proceeded with further steps for realisation of the entire amount which hence is under challenge in this Writ Petition. 2. The learned Counsel for the respondent Bank submits with reference to the contents of the counter affidavit that the petitioner was a defaulter right from the beginning and that the Bank chose to take action only in respect of the 'cash credit facility' extended to the petitioner. Pursuant to Ext.P2 notice issued by the District Legal Services Authority, Thrissur, further steps were taken and the matter was settled for a total sum of Rs.39,70,000/- which was directed to be paid on or before 30.04.2010, failing which it was also made clear that the Bank could realise a sum of Rs. 40,36,902 /- with interest at the rate of 12.5% per annum thereon from 28.12.2009. A true copy of the Award passed in the Lok Adalat held on 13. 03.2010 has been produced as Ext.R1(a). 3. In the above circumstance, this Court finds that no interference is called for and that the petitioner is bound by Ext. R1(a). Accordingly, the Writ Petition is dismissed . However, this W.P.(C) No. 19984 OF 2010 3 will not stand in the way of the petitioner to work out his own remedy after negotiations with the Bank. P.R. RAMACHANDRA MENON, JUDGE. lk