IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON WEDNESDAY, THE 10TH FEBRUARY 2010 / 21ST MAGHA 1931 WP(C).No. 35216 of 2009(V) -------------------------- PETITIONER: --------------- SURESH P., S/O.PODIYAN, AGED 30 YEARS, PROPRIETOR, M/S.CHANDRIKA AUTO SPARES, NELLIMOOTTIL PADI, ADOOR, RESIDING AT SURESH BHAVAN, THUVAYOOR NORTH, MANAKKALA P.O., ADOOR, PATHANAMTHITTA DISTRICT. BY ADV. SRI.C.B.SREEKUMAR RESPONDENTS: --------------- 1. THE CHIEF MANAGER/AUTHORISED OFFICER, CANARA BANK, ADOOR BRANCH. 2. THE BRANCH MANAGER, CANARA BANK, ADOOR BRANCH. ADV. SRI.N.RAJAGOPALAN NAIR. THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 10/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 35216 of 2009(V) APPENDIX PETITIONER'S EXHIBITS: EXT.P1 : TRUE COPY OF THE RELEVANT PAPGE OF THE STATEMENT OF ACCOUNT NO. OD.1077. EXT.P2 : TRUE COPY OF THE LICENCE ISSUED BY THE SECRETARY ADOOR MUNICIPALITY DATED 24.11.2009. EXT.P3 : TRUE COPY OF THE NOTICE PUBLISHED BY THE 1ST RESPONDENT DATED 19.05.2009 IN MATHRUBHUMI DAILY DATED 21.05.2009. EXT.P4 : TRUE COPY OF THE NOTICE ISSUED BY THE 1ST RESPONDENT DATED 27.10.2009. EXT.P5 : TRUE PHOTOCOPY OF THE REPRESENTATION DATED 03.11.2009 SUBMITTED BY THE PETITIONER BEFORE THE 1ST RESPONDENT. /TRUE COPY/ P.S. TO JUDGE. P.R. RAMACHANDRA MENON, J. .............................................................................. W.P.(C) No. 35216 OF 2009 ......................................................................... Dated this the 10th February, 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 SARFAESI Act in the attempt to realise the amount due from the petitioner under a loan transaction. 2. When the matter came up for consideration before this Court on 07.12.2009, the coercive proceedings were intercepted on condition that the petitioner remitted a sum of Rs. Two lakhs on or before 21.12.2009. It is stated that the condition imposed by this Court was complied with, whereupon the interim order was extended further. 3. The learned Counsel for the respondent Bank, on instruction, submits that the outstanding liability, as on date, will cross rupees fifteen lakhs with interest and cost. 4. Considering the persuasive request made by the learned Counsel for the petitioner and also the rival submission made by the learned counsel for the respondent Bank to protect the interest of the Bank, this Court finds it fit and proper to have the matter disposed of, permitting the petitioner to clear the entire liability in a phased manner, by granting necessary installments. W.P.(C) No. 35216 OF 2009 2 5. Accordingly, the petitioner is directed to remit a sum of Rs. Six lakhs on or before 15.03.2010 and the balance shall be cleared by way of five equal monthly installments, the first of which shall be effected on or before the 15th April, 2010 to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to the above, the revenue recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in effecting the installments/payments as above, the respondents will be at liberty to proceed with further steps for realisation of the entire amount in a lump sum, from the stage where it stands now. It is also made clear that this will not preclude the petitioner from approaching the respondent Bank for availing some or other concessions/allowance, if any. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk