IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 22ND MARCH 2010 / 1ST CHAITHRA 1932 WP(C).No. 9514 of 2010(L) ------------------------- PETITIONER(S): --------------- FRANCIS,AGED 55 YEARS,S/O.ATHANAS, CHARUVILAKATHU PUTHEN VEEDU,KAPPIKAD, POOVACHAL POST, PERUNKULAM VILLAGE, THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.J.JAYAKUMAR RESPONDENT(S): --------------- 1. THE AUTHORIZED OFFICER, THIRUVANANTHAPURAM DIST.,CO-OP.BANK, HEAD OFFICE, THIRUVANANTHAPURAM. 2. THE MANAGER, THIRUVANANTHAPURAM DIST. CO-OP.BANK MORNING & EVENING KATTAKADA BRANCH. STANDING CONSEL SRI.K.G.RADHAKRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 9514 of 2010 --------------------------------------- Dated, this the 22nd day of March, 2010 J U D G M E N T The petitioner had availed a loan of Rs.1,50,000/- from the 2nd respondent Bank in March 2005 creating security interest over 10 cents of property belonging to the petitioner. However, the petitioner could not effect the repayment on time; under which circumstance, the Bank declared the account as NPA and proceeded with further steps under the SARFAESI Act, which is under challenge in this Writ Petition. 2. The learned counsel for the petitioner submits that, in the course of the steps taken by the respondent bank, the possession of the property was taken over as per Ext.P1 mahazar and Ext.P2 notice. Subsequently, the petitioner turned up before the first respondent, expressing willingness to clear the liability within a reasonable time, which was readily agreed by the Bank as well and pursuant to the instructions to remit a sum of Rs.50,000/-, the petitioner satisfied the same as borne by Ext.P3 receipt. After remitting the said amount, the respondent took a 'U' turn, stating that the petitioner had to clear the entire balance within 10 days; which made the petitioner to approach this Court by filing this Writ Petition. WP(C) No.9514/2010 2 3. Heard the learned counsel appearing for the respondent Bank as well, who submits on instructions, that the prayer raised by the petitioner to permit him to clear the liability by way of 10 equal monthly instalments is much on the higher side and that the petitioner could be given some time, by way of reasonable monthly instalments. 4. After hearing both the sides, 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 satisfy the entire outstanding liability by way of 'five' equal monthly instalments; the first of which shall be effected on or before the 10th April 2010, to be followed by similar instalments to be effected on or before the 10th of the succeeding months. Subject to this, all further recovery proceedings stated as being pursued against the petitioner 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 respondent Bank 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 accordingly. P. R. RAMACHANDRA MENON JUDGE dnc