IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 28TH JULY 2009 / 6TH SRAVANA 1931 WP(C).No. 21126 of 2009(I) -------------------------- PETITIONER(S): --------------- 1. SATHEESH C., S/O.CHELLAPPAN, A.J.VILLA KAMPARAVILA, ARAYOOR P.O., THIRUVANANTHAPURAM. 2. PRATHIBA C.K., W/O.SATHEESH, A.J.VILLA KAMPARAVILA, ARAYOOR P.O., THIRUVANANTHAPURAM. BY ADV. SRI.M.R.SARIN RESPONDENT(S): --------------- 1. THE AUTHORISED OFFICER, DISTRICT CO-OP. BANK, HEAD OFFICE P.B.NO.5122, THIRUVANANTHAPURAM. 2. THE MANAGER, THE DISTRICT CO-OP. BANK, UDIYANKULANGARA THIRUVANANTHAPURAM. BY ADV. MR.K.G.RADHAKRISHNAN THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/07/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ........................................................................ W.P.(C) No.21126 OF 2009 ......................................................................... Dated this the 28 th July, 2009 J U D G M E N T The petitioners are husband and wife and they had availed two different loans from the respondent Bank, which, however could not be repaid on time, as scheduled. This made the respondent Bank to proceed with further steps invoking the relevant provisions under the SARFAESI Act and the properties concerned, which were offered as security creating equitable mortgage over the same, have been sought to be sold in public auction, which is sought to be intercepted in the present Writ Petition. 2. Heard Mr.K.G.Radhakrishnan, the learned Standing Counsel appearing for the respondent Bank as well. 3. The learned Counsel for the petitioners submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances and that the petitioners are ready and willing to clear the entire liability under both the loans, provided some W.P.(C) No.21126 OF 2009 2 breathing time is given in this regard. 4. Considering the facts and circumstances, the petitioners are directed to clear the entire liability under both the loans by way of five equal monthly installments, the first of which shall be paid on or before 20.08.2009 to be followed by similar installments to be effected on or before the 20th of the succeeding months. Subject to the above, all coercive steps stated as being pursued against the petitioners vide Ext.P2 shall be kept in abeyance. It is further made clear that if any default is committed by the petitioners in satisfying the liability as above, the respondent Bank is permitted to proceed against the petitioners for realisation of the entire amount in a lump sum by continuing the proceedings from the stage where it stands now. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk