IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 28TH AUGUST 2009 / 6TH BHADRA 1931 WP(C).No. 25057 of 2009(B) -------------------------- PETITIONER: --------------- T.K. RAJEEV, AGED 43 YEARS, S/O KRISHNAN, THANDAYAM PARAMBIL HOUSE, KARAYAMUTTOM, VALAPPADU, THRISSUR BY ADV. MR. A.T.ANILKUMAR MS. V.SHYLAJA RESPONDENTS: --------------- 1. THE KERAL STATED CO-OPERATIVE BANK LTD., DORAI SWAMI IYYER ROAD, ERNAKULAM REP. BY ITS REGIONAL MANAGER 2. THE AUTHORISED OFFICER, THE KERALA STATE CO-OPERATIVE BANK LTD., DORAI SWAMI IYYER ROAD, ERNAKULAM. 3. THE BRANCH MANAGER, THE KERALA STATE CO-OPERATIVE BANK LTD,, BRANCH OFFICE, THRISSUR. BY ADV. MR. NAGARAJ NARAYANAN, STANDING COUNSEL THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 25057 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 28th day of August, 2009 JUDGMENT The petitioner had availed a loan of Rs. 4 lakhs from the respondent Bank in the year 2002, creating security interest over the property in question. However, the business got collapsed, under which circumstance, the petitioner turned to be a defaulter and the Bank proceeded with the coercive further under the relevant provisions of the SARFAESI Act, after declaring the account as 'NPA'. 2. The petitioner has approached this Court stating that, he has made alternate arrangements to wipe off the entire liability and that the same may be permitted to clear by way of five equal monthly installments. 3. Heard the learned counsel for the Bank as well. 4. After hearing both the sides, particularly taking note of the persuasive submission made from the part of the petitioner that the petitioner is ready and willing to deposit a sum of Rs.1 lakh tomorrow, the petitioner is directed to effect the said deposit by tomorrow and the balance amount shall be cleared by way of 'five' equal monthly installments; the first of which shall be effected on or before the 20th September, 2009, to be followed by the remaining installments to be effected on or before the 20th of the succeeding months. Subject to the WP (C) No. 25057 of 2009 : 2 : above, all further proceedings, stated as being pursued against the petitioner, pursuant to Ext.P2, shall be kept in abeyance. It is made clear that, if any default is committed by the petitioner in satisfying the requirement as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump sum, by pursuing such steps, from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd