IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 21ST AUGUST 2009 / 30TH SRAVANA 1931 WP(C).No. 23247 of 2009(A) -------------------------- PETITIONER: --------------- SHIBU BHASKER, T.C.NO.9/1964(1), KOCHAR ROAD, SASTHAMANGALAM P.O., THIRUVANANTHAPURAM. BY ADV. MR. M.R.ANANDAKUTTAN MS. M.A.ZOHRA MR. R.S.MADHU MR. MAHESH ANANDAKUTTAN RESPONDENTS: --------------- UNION BANK OF INDIA, THIRUVANANTHAPURAM MAIN BRANCH, REP. BY ITS AUTHORISED OFFICER. BY ADV. MR. A.S.P. KURUP THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/08/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 23247 of 2009 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 21st day of August, 2009 JUDGMENT The petitioner had availed a loan of Rs. 18 lakhs (originally Rs.15 lakhs + additional loan of Rs. 3 lakhs) from the respondent Bank, which however could not be repaid on time, under which circumstances, the Bank proceeded with the steps under the SARFAESI Act, issuing notice under Section 13 (2) as borne by Ext.P3, showing the outstanding liability as Rs. 20,51,405/- plus interest from 1.5.2009. The petitioner has approached this Court stating that, the default was never wilful and that appropriate alternate arrangements are being made to wipe off the entire liability; thus praying for some breathing time. 2. Heard the learned counsel appearing for the respondent Bank as well. 3. Considering the facts and circumstances, the petitioner is directed to remit a sum of Rs. 5 lakhs within one month and the balance amount shall be cleared by way of 5 equal monthly installments; the first of which shall be effected on or before the 15th of October, 2009, to be followed by the remaining installments to be effected on or before the 15th of the succeeding months. Subject to the above, the coercive proceedings, stated as being pursued against the petitioner, shall be kept in abeyance for the time being. It is made clear WP (C) No. 23247 of 2009 : 2 : that, if the petitioner commits any default in remitting the installments as above, the Bank will be at liberty to proceed with further steps for realization of the entire amount in lump sum, by pursuing the steps from the stage where it stands now. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON, JUDGE kmd