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. 24171 of 2009(N) -------------------------- PETITIONER: --------------- MOHAMMED SABU K.V.M., S/O.MOHAMMED KHALEEL HAJI, MANNISSERI HOUSE, HAJIYARPALLY P.O., DOWN HILL, MALAPPURAM DT. BY ADV. SRI.DEVIDAS.U.K RESPONDENTS: --------------- 1. THE CHIEF MANAGER (AUTHORIZED OFFICER) ZONAL OFFICE, DHANALAKSHMI BANK BUILDING, PUNKUNNAM, THRISSUR - 680 002. 2. DHANALAKSHMI BANK LTD, MALAPPURAM BRANCH REPRESENTED BY ITS MANAGER, MALAPPURAM, MALAPPURAM DT. BY ADV. MR. C.K. KARUNAKARAN, SC. 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.24171 OF 2009 ......................................................................... Dated this the 28th August, 2009 J U D G M E N T The petitioner has approached this Court challenging the coercive steps stated as being pursued by the respondent Bank invoking the provisions under the SARFAESI Act. The petitioner had availed a loan to the tune of Rs.25,00,000/- on 23.07.2007 and yet another sum of Rs.50,00,000/- on 03.01.2007. But repayment could not effected as scheduled, under which circumstances, there was no other alternative for the respondent Bank, but to declare the account as 'NPA', proceeding with the coercive steps as above, which in turn is sought to be challenged in the present Writ Petition. The petitioner contends that he has offered to clear the liability. 2. The learned Counsel for the respondent Bank, on instruction, submits that the petitioner is a chronic defaulter and there is no earnestness in the submission made from his part . It is also brought to the notice of this Court that as on date, a sum of Rs. 27 lakhs is over due towards the defaulted E.M.Is and unless and until the said liability is cleared, there is no question of extension of any sympathy at all. W.P.(C) No.24171 OF 2009 2 3. Considering the facts and circumstances, the petitioner is directed to clear the liability towards the defaulted E.M.Is, by way of three equal monthly installments, the first of which shall be paid 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. On satisfying the requirements as above, the loan account will stand regularised. This will be in addition to the liability to satisfy the regular installments as well. It is made clear that if any default is committed in clearing the liability towards the defaulted E.M.Is, as above, or if any two consecutive defaults are committed in respect of the regular installments, the respondent Bank will be at liberty to proceed with further steps from the stage where it stands now, for realisation of the entire amount in a lump sum. The Writ Petition is disposed of as above. P.R. RAMACHANDRA MENON, JUDGE. lk