IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON MONDAY, THE 8TH JUNE 2009 / 18TH JYAISHTA 1931 WP(C).No. 9244 of 2009(A) ------------------------- PETITIONER(S): --------------- SURENDRAN.K.T.,S/O.V.S. THANKAPPAN, KOLLOMMURUPPAL HOUSE, KARIYAMPLAVU.P.O., KANDENPEROOR, RANNI.PIN.689 615. BY ADV. SRI.G.HARIHARAN SRI.PRAVEEN HARIHARAN RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE, RANNI BRANCH AT ANGADY, PATHANAMTHITTA DIST. REP. BY ITS BRANCH MANAGER. 2. V.O. ROBINSON, ADVOCATE COMMISSIONER, 2ND FLOOR, THYKOOTHATHIL BLDGS. OPP.SBT, CENTRAL JN., PATHANAMTHITTA. STANDING COUNSEL Mr.SATHEESH NINAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 08/06/2009,THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R.RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) NO. 9244 OF 2009 ----------------------------------- Dated this the 8th day of June, 2009 JUDGMENT The petitioner has approached this Court challenging the coercive steps being pursued by the respondent Bank, invoking the relevant provisions of the SARFEASI Act. When the matter was admitted by this Court on 24.04.2009, an interim order of stay had been passed, on condition that the petitioner remitted a sum of Rs.5,00,000/- on or before 31.05.2009. The petitioner has now come up with I.A.6426/2009 for extension of time by '10 days', to comply with the said direction. 2. Heard the learned counsel appearing on behalf of the respondent Bank as well. 3. The very first ground in the Writ Petition is that the petitioner is ready and willing to close the OD account by clearing the entire liability within six months. Learned Counsel appearing on behalf of the respondent Bank submits that as on date, a sum of about Rs.16,00,000/- is due for clearing the liability. 4. Considering the facts and circumstances, the petitioner is WPC NO.9244/2009 2 permitted to comply with the condition imposed by this Court while granting the interim order on 24.04.2009 by remitting the said amount of Rs.5,00,000/- within ten days. The petitioner is further directed to clear the remaining liability by way of five regular monthly instalments, the first of which shall be paid on the 25th of July, 2009 and the rest on or before the 25th of every succeeding month. It is made clear that if any default is committed from the part of the petitioner, the benefit given in this judgment will stand withdrawn automatically and the respondent Bank will be entitled to proceed against the petitioner for realisation of entire outstanding liability by way of lumpsum by continuing the coercive proceedings as it stands now. As such, the said proceedings shall be kept in abeyance, for the time being, subject to the directions as given above. The Writ Petition is disposed of accordingly. (P.R.RAMACHANDRA MENON, JUDGE) dnc