IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 16TH FEBRUARY 2010 / 27TH MAGHA 1931 WP(C).No. 35053 of 2009(B) -------------------------- CMP.3239/2009 of C.J.M.,KOTTAYAM .................... PETITIONER(S): --------------- SUSHAMMAKUMARI, W/O.B.RADHAKRISHNAN, PANDALUMANCHUVATTIL HOUSE, EAST GATE, VAIKOM P.O., KOTTAYAM DISTRICT. BY ADV. SRI.J.JULIAN XAVIER SRI.FIROZ K.ROBIN RESPONDENT(S): --------------- 1. AUTHORIZED OFFICER, FEDERAL BANK LIMITED, REGIONAL OFFICE, KOTTAYAM. 2. BRANCH MANAGER, FEDERAL BANK LIMITED, VAIKOM BRANCH. 3. R.SUDEV KUMAR, ADVOCATE COMMISSIONER, KURUP CHAMABERS, KOTTAYAM. ADV. SRI.MOHAN JACOB GEORGE FOR R1,2 SMT.P.V.PARVATHI FOR R1,2 SMT.REENA THOMAS FOR R1,2 SRI.L.RAM MOHAN FOR R1,2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 16/02/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON, J. ----------------------------------------------- WP(C) No. 35053 of 2009 ---------------------------------------- Dated, this the 16th day of February, 2010 J U D G M E N T The petitioner is challenging the coercive steps stated as being pursued by the respondent Bank invoking the machinery under the SARFAESI Act. The above proceedings were intercepted by this Court on 04.12.2009, on condition that the petitioner deposited a sum of Rs.1.5 lakhs on or before 16.12.2009. The learned counsel for the petitioner submits that the said amount was paid on 17.12.2009 and since the interim order has already expired, the petitioner has filed I.A.2213/2010 for revival and extension of the interim order. 2. The learned counsel for the respondent Bank submits on instructions that, after giving credit to the amounts stated as already remitted by the petitioner on different occasions, a balance sum of nearly Rs.12,19,150/- is still due from the petitioner for clearing the entire outstanding liability under the loan transaction. 3. Considering the facts and circumstances and also the submissions made from the part of the petitioner, the petitioner is directed to deposit a sum of Rs.2,00,000/- within one month and the balance amount shall be effected by way of 'six' equal monthly WP(C) No.35053/2009 2 instalments, the first of which shall be effected on or before the 10th April, 2010, to be followed by similar instalments to be effected on or before the 10th of the succeeding months. Subject to this, all the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that if any default is committed by the petitioner in satisfying the liability as above, the respondent Bank will be at liberty to proceed with further coercive steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of accordingly. P. R. RAMACHANDRA MENON JUDGE dnc