IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON FRIDAY, THE 19TH MARCH 2010 / 28TH PHALGUNA 1931 WP(C).No. 9358 of 2010(T) --------------------------------------- PETITIONER(S): ------------------------- CHERUPUSHPAM S., AGED 30 YEARS, W/O.BABY JOHN, VIJAYA VILASOM, VENGA, MYNAGAPPALLY P.O., KOLLAM DISTRICT. BY ADV. MR.P.V.DILEEP RESPONDENT(S): ---------------------------- 1. THE ASST. GENERAL MANAGER, (AUTHORISED OFFICER), STATE BANK OF TRAVANCORE, RASMECCC, 2ND FLOOR, RAVI'S ARCADE, NEAR IRON BRIDGE, KOLLAM-691 013. 2. THE MANAGER, STATE BANK OF TRAVANCORE, KARUNAGAPPALLY BRANCH, KOLLAM DISTRICT. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 19/03/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: KSS P.R.RAMACHANDRA MENON, J --------------------------- W.P(C) No.9358 of 2010-T ---------------------------- Dated this the 19th day of March, 2010. J U D G M E N T The petitioner is challenging the steps taken by the respondent Bank seeking realization of the amount allegedly due from the petitioner invoking the remedy under the SARFAESI Act. Many a ground has been raised by the petitioner challenging the proceedings taken by the Bank. 2. The learned counsel for the petitioner submits that the petitioner, on second thoughts, is not intending to challenge the steps taken by the Bank or to avail the alternate remedy under the statute by approaching the Debt Recovery Tribunal. The only prayer now put forth by the petitioner is to permit the petitioner to clear the entire liability by way of reasonable instalments. 3. The learned counsel for the Bank submits with reference to Ext.P2 that the outstanding liability as on 3.6.2009 was Rs.3,33,910/- with further interest and cost. Taking note of the factual position, this Court finds it fit and proper to permit the petitioner to clear the liability in a phased manner. W.P(C) No.9358 of 2010-T 2 4. Accordingly, the petitioner is directed to deposit a sum of Rs.1 lakh on or before 31.3.2010 and the balance amount shall be cleared by way of 'five' equal monthly instalments; the first of which shall be effected on or before the 30th of April, 2010; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to the above, all further coercive proceedings pursuant to Ext. P2 shall be kept in abeyance. It is also made clear that, if any default is committed by the petitioner in satisfying the due amount as above, it will open to the Bank, to proceed with appropriate steps for realisation of the entire amount in a lump sum. The Writ Petition is disposed of. P.R.RAMACHANDRA MENON JUDGE ab