IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON TUESDAY, THE 31ST MARCH 2009 / 10TH CHAITHRA 1931 WP(C).No. 25483 of 2007(H) -------------------------------------- PETITIONER(S): ----------------------- P.T. KUTTAPPAN, OLIPPURATHU HOUSE, CHERUKOLE MURI, CHERUKOLE VILLAGE, KOZHENCHERRY TALUK. BY ADV. MR.M.R.SASITH PANICKER MR.M.R.SARIN PANICKER RESPONDENT(S): ------------------------- 1. MANAGER, CANARA BANK, PATHANAMTHITTA BRANCH. 2. AUTHORISED OFFICER, CANARA BANK, PATHANAMTHITTA BRANCH, PATHANAMTHITTA. R1 & R2 BY ADV. MR.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 31/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: W.P.(C). NO. 25483/2007-H APPENDIX PETITIONER'S EXHIBITS: EXT.P1: COPY OF THE PUBLIC AUCTION NOTICE PUBLISHED IN NEWSPAPER MATHRUBHOOMI DAILY DATED 22/07/2007. RESPONDENT'S EXHIBITS: NIL //TRUE COPY// P.A. TO JUDGE Rs/ P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 25483 Of 2007 ~~~~~~~~~~~~~~~~~~~~~~~ Dated this the 31th day of March, 2009 JUDGMENT The petitioner, in connection with the business of running a petrol bunk at Konni, had availed a cash credit facility from the respondent Bank to an extent of Rs.8,00,000/- on 20.9.2004, which was secured by crediting equitable mortgage over the property of 46 cents wherein the residential house of the petitioner is situated, by depositing the title deeds. It is stated by the petitioner that, though the installments as specified were being remitted, suddenly because of some short fall in the business and due to adverse pecuniary circumstances, he happened to a defaulter, which made the Bank to proceed against him and the properties invoking the relevant provisions under the SARFAESI Act. This led to taking possession of the property belonging to the petitioner, which was notified to be sold in auction as borne by Ext.P1 notice. 2. When the above matter was taken up for consideration by this Court 21.8.2007, the petitioner volunteered to deposit a sum of Rs.8,00,000/- within one month, expressing his bona fides in clearing the notified total liability of Rs.9,18,566/-. In the said circumstances, this Court passed an interim order of stay of all further proceedings WPC No. 25483 of 2007 : 2 : pursuant to Ext.P1, on condition that the petitioner remitted the aforesaid sum of Rs.8,00,000/- within one month as aforesaid. 3. No counter affidavit has been filed by the respondent Bank stating that the petitioner has not complied with the condition imposed while granting the interim order. It is also not brought to light whether the Bank has proceeded with Ext.P1 notice causing the properties to be sold because of any failure/lapse on the part of the petitioner in complying with the condition imposed. Particulars of part payment, if any, effected by the petitioner are also not discernible, as the respondents have not chosen to file any statement in this regard as well. 4. In the above facts and circumstances, taking note of the interference already made by this Court and the interception of coercive steps pursued by the Bank, particularly in view of the prayer made by the petitioner in the writ petition that he required only some time to clear entire liability, the petitioner is permitted to clear the entire liability, if subsisting, by way of 3 equal monthly installments commencing from May, 2009. If any default is made by the petitioner in effecting the installments as above, respondent Bank will be at liberty to proceed with further steps for realisation of the due amount in accordance with law. It is also made clear that once the petitioner satisfies the entire WPC No. 25483 of 2007 : 3 : liability as aforesaid, he will be entitled to get back the possession of the property along with its title deeds. The Writ Petition is disposed of as above. P. R. RAMACHANDRA MENON, JUDGE kmd