IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R. RAMACHANDRA MENON FRIDAY, THE 18TH JUNE 2010 / 28TH JYAISTHA 1932 WP(C).No. 2764 of 2010(U) ------------------------- PETITIONER: --------------- MANJU.R., RESIDING RAVEENDRA VILASOM, VENJARAMOODU, TRIVANDRUM. BY ADV. MR. M.ZIYAD MR. SANU.S.PANICKER RESPONDENTS: --------------- 1. THE DEPUTY GENERAL MANAGER, REGIONAL OFICE, FEDERAL BANK LTD., STATUE, TRIVANDRUM. 2. THE MANAGER, FEDERAL BANK, VENJARAMOODU BRANCH, TRIVANDRUM. 3. THE SENIOR MANAGER, FEDERAL BANK, REGD OFFICE, ALUVA, ERNAKULAM. ADV. MR. GEORGE VARGHESE (MANACHIRACKEL) THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: P.R. RAMACHANDRA MENON J. ~~~~~~~~~~~~~~~~~~~~~~~ W.P. (C) No. 2764 of 2010 ~~~~~~~~~~~~~~~~~~~~~~~ Dated, this the 18th day of June, 2010 JUDGMENT The petitioner had availed a personal loan of Rs. 3 lakhs from the respondent Bank in June, 2006, on the strength of the immovable property, over which security interest has been created. But the repayment could not be effected on time because of some unforeseen circumstances; on which event, the Bank declared the account as 'NPA' and proceeded with steps under the SARFAESI Act, which is under challenge. 2. The learned counsel for the petitioner submits that, the petitioner was ready and willing to have the matter settled, availing the benefit of OTS, but the facility was never extended from the part of the Bank, which made the petitioner to approach this Court. 3. The learned standing counsel appearing for the respondent Bank, on instructions, submits that the entire outstanding liability will come to about Rs. 2,66,688/- . It is also stated that, the petitioner has already approached the first respondent by filing Ext.P3 request, which of course will be considered and that the petitioner will have to prove his bona fides by depositing a substantial amount towards the outstanding liability. W.P. (C) No. 2764 of 2010 : 2 : 4. In the above circumstances, the petitioner is directed to deposit a sum of Rs. 1.5 lakhs within one month, on which event first respondent shall consider and pass appropriate orders on Ext.P3, as to the balance amount to be satisfied by the petitioner, extending the benefit of 'OTS' if any, or such other allowances/concession as the case may be. Final orders in this regard shall be passed at the earliest, at any rate, within one month thereafter. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance. It is made clear that, if the petitioner does not satisfy the commitment as above , the Bank is at liberty to proceed with further steps for realization of the entire amount in lump sum. The Writ Petition is disposed of. P. R. RAMACHANDRA MENON, JUDGE kmd