IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE P.R.RAMACHANDRA MENON THURSDAY, THE 28TH JANUARY 2010 / 8TH MAGHA 1931 WP(C).No. 35230 of 2009(W) ------------------------------------------ PETITIONER(S): ------------------------ K.S.SHAMSUDEEN, KALLATHU HOUSE, VELIYATHUNADU, ALUVA. BY ADV. MR.T.R.RAJAN RESPONDENT(S): --------------------------- 1. THE UNION BANK OF INDIA, REPRESENTED BY ITS BRANCH MANAGER, ALUVA BRANCH, ALUVA, ERNAKULAM DISTRICT. 2. THE CHIEF MANAGER AND AUTHORIZED OFFICER, UNION BANK OF INDIA, NODAL REGIONAL OFFICE, UNION BANK BHAVAN, M.G.ROAD, COCHIN - 682 035. R1 & R2 BY ADV. MR. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/01/2010, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Kss P.R.RAMACHANDRA MENON, J ----------------------------------------- W.P(C) No.35230 of 2009-W ------------------------------------------ Dated this the 28th day of January, 2010. J U D G M E N T The petitioner is challenging the coercive steps taken by the respondent bank invoking the machinery under the SARFAESI Act for realization of the amount stated as due under the loan transaction. 2. The learned counsel for the petitioner submits that the petitioner has made every earnest effort to see the entire liability is wipe off and a sum of Rs.5,00,000/- has already been paid pursuant to interim order passed on 9.12.2009. It is also stated that the entire liability will be cleared on or before 15th April 2010; for which appropriate arrangements have been made by entering into an agreement for sale of some other property. The learned counsel further submits that, in the alternative, the petitioner might be provided some breathing time to clear the outstanding liability, by way of reasonable instalments. 3. Heard the learned counsel for the bank as well. 4. Considering the facts and circumstances, the W.P(C) No.35230 of 2009-W 2 petitioner is permitted to clear the entire liability by way of 'six' equal monthly instalments; the first of which shall be effected on or before the 15th of February, 2010; to be followed by similar installments to be effected on or before the 15th of the succeeding months. Subject to the above, the coercive steps now stated as being pursued against the petitioner shall be kept in abeyance. It is also made clear that, if any default is made by the petitioner, the respondent bank will be at liberty to proceed with further steps for realization of the entire amount in a lump sum. The submission made by the learned counsel for the petitioner is that the challenge raised against the respondent bank with regard to the steps taken under the SARFAESI Act would stand withdrawn, is recorded. It is also made clear that the verdict now passed will not stand in the way of the petitioner in clearing the entire liability forthwith, availing some or other concessions, if any. The Writ Petition is disposed of. Sd/- P.R.RAMACHANDRA MENON JUDGE //True Copy// ab P.A TO JUDGE