WP(C) No. 17590 of 2012 · Kerala High Court

W.P.(C)No.17590 of 2012-2-yesterday, Sri.T.Sethumadhavan, learned standing counsel for the State Bank of Travancore sought time to get instructions as to the present liability of the petitioner. When the writ petition came up for further hearing today, Sri.T.Sethumadhavan, learned standing counselfor the State Bank of Travancore submitted that in addition to the sum of Rs.2,36,567/- which was due as on 28.6.2012, the petitioner is also liable to pay interest on the principal amount from 1.12.2010 and that as on today the sum of Rs.5,67,875/- is due from the petitioner. Thelearned counsel also submitted that in addition, the petitioner is liable to repay the expenses incurred by the bank in moving the ChiefJudicial Magistrate Court, Thalassery for an order under section 14 of the Act. 4. The learned counsel appearing for the petitioner submitted that the petitioner will pay the sum of Rs.5,67,875/- and also the expenses incurred by the bank in moving the Court of the ChiefJudicial Magistrate, Thalassery in six monthly instalments commencing from August 2012.

Though the learned counsel appearing for the bank opposed the request, I am of the opinion that having regard to the willingness expressed by the petitioner to pay the entire amount due in six instalments, the said request should be accepted. I accordingly dispose of the writ petition with the following directions: W.P.(C)No.17590 of 2012-3-1.The petitioner shall pay the sum of Rs.5,67,875/- which admittedly is due from him as on today, in six equal monthly instalments. The first of such instalments shall be remitted onor before 30.8.2012 and the balance on the 30th of each succeeding English calendar commencing from September 2012and ending with January 2013. If 30th of any month is aholiday, payment shall be made on the next working day. 2. If the petitioner commits default in remitting any two consecutive installments, it will be open to the bank to proceed to recover the amount due from the petitioner in lump by reviving the proceedings initiated by it under the Act.

3. In the event of the petitioner remitting the sum of Rs.5,67,872in instalments in the manner indicated above, the bank shall inform him in writing of the expenses incurred by it in filing an application under section 14 of the Act and also the amount payable by the petitioner by way of interest from today onwards, ending with the date of payment of the last instalment. The petitioner shall upon receipt of that intimation deposit the amount demanded without protest, within one month. 4. Upon the petitioner complying with the aforesaid directions, the W.P.(C)No.17590 of 2012-4-bank shall close the loan account, record full satisfaction of the loan and return the documents of title deposited by the petitioner. Needless to say, in that event the proceedings initiated by the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of SecurityInterest Act, 2002 shall stand withdrawn. Sd/- P.N.RAVINDRAN, JUDGE.rkc// true copy// PA to Judge