IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 28TH MAY 2008 / 7TH JYAISHTA 1930 WP(C).No. 15839 of 2008(I) -------------------------- CMP.795/2008 of C.J.M.,TRIVANDRUM .................... PETITIONER: ---------------- JAYACHANDRAN.V., LATHALAYAM, NEERAMANKARA, KAIMANAM PO., TRIVANDRUM. BY ADV. SRI.M.DINESH RESPONDENTS: ------------------ 1. THE AUTHORISED OFFICER, CHIEF MANAGER, SBT, PUTYHENCHANTHAI BRANCH, TRIVANDRUM 2. LATHAKUMARI.K., W/O.JAYACHANDRAN.V., LLATHALAYAM, KAIMANAM PO., TRIVANDRUM 3. SMT.SARADA, DO.DO. 4. KAMALAKSHY, S/O.GOPALA PILLAI, TC./27/727, NEETHI GARDEN,AMBALATHUMUKKU, VANCHIYOOR, TRIVANDRUM 5. CHANDRASENAN NAIR, S/O.GOPALA PILLAI, DO.DO. 6. JAYANTHI CHANDRASENAN, W/O.CHANDRTASENAN NAIR DO.DO. BY GOVERNMENT PLEADER SRI. R.S. KALKURA. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.15839 OF 2008 ---------------------------------------- Dated this the 28th day of May, 2008 JUDGMENT The petitioner is a defaulter in re-payment of loan amounts due from him to the State Bank of Travancore, the authorised officer of which is the 1 st respondent, who has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for coercive recovery of the amounts due from the petitioner. However, the petitioner does not deny the liability to pay or the quantum. The petitioner now wants only the facility to pay the amounts in instalments. 2. The learned Standing Counsel appearing for the bank submits that the total amount due as on 15.11.2007 is Rs.34,11,406/-. He would submit that the petitioner was given sufficient opportunity and only when it was found that the petitioner is not likely to pay the amounts that the proceedings under the Act were initiated by the 1 st respondent. W.P.(c)No.15839/08 2 3. I have considered the rival arguments in detail. I feel that purely as a matter of indulgence, the petitioner can be given some facility to pay the amounts due in instalments. Accordingly, the writ petition is disposed of with the following directions. The petitioner shall pay an amount of Rs. 5 lakhs on or before 2.6.2008. The petitioner shall pay a further amount of Rs.7 lakhs on or before 2.7.2008. The balance amount shall be paid in six equal monthly instalments starting from 2.8.2008. Subsequent instalments shall be paid on the 1 st working day of every succeeding month. If the petitioner pays the above amounts in time without default, further proceedings now initiated shall be kept in abeyance. However, if the petitioner commits default in payment of either the initial amounts or any of the subsequent instalments, it would be open to the 1 st respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.15839/08 3