IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 3RD JUNE 2008 / 13TH JYAISHTA 1930 WP(C).No. 15249 of 2008(M) -------------------------- PETITIONER: ------------ 1. P.SOMAN, S/O.PARAMESWARAN KANI, AGED 50 YEARS, RESIDING AT RAJESH BHAVAN, PERUMICHIRKONAM, THUNDATHIL P.O., KARYAVATTOM, THIRUVANANTHAPURAM. 2. L.RADHA, W/O.P.SOMAN, AGED 46 YEARS, RESIDING AT RAJESH BHAVAN, PERUMICHIRKONAM, THUNDATHIL P.O., KARYAVATTOM, THIRUVANANTHAPURAM. BY ADV. SMT.REKHA VASUDEVAN RESPONDENTS: ------------------- 1. STATE BANK OF TRAVANCORE, REPRESENTED BY ITS MANAGING DIRECTOR, THIRUVANANTHAPURAM. 2. THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE REGION-2, ZONAL OFFICE, THIRUVANANTHAPURAM. 3. THE MANAGER, STATE BANK OF TRAVANCORE, NELLANCHIRA BRANCH, NALLANCHIRA, THIRUVANANTHAPURAM. BY ADV. SRI.R.S.KALKURA FOR R.1TO3 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.15249 OF 2008 ---------------------------------------- Dated this the 3rd day of June, 2008 JUDGMENT The petitioners are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondents for recovery of loan amounts due from them to the bank. They do not dispute the liability or the quantum. They only seek time to pay the amounts in instalments. This is opposed by the learned Standing Counsel for the bank who submits that the proceedings for taking possession are nearing completion and at this point of time this Court should not interfere. After hearing both sides, I feel that a lenient attitude can be taken in the matter in order to enable the petitioners to pay off the amounts in instalments. Accordingly, I dispose of this writ petition with the following directions. The petitioners shall pay an amount of Rs.2 lakhs within a period of one month from today. The balance amounts shall be paid in six equal monthly instalments starting from 1.8.2008. W.P.(c)No.15249/08 2 The petitioners shall pay the subsequent instalments on the first working day of every succeeding month. If the petitioners pay initial amount of Rs.2 lakhs and the instalments as directed above without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of either Rs.2 lakhs- or any of the subsequent instalments, it would be open to the respondents 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.15249/08 3