IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 25TH AUGUST 2008 / 3RD BHADRA 1930 WP(C).No. 25049 of 2008(F) -------------------------- PETITIONER: ------------ GEORGE JACOB, S/O.K.K.CHACKO, KURUVACHIRA, CHERUVANDOOR, ETTUMANOOR.P.O, KOTTAYAM. BY ADV. SMT.S.MUMTAZ RESPONDENT: ---------------- CANARA BANK, ETTUMANOOR BRANCH, REP.BY THE AUTHORISED OFFICER, ETTUMANOOR, KOTTAYAM. BY SRI. P. GOPINATHA MENON -SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No. 25049 OF 2008 ---------------------------------------- Dated this the 25th day of August, 2008 JUDGMENT The petitioner is a defaulter in repayment of loan amounts due from him to the respondent bank. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, which is under challenge before me. However, the petitioner now wants only permission to pay off the amounts in instalments. 2. This is opposed by the learned Counsel for the bank, who would submit that the petitioner is not entitled to any further indulgence in the matter since the bank had already given sufficient time to pay off the amounts to the petitioner. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.90,000/- within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of W.P.(C)No. 25049 OF 2008 2 every succeeding month. If the petitioner pays the initial amount of Rs.90,000/- and the instalments in time without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.90,000/- or any of the subsequent instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice of proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(C)No. 25049 OF 2008 3