IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 4TH AUGUST 2008 / 13TH SRAVANA 1930 WP(C).No. 20517 of 2008(P) -------------------------- PETITIONER: ---------------- K.S. JAYASIMHAN, S/O.SUBRAMANIAN, AGED 48, PROPRIETOR, KONDAPURAM, KALATHIL GAS AGENCY, RESIDING AT KONDAPURAM KALATHIL HOUSE, NEAR MERCY COLLEGE, PALLIPURAM.P.O, PALAKKAD. BY ADV. SRI.JACOB SEBASTIAN RESPONDENT: ------------------ INDIAN BANK REP. BY THE AUTHORISED OFFICER/CHIEF MANAGER, INDIAN BANK CIRCLE OFFICE, PULLEPPADY JUNCTION, CHITOOR ROAD, ERNAKULAM, KOCHI-35. BY ADV. SRI.S.EASWARAN FOR R1 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.20517 OF 2008 ---------------------------------------- Dated this the 4th day of August, 2008 JUDGMENT The petitioner is challenging proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act initiated by the respondent for recovery of loan amounts due from the petitioner to the bank. At the time of admission, I directed the payment of an amount of Rs.2 lakhs as a condition for stay within two weeks. Although belatedly that condition has now been satisfied, the petitioner seeks six months time to pay off the amounts due, which is strongly opposed by the learned Standing Counsel for the respondent. According to them, they have already received tenders for the property pursuant to sale proceedings initiated by them and even if this Court is inclined to grant time, that may not exceed one month, failing which proposed purchasers also may back out. W.P.(c)no.20517/08 2 2. The learned counsel for the petitioner submits that the mortgaged property is worth more than a crore and the amount now remaining to be paid is only about Rs.4 lakhs and therefore, there cannot be any harm in granting the petitioner the time requested for. Having heard both sides, I dispose of this writ petition with the following directions: The petitioner shall pay the balance amount in three equal monthly instalments starting from 1.9.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the instalments on the due dates without default, further steps pursuant to the proceedings initiated shall be kept in abeyance. However, if the petitioner commits default in payment of any one instalment, it would be open to the 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.20517/08 3