IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH THURSDAY, THE 25TH SEPTEMBER 2008 / 3RD ASWINA 1930 WP(C).No. 28406 of 2008(F) -------------------------- PETITIONER(S): ---------------------- KESAVANKUTTY, S/O.MADHAVAN NAIR, AGED 40 YEARS, VARAVARA VEEDU, EDAGRAMAM, KARAMANA P.O., TRIVANDRUM. BY ADV. SRI.DENIZEN KOMATH SRI.SHERRY J. THOMAS RESPONDENT(S): ------------------------ 1. INDIAN OVERSEAS BANK, POWER HOUSE ROAD BRANCH, TRIVANDRUM 695036 REPRESENTED BY ITS BRANCH MANAGER. 2. AUTHORISED OFFICER/RECOVERY OFFICER, INDIAN OVERSEAS BANK, POWER HOUSE ROAD BRANCH, TRIVANDRUM 695036. BY SC ADV. SRI. P.B. SURESH KUMAR. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 25/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M.JOSEPH, J. - - - - - - - - - - - - - - - - - - - - - - - - - WP.(C) No. 28406 of 2008 - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 25th day of September, 2008 JUDGMENT Petitioner is a defaulter of the loan taken from the respondent Bank. Proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act has been taken. Petitioner seeks time to pay off the amount. 2. I heard learned counsel for the petitioner and the learned counsel appearing on behalf of the Bank. 3. Having regard to the facts, the writ petition is disposed of as follows: Recovery against the petitioner will be kept in abeyance on condition that the petitioner pays a sum of Rs.Three Lakhs on or before 31.10.2008 and pays off the entire amount remaining to be paid with due interest in six monthly instalments, first of which shall be paid on or before the 30th of November, 2008. If the petitioner does not pay either Rs.Three Lakhs or any of the instalments, the petitioner will lose the benefit of this judgment and it is open to the petitioner to proceed against the petitioner in accordance with law. (K.M. JOSEPH, JUDGE) sb