IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 18TH JUNE 2008 / 28TH JYAISHTA 1930 WP(C).No. 17014 of 2008(A) -------------------------- PETITIONER: PETITIONERS:- ------------------------- 1. K.SUJATHA, LAKSHMI BHAVAN, SARKARA ROAD, VALIYAKADA, CHIRAYINKEEZHU THIRUVANANTHAPURAM, (FORMERLY RESIDING AT THEKKOOT HOUSE, KRISHNAPURAM, KALATHODU, OLLUKARA P.O., THRISSUR. 2. AYOOB @ BABU, PUTHIYAVEETTIL, KRISHNAPURAM, OLLUKKARA P.O., THRISSUR. BY ADV. DR.K.P.SATHEESAN SRI.K.K.GOPINATHAN NAIR SRI.M.R.JAYAPRASAD SRI.P.MOHANDAS (ERNAKULAM) RESPONDENTS: ------------- 1. STATE BANK OF TRAVANCORE, OLLUKARA BRANCH, MANNUTHI P.O., THRISSUR, REPRESENTED BY ITS MANGER. 2. THE AUTHORIZED OFFICER, STATE BANK OF TRAVANCORE,OLLUKKARA BRANCH, MANNUTHI P.O., THRISSUR. BY SHRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.17014 of 2008 ================== Dated this the 18th day of June, 2008 J U D G M E N T The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for coercive recovery of the loan amount due from the 1st petitioner to the respondent bank, in this writ petition. However, they now only seek a direction to the 1st respondent to consider Ext.P3 application submitted by the 1st petitioner for One Time Settlement. 2. This is opposed by the standing counsel for the Bank. He would submit that sufficient opportunity was given to the petitioners to pay off the amount. 3. After hearing both sides, I dispose of this writ petition as follows: The petitioners shall pay 1/3 (one-third) of the balance amount due within one month from today. If the petitioners pay 1/3 of the amount as directed above, the 1st respondent shall consider Ext.P3 application submitted by the 1st petitioner for One Time Settlement, if a scheme for OTS is in force at present, and w.p.c.17014/08 2 pass appropriate orders thereon within one month thereafter. The petitioners shall pay the balance amount in accordance with the orders to be passed as directed above. If the petitioners pay the amount as directed above, further proceedings shall be kept in abeyance till orders are passed on Ext.P3 and further payment shall be in accordance with such orders. However, if the petitioners commit default in payment of 1/3 of the amount as directed above or the amount as per the orders in the application for OTS, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge w.p.c.17014/08 3