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. 14860 of 2008(R) -------------------------- PETITIONER: ------------ K.N.ANANDA KUMAR, AGED 54, S/O.T.N.D.PILLAI, AJITH, T.C.NO.9/1103, SASTHAMANGALAM, TRIVANDRUM.10. BY ADV. SRI.R.T.PRADEEP SRI.V.VIJULAL RESPONDENTS: ------------- 1. AUTHORISED OFFICER, STATE BANK OF INDIA, SARC, TRIVANDRUM. 2. THE CHIEF MANAGER, STATE BANK OF INDIA, STREESED ASSET RESOLUTION CENTRE, ZONAL OFFICE, TRIVANDRUM. 3. VINITHA ANANDAKUMAR, AJITH.T.C.NO,9/1108, SASTHAMANGALAM, TRIVANDRUM. 4. JAYASREE KUMAR, D/O.LATE BHANUMATHI AMMA, SAI KRIPA, T.C.NO.5/2629, PIPPINMOOD, GILD LINKS ROAD, JAWAHAR NAGAR, KOWDIAR, TRIVANDRUM. BY ADV. SRI.K.K.CHANDRAN PILLAI SRI.R.S.KALKURA THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 18/06/2008, ALONG WITH WPC NO. 16702 OF 2008 THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: PETITIONER'S EXHIBITS: W.P.C.NO. 14860/2008. ------------------------------------------------------------------- EXT.P1 TRUE COPY OF WRITTEN STATEMENT IN O.A.NO. 248/2003. EXT.P2 PROPOSAL DT. 23-5-2007. EXT.P3 COMMUNICATION DT. 11-6-2007. EXT.P4 NOTICE DT. 5-7-2006. EXT.P5 POSSESSION NOTICE DT. 24-7-2007. EXT.P6 PROPOSAL DATED 3-9-2007. EXT.P7 ACCEPTANCE OF PROPOSAL DT. 5-9-2007. EXT.P8 JUDGMENT IN W.P.C.NO. 26297/07. EXT.P9 REQUEST OF PETITIONER DT. 24-3-2008. [TRUE COPY] P.S TO JUDGE. S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) Nos. 14860 & 16702 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 18th June, 2008. J U D G M E N T Petitioners in these two writ petitions are the principal debtor and guarantor for the loan amounts taken by the petitioner in W.P(C) No. 14860/2008. Since they defaulted repayment of loan amounts, the Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. However, the petitioners do not now dispute the liability to pay or the quantum. They now confine their prayer for a facility to pay the amount in instalments. This is opposed by the learned counsel for the Bank, who would submit that in spite of giving several opportunities, the petitioners have not cared to pay the amount. 2. Having heard both sides, I dispose of these two writ petitions with the following directions. The petitioners in these two writ petitions shall see that 1/3rd of the amounts now due is paid within one month from today. The balance amount due shall be paid in four equal monthly instalments starting from 1-8-2008. If the above amounts are paid on the due dates, further proceedings under the Act shall be kept in abeyance. However, if the petitioners fail to pay either the 1/3rd amount within one month or any of the subsequent instalments, it would be open to the Bank to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/