IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC MONDAY, THE 7TH APRIL 2008 / 18TH CHAITHRA 1930 W.P(C).No. 10242 of 2008(T) ---------------------------------- PETITIONERS: --------------- 1. MOHANAMBIKA T.B., THEKKETHAYIL, ASRAMAM WARD, AVALAKUNNU P.O., ALAPPUZHA. 2. SREENIVASAN P.V., 463, THEKKETHAYIL, ASRAMAM WARD, AVALAKUNNU P.O., ALAPPUZHA. BY ADV. SRI.K.RONALD JOSE SRI.V.P.MOHAMMED NIYAZ RESPONDENTS: ----------------- 1. STATE BANK OF INDIA, ADB ALAPPUZHA, REPRESENTED BY ITS CHIEF MANAGER, STATE BANK OF INDIA, AGRICULTURAL DEVELOPMENT BRANCH, ALAPPUZHA. 2. THE DISTRICT COLLECTOR, ALAPPUZHA. 3. DHARMARAJAN, AMRUTHA VIHAR, CHARAMANGALAM, MUHAMMA P.O., ALAPPUZHA. BY ADV. SRI. K.K. CHANDRAN PILLAI, SC FOR SBI GOVT. PLEADER, SRI. I.V. PRAMOD THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 07/04/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = W.P.(C) No. 10242 OF 2008 T = = = = = = = = = = = = = = Dated this the 7th April, 2008. J U D G M E N T Petitioners have availed of two separate loans from the respondent bank. It is stated that the petitioners have availed of the aforesaid loans in 2006 for setting up home stay business. 2. The 1st petitioner has availed of a loan for for Rs.7.5 lakhs and the 2nd petitioner has availed of a loan for Rs.7.45 lakhs. For both the loans the property of the 3rd respondent was offered as security. 3. Default was committed and the proceedings have reached the stage of obtaining an order by the bank under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. At this stage this writ petition has been filed and it is pointed out on behalf of the respondent bank that in Ext. P2 representation made by the petitioner in December, 2007 they sought only four months time for settling the liability. It is stated that after giving credit to the payments thus far made even at present about Rs.15 lakhs towards both the liabilities. It is stated by counsel for the bank that they are initiating steps for taking possession of the mortgaged assets and W.P.(C) No.10242 OF 2008 - 2 - at this stage this writ petition has been filed to defeat the purpose of the writ petition. 4. Counsel for the petitioner seeks time for discharging the liability and that also is opposed to by the counsel for the bank in view of the persistent default that was committed. However, taking into account the facts of the case, I direct that further proceedings against the petitioners shall be deferred on condition that before the 30th of April, 2008, 50% of the amount due shall be paid by the petitioners. It is directed that if payment is made as above, they will be permitted to pay the balance due in 3 equal monthly instalments thereafter. The first instalment will be payable before the 25th of May, 2008 and the 2nd and 3rd instalments will be payable on the 25th of June and July, 2008. 5. It is clarified that in case default is committed in paying any one of the instalments, it will be open to the bank to continue the action that it has already taken. Writ petition is disposed of as above. ANTONY DOMINIC JUDGE jan/-