IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 8TH AUGUST 2008 / 17TH SRAVANA 1930 WP(C).No. 23932 of 2008(Y) -------------------------- PETITIONER: ---------------- C.M.T.ABDUL JALEEL, M/S.JALEEL ASSOCIATES, JANATHA BAZAR, NIRAMARUTHUR, TIRUR, MALAPPURAM (DIST). BY ADV. SRI.JESWIN P.VARGHESE RESPONDENTS: ------------------ 1. THE CANARA BANK, REPRESENTED BY ITS DIVISIONAL MANAGER, REGIONAL OFFICE, PALAKKAD. 2. THE BRANCH MANAGER, CANARA BANK, SME BRANCH, MANJERI. BY GOVERNMENT PLEADER SRI. P. GOPINATH MENON -SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 08/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.23932 OF 2008 ---------------------------------------- Dated this the 8th day of August, 2008 JUDGMENT The petitioner is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents for recovery of loan amounts due from the petitioner. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only needs some time to pay off the amounts. 2. This is opposed by the learned Standing counsel for the respondents, who would submit that the petitioner has been given all opportunities to pay the amount, which he has not availed of. Having heard both sides, I feel that the petitioner can be given some time to pay off the amounts in instalments subject to the condition that the petitioner shall immediately pay a lumpsum amount. Accordingly, the writ petition is disposed of with the following directions: W.P.(c)No..23932/08 2 The petitioner shall pay an amount of Rs.10 lakhs within one month. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the amounts as directed above without default, further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of the initial Rs.10 lakhs or any of the subsequent instalments on the due dates, it would be open to the respondents to complete proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. It would be open to the respondents to adjourn the sale for a month so as to ascertain whether the petitioner would pay the initial amount within one month and if the petitioner pays the amount, it shall be further adjourned accordingly. S. SIRI JAGAN, JUDGE Acd W.P.(c)No..23932/08 3