IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH MONDAY, THE 2ND MARCH 2009 / 11TH PHALGUNA 1930 WP(C).No. 6668 of 2009(C) ----------------------------------- PETITIONER(S): ---------------------- 1. LAKSHMI P. NAMBIAR, D/O. BALAKRISHNAN NAMBIAR, TC 79/2033, CHEMBAKATHIL, KARIKKAKOM, PETTAH, THIRUVANANTHAPURAM. 2. P.K. SURESH BABU, VARMA TRAVELS FUEL CENTRE, PAZHAVANGADI, THIRUVANANTHAPURAM DIST. BY ADV. SRI.P.V.BABY SRI.R.KIRAN RESPONDENT(S): ------------------------- 1. STATE BANK OF TRAVANCORE, NEDUMANGAD BRANCH, THIRUVANANTHAPURAM, REPRESENTED BY ITS BRANCH MANAGER. 2. THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE, REGION II, ZONAL OFFICE, THIRUVANANTHAPURAM. BY STANDING COUNSEL SRI.SAJI VARGHESE. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M.JOSEPH, J. ------------------------------------------------------ W.P.(C) No. 6668 of 2009-C ---------------------------------------------- Dated, this the 2nd day of March, 2009 J U D G M E N T Steps under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 have been taken against the petitioners. Petitioners seek to quash Ext.P7 notice. 2. Having heard the learned counsel for the petitioners and learned standing counsel for the respondents, the writ petition is disposed of as follows: Proceedings pursuant to Ext.P7 will be kept in abeyance subject to the condition that the petitioners will remit a sum of Rs.25,00,000/- (Rupees twenty five lakhs only) on or before 31.3.2009 and pay all further amounts remaining to be paid in 4 equal monthly instalments. The first instalment shall be paid on or before 01.05.2009 and the remaining instalments on or before the Ist working day of every succeeding month. If the petitioners do not pay Rs.25 WPC No.6668/2009 -2- lakhs or any other instalment, they will loose the benefit of this judgment and the respondents will be free to proceed against the petitioners in accordance with law. I make it clear that this will not stand in the way of the petitioners seeking benefit of OTS from the Bank. (K.M.JOSEPH) JUDGE. MS