IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 30TH JULY 2008 / 8TH SRAVANA 1930 WP(C).No. 21816 of 2008(V) -------------------------- PETITIONERS: ------------ 1. K.DINESH, S/O. KOCHUKUNJU AGED 42 YEARS, INCHATHADIYIL PUTHUPARAMBIL HOUSE KAVIYOOR P.O.,THIRUVALLA TALUK, PATHANAMTHITTA DISTRICT 2. P.K.SUDHARMA, W/O. K.DINESH AGED 38 YEARS, INCHATHADIYIL PUTHUPARAMBIL HOUSE KAVIYOOR P.O.,THIRUVALLA TALUK, PATHANAMTHITTA DISTRICT BY ADV. SRI.AJITH MURALI RESPONDENTS: ------------- 1. THE REGIONAL MANAGER, AUTHORISED OFFICER CENTRAL BANK OF INDIA, REGIONAL OFFICE TRIVANDRUM DISTRICT 2. THE MANAGER KAVIYOOR BRANCH, CENTRAL BANK OF INDIA, THIRUVALLA, PATTANAMTHITTA DISTRICT BY ADV. SRI.DEVAN RAMACHANDRAN ADV. SRI. P. GOPINATHA MENON. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 30/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 21816 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 30th July, 2008. J U D G M E N T The petitioners are defaulters of repayment of loan amounts taken from the Central Bank of India, Kaviyoor branch. The Bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for coercive recovery of the same. The petitioners are challenging the same. However, the petitioners now only want some time to pay off the balance amounts due in instalments. 2. This is opposed by the counsel for the Bank, who would submit that in spite of granting several opportunities, the petitioners have not paid any amount. The petitioners point out that an amount of Rs. 80,000/- has been paid. Taking into account the facts and circumstances of the case, I feel that some more leniency can be shown to the petitioners to enable them to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioners shall pay an amount of Rs. 2.5 lakhs within one month. The balance amount shall be paid in six monthly instalments starting from the first working day of October, 2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioners pay the amounts on the due dates, further proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of either Rs. 2.5 lakhs or any of the subsequent instalments, it would be open to the respondents to complete the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.