IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 5TH SEPTEMBER 2008 / 14TH BHADRA 1930 WP(C).No. 27091 of 2008(A) ------------------------------------- PETITIONER: ------------------- MR.VIJAYAKUMAR, S/O MADHAVAN ACHARI, AGED 37 KURUKKUVILAKOM, KANNETTUMUKKU , JAGTHY, THIRUVANANTHAPURAM. BY ADV. SRI.M.R.SARIN PANICKER RESPONDENTS: ----------------------- AUTHORISED OFFICER, INDIAN OVERSEAS BANK, ARISTO JUNCTION, BRANCH, THIRUVANANTHAPURM. BY SRI. P.B. SURESH KUMAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.27091 of 2008 ================== Dated this the 5th day of September, 2008. J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for coercive recovery of loan amounts due from the petitioner. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks time to pay off the balance amount due. The Standing Counsel for the respondent opposes the same. However, I feel that a lenient view can be taken in the matter to permit the petitioner to pay off the amounts in instalments. 2. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 1,00,000/- (Rupees one lakh only) within one month from today. The balance amount shall be paid in six equal monthly instalments, starting from 1.11.2008. Subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs. 1,00,000/- and the W.P(C)No.27091 of 2008 - 2 - subsequent instalments on the due dates without default further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs. 1,00,000/- or any of the subsequent instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs