IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 10TH JULY 2008 / 19TH ASHADHA 1930 WP(C).No. 20827 of 2008(D) ------------------------------------- PETITIONER : ------------------ MUKESH GUPTHA S/O. RADHESHYAM GUPTHA, 29/264, KRISHNA GARDENS VELLAT LANE, THRISSUR 680001 BY ADV. SRI.N.ASHOK KUMAR RESPONDENTS : ---------------------- 1. K.VISWANATHAN, CHIEF MANAGER INDIAN BANK , CIRCLE OFFICE, CHITTOOR ROAD ERNAKULAM 2. BRANCH MANAGER,INDIAN BANK M.O.ROAD, P.B.NO.26 BEJES COMPLEX, 11/113, POST OFFICE ROAD, THRISSUR ,KERALA BY ADV.SRI.C.HARIKUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ============== W.P.(C).No. 20827 OF 2008 ==================== Dated this the 10th day of July, 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 respondents for recovery of loan amounts due from the petitioner to the Indian Bank. However, the petitioner does not dispute the liability of pay or the quantum. He only seeks facility to pay the amounts in instalments. 2. I have heard the learned standing counsel appearing for the respondents who opposes the same. He would submit that the petitioner has been given sufficient opportunities and only when Bank was sure that the petitioner would not pay any amount, they have resorted to proceed under the Act. 3. Having heard both sides, I feel that the petitioner can be permitted to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: W.P.(C).No. 20827 OF 2008 2 The petitioner shall pay an amount of Rs.2.5 Lakhs within one month from today. The balance amounts shall be paid in four equal monthly instalments starting from 1.10.2008. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. If the petitioner pays Rs.2.5 Lakhs and the instalments on 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.2.5 Lakhs or any of the subsequent instalments, it would be open to the respondents to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE bkn/-