IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 11TH JUNE 2008 / 21ST JYAISHTA 1930 WP(C).No. 16551 of 2008(U) -------------------------- PETITIONERS: ------------ 1. MRS.ANNALAKSHMI, W/O.M.PARAMASIVAN TC /795, KESAVA PURATHU VEEDU, MARUTHANKUZHY, P.O.KANJIRAMPARA, THIRUVANANTHAPURAM. 2. M.PARAMASIVAN, TC /795, KESAVA PURATHU VEEDU, MARUTHANKUZHY, P.O.KANJIRAMPARA, THIRUVANANTHAPURAM. BY ADV. SRI.TOJAN J. VATHIKULAM RESPONDENTS: ------------- 1. STATE BANK OF INDIA, STATUE BRANCH, THIRUVANANTHAPURAM REPRESENTED BY THE BRANCH MANAGER, STATE BANK OF INDIA, STATUE BRANCH THIRUVANANTHAPURAM. 2. STATE BANK OF INDIA, STRESSED ASSETS RESOLUTION CENTRE, ZONAL OFFICE, THIRUVANANTHAPURAM-33 REPRESENTED BY THE AUTHORISED OFFICER, ASST.GENERAL MANAGER, STRESSED ASSETS RESOLUTION CENTRE, ZONAL OFFICE, THIRUVANANTHAPURAM-33. BY SRI. K.K.CHANDRAN PILLAI, SC FOR SBI THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J = = = = = = = = = = = = = = = = W.P.(C).No. 16551 OF 2008 = = = = = = = = = = = = = Dated this the 11th day of June, 2008. J U D G M E N T The petitioners are defaulters of repayment of loan amount due to the respondents. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioners are now challenging those proceedings in this writ petition. But they they do not dispute the liability to pay or the quantum. They only seek facility to pay the amounts in installments. 2. This is stoutly opposed by the counsel for the bank. He would submit that after obtaining the loan the petitioners have not paid a single pai as repayment. In fact the petitioners approached the Lok Adalath in which Ext.P2 settlement was arrived at whereby the petitioner was given certain remission in amounts and the petitioners had undertaken to pay the settled amount of Rs. 5,50,000/- on or before 31.3.2008. Even then a single pai has not been paid till now. The learned standing counsel would submit that now the bank cannot agree to the amount agreed as per Ext.P2 and the total amount now due is more than Rs.8 Lakhs. W.P.(C).No. 16551 OF 2008 2 3. In view of the above facts stated by the learned standing counsel for the bank, I am very reluctant to grant any more concession to the petitioners. However, purely as a matter of indulgence, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.3 Lakhs within one month from today. The balance amount shall be paid in six equal monthly installments starting from 1.8.2008. Every subsequent installments shall be paid on the 1st working day of every succeeding month. If the petitioner pays the initial amount of Rs.3 Lakhs and the subsequent installments in time on due dates, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.3 Lakhs or any of the installments, 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/-