IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 3RD SEPTEMBER 2008 / 12TH BHADRA 1930 WP(C).No. 25834 of 2008(A) ------------------------------------ PETITIONER: ------------------- JOSEPH XAVIER ANTHRAPPER 48 YEARS, S/O. XAVIER, 1/185 MUTTAM, THAIKATTUKARA P.O.,ALUVA 683 106 BY ADV. SRI.A.F.SEBASTIAN RESPONDENTS: ---------------------- 1. STATE BANK OF INDIA REPRESENTED BY THE AUTHORISED OFFICER REGIONAL MANAGER, STATE BANK OF INDIA REGION-11 Z.O., ERNAKULAM 2. THE BRANCH MANAGER STATE BANK OF INDIA ALUVA TOWN. 3. THE RESERVE BANK OF INDIA REPRESENTED BY ITS GOVERNOR CENTRAL OFFICE, MUMBAI 400 001 4. UNION OF INDIA REPRESENTED BY THE SECRETARY TO GOVERNMENT MINISTRY OF BANKING AFFAIRS, NEW DELHI. BY SRI. K.K.CHANDRAN PILLAI, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.25834 of 2008 ================== Dated this the 3rd 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 respondents 1 and 2 for coercive recovery of loan amounts due from the petitioner to the 2nd respondent bank. However, the petitioner does not dispute the liability to pay or the quantum. He submits that because of very serious liver disease, he had to spent more than six lakhs rupees for the treatment and therefore he may be given instalment facility to pay off the amounts due. 2. This is opposed by the Counsel for the bank, who would submit that from the very beginning repayment of the loan amount was irregular and going by the submissions in the writ petition themselves, it is quite clear that the petitioner would not be able to pay the amount even if indulgence is shown by this court. 3. All the same, I feel that the petitioner should be given an opportunity to pay the amounts in instalments in view of the special circumstances explained by the petitioner. Accordingly, this writ W.P(C)No.25834 of 2008 - 2 - petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 5,00,000/- (Rupees Five lakhs only) within six weeks from today. The balance amount shall be paid in twelve equal monthly instalments, starting from 1.12.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs. 5,00,000/- and the subsequent instalments on the due dates without default, further coercive proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs. 5,00,000/- 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. For the present, the petitioner shall be permitted to continue to reside in the property under possession of the bank. If the petitioner commits default in payment of the amounts as directed above, the petitioner shall voluntarily vacate the premises, failing which, it would be open to the bank to seek assistance of the police to take absolute possession by evicting the petitioner also. S.SIRI JAGAN, JUDGE rhs