IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.M.JOSEPH MONDAY, THE 2ND MARCH 2009 / 11TH PHALGUNA 1930 WP(C).No. 6526 of 2009(I) ----------------------------------- PETITIONER(S): ---------------------- 1. SURESH BABU, S/O.KRISHNAN NAIR, VADAKKEDATH HOUSE, CHELANNUR.PO,KOZHIKODE. 2. SREEJA, W/O.SURESH BABU, VADAKKEDATH HOUSE, CHELANNUR.PO, KOZHIKODE. BY ADV. SRI.P.V.KUNHIKRISHNAN SMT.BINDU GEORGE RESPONDENT(S): ------------------------- STATE BANK OF TRAVANCORE,KALLAI BRANCH, KOZHIKODE REPRESENTED BY I.N.RAJNARAYANAN, S/O.K.RAGHAVAN NAIR,CHIEF MANAGER/AUTHORISED OFFICER. BY STANDING COUNSEL SRI.SAJI VARGHESE. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 02/03/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: K.M.JOSEPH, J. ------------------------------------------------------ W.P.(C) No. 6526 of 2009-I ---------------------------------------------- Dated, this the 2nd day of March, 2009 J U D G M E N T Steps under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 have been taken against the petitioners. 2. I heard the learned counsel for the petitioners and learned standing counsel for the Bank. Petitioners seek instalment facility to pay off the amount. 3. Having considered the matter, the writ petition is disposed of as follows: Proceedings against the petitioners will be kept in abeyance on condition that the petitioners remit Rs.1,25,000/- (Rupees one lakh and twenty five thousand only) on or before 31.3.2009 and pay all further amounts remaining to be paid with due interest in 7 equal monthly instalments. The first instalment shall be paid on or before 01.05.2009 and the remaining instalments on or before the Ist working day of every succeeding month. If the petitioners do not pay Rs.1.25 WPC No. 6526/2009 -2- lakhs or any other instalment, they will loose the benefit of this judgment and the respondent will be free to proceed against the petitioners in accordance with law. (K.M.JOSEPH) JUDGE. MS