IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 28TH MAY 2008 / 7TH JYAISHTA 1930 WP(C).No. 15766 of 2008(B) -------------------------- PETITIONER: ------------ BIJU.T, THUNDUVILA VEEDU, KADAMPATTUKONAM, PARIPPALLY P.O., THIRUVANANTHAPURAM DISTRICT. BY ADV. SRI.D.PEETHAMBARAN RESPONDENTS: ------------- 1. STATE OF KERALA, REPRESENTED BY THE CHIEF SECRETARY,GOVERNMENT OF KERALA, SECRETARIAT, THIRUVANANTHAPURAM. ' 2. STATE BANK OF TRAVANCORE, PARIPALLY BRANCH, REPRESENTED BY ITS BRANCH MANAGER. 3. THE AUTHORISED OFFICER, CHIEF MANAGER (ADVANCES), STATE BANK OF TRAVANCORE (REGION-IV) ZONAL OFFICE, SANTHINAGAR, THIRUVANANTHAPURAM. GOVT. PLEADER SHRI.I.V.PRAMOD SHRI.M.K.CHANDRAMOHAN DAS, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/05/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.15766 of 2008 ================== Dated this the 28th day of May, 2008 J U D G M E N T The petitioner is a defaulter in payment of loan amount due to the 2nd respondent bank. Respondents 2 and 3 have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for recovery of the amount. The petitioner challenges those proceedings. The petitioner would now be satisfied with a direction to respondents 2 and 3 to permit the petitioner to pay off the amounts due in instalments. This is opposed by the standing counsel for respondents 2 and 3. According the standing counsel, the petitioner was given sufficient opportunity to pay off the amounts which he has not availed of. Having heard both sides, I feel that a lenient attitude can be taken in the matter. Accordingly, I dispose of this writ petition within the following directions: The petitioner shall pay an amount of Rs.1.5 lakhs within one month from today. The balance amount shall be paid in four w.p.c.15766/08 2 equal monthly instalments starting from 1.7.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs. 1.5 lakhs and subsequent instalments in time, further proceedings now initiated shall be kept in abeyance. However, if the petitioner commits default in paying either the initial amount or any of the subsequent instalments, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge