IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 5TH SEPTEMBER 2008 / 14TH BHADRA 1930 WP(C).No. 27196 of 2008(K) -------------------------- PETITIONER: ---------------- A.A.ABDUL RAHIMAN AMMANATHU HOUSE,KUMARANELLUR PO, WADAKKANCHERY,TRISSUR. BY ADV. SMT.S.MUMTAZ RESPONDENTS: ------------------- 1. UCO BANK SWARAJ ROUND EAST REPRESENTED BY THE BRANCH MANAGER P.B.NO. 167, TRISSUR 680 001 2. AUTHORISED OFFICER UCO BANK REGIONAL OFFICE, OVERBRIDGE JN THIRUVANANTHAPURAM. BY SRI. GEORGE K. VARGHESE -SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.27196 OF 2008 ---------------------------------------- Dated this the 5th day of September, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents for recovery of loan amounts due from him to the respondents. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner now seeks only facility to pay off the amounts in instalments. 2. This is opposed by the learned Standing Counsel for the respondents. However taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay 1/3rd of the amount within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and subsequent instalments in time without default as directed above, W.P.(c)No.27196/08 2 further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the initial amount 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 Acd W.P.(c)No.27196/08 3