IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 29TH AUGUST 2008 / 7TH BHADRA 1930 W.P(C).No. 24391 of 2008(D) -------------------------- PETITIONER: ----------- P.HASSAN, FATHIMA MANZIL, NEAR SBI, RAMANATTUKARA, KOZHIKODE KERALA, PIN 673 633. BY ADV. SRI.K.M.FIROZ RESPONDENTS: ------------- 1. THE AUTHORISED OFFICER, THE STATE BANK OF INDIA, RETAIL ASSETS, SMALL AND MEDIUM ENTERPRISES-CITY CREDIT CENTRE RASMECCC, KALLAI HEIGHTS, KOZHIKODE 673 003. 2. THE STATE BANK OF INDIA, RAMANATTUKARA, CALICUT DISTRICT, KERALA PIN 673 633, REPRESENTED BY ITS MANAGER. 3. THE UNION OF INDIA, REPRESENTED BY THE SECRETARY (BANKING & INSURANCE) DEPARTMENT OF ECONOMIC AFFAIRS, MINISTRY OF FINANCE, PARLIAMENT STREET, NEW DELHI 110 001. BY ADV. SRI.P.PARAMESWARAN NAIR,ASST.SOLICITOR - R3 SRI.K.K.CHANDRAN PILLAI - R1 & R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 29/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.24391 of 2008 ================== Dated this the 29th day of August, 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 for coercive recovery of loan amounts due from the petitioner. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks time to pay off the balance amount due. The Standing Counsel for the respondents 1 and 2 opposes the same. However, I feel that a lenient view can be taken in the matter to permit the petitioner to pay off the amounts in instalments. 2. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 1,25,000/- (Rupees one lakh twenty five thousand only) within one month from today. The balance amount shall be paid in eight equal monthly instalments, starting from 3.10.2008. Subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of W.P(C)No.24391 of 2008 - 2 - Rs. 1,25,000/- and the subsequent instalments on the due dates without default further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs. 1,25,000/- or any of the subsequent instalments, it would be open to the respondents 1 and 2 to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs