IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 26TH AUGUST 2008 / 4TH BHADRA 1930 W.P(C).No. 25592 of 2008(V) -------------------------- PETITIONER: ------------ UNNIKRISHNAN T., S/O. PARAMESWARAN, THOTTUNGAL HOUSE, KODASSERI, CHEMBRASSERI P.O., MALAPPURAM DISTRICT. BY ADV. SRI.P.VIJAYA BHANU SRI.THOMAS J.ANAKKALLUNKAL RESPONDENTS: ------------- 1. MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD, PANDIKKAD BRANCH, MALAPPURAM DISTRICT, REPRESENTED BY ITS MANAGER. 2. AUTHORIZED OFFICER (GENERAL MANAGER IN CHARGE) MALAPPURAM DISTRICT CO-OPERATIVE BANK LTD., HEAD OFFICE, UPHILL - MALAPPURAM. BY SRI. C.K. MADHAVAN, SC- R1&R2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 26/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.25592 of 2008 ================== Dated this the 26th 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 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. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 50,000/- (Rupees Fifty thousand only) within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Subsequent instalments shall be paid in the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.50,000/- and the instalments on due dates without default, further W.P(C)No.25592 of 2008 - 2 - proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs. 50,000/- 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. S.SIRI JAGAN, JUDGE rhs