IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 12TH JUNE 2008 / 22ND JYAISHTA 1930 WP(C).No. 16854 of 2008(F) -------------------------- PETITIONER: PETITIONER ---------------------- SASIDHARAN.K, S/O. KRISHNA PANIKKER, AGED 65, RESIDING AT LAKSHMI KRISHNA, T.C. 25/33-1, GAC ROAD, PULIMOODU, TRIVANDRUM-1. BY ADV. SRI.M.HARISHARMA RESPONDENTS: RESPONDENTS ------------------------ 1. STATE BANK OF INDIA, M.G. ROAD BRANCH, TRIVANDRUM, REP. BY ITS BRANCH MANAGER. 2. AUTHORISED OFFICER, STATE BANK OF INDIA, SARC, LMS COMPOUND, TRIVANDRUM. BY SHRI.K.K.CHANDRAN PILLAI, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 12/06/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J. ================== W.P.(C).No.16854 of 2008 ================== Dated this the 12th day of June, 2008 J U D G M E N T The petitioner is a defaulter in payment of loan amount due from him to the 1st respondent bank. Respondent has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for coercive recovery, which is under challenge in this writ petition. The petitioner does not dispute the liability to pay or the quantum. He only seeks some time to pay off the amount. This is opposed by the standing counsel for the bank. He would submit that for the last two years the petitioner has not paid any amount at all and sufficient opportunity was granted to the petitioner to pay off the amount, which had not been availed of. He also submits that sale proceedings were posted to 7.6.2008. 2. After hearing both sides, I feel that a lenient attitude can be taken in the matter to enable the petitioner to pay off the amount in instalments on conditions. Accordingly, this writ petition is disposed of as follows: w.p.c.16854/08 2 The petitioner shall pay an amount of Rs.5 lakhs within one month from today. The balance amount shall be paid in eight equal monthly instalments starting from 1.8.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount and the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of the initial amount or any of the 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 w.p.c.16854/08 3