IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 6TH AUGUST 2008 / 15TH SRAVANA 1930 WP(C).No. 22276 of 2008(B) -------------------------- PETITIONER: --------------- G.RAJAN, S/O.GOPALAN, AGED 57 YEARS, KUNNATH HOUSE MANAPPADAM.P.O, PALAKKAD DIST. BY ADV. SRI.JOHNSON P.JOHN RESPONDENTS: ------------------ 1. AUTHORISED OFFICER, UNION BANK OF INDIA, REGIONAL OFFICE, IST FLOOR, KSHB COMPLEX, VIKAS NAGAR, EAST HILL ROAD, KOZHIKODE. 2. BRANCH MANAGER, UNION BANK OF INDIA, COYALMANNAM BRANCH, PALAKKAD DISTRICT. BY SRI. A.V. THOMAS - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 06/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.22276 OF 2008 ---------------------------------------- Dated this the 6th day of August, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents against the petitioner, for recovery of loan amounts due from the petitioner to the respondents. However, the petitioner now confines his relief for a direction to the respondents to permit the petitioner to pay off the amounts in instalments. 2. I have heard the learned Standing Counsel appearing for the bank who opposes the same. Having heard both sides, I feel that some leniency can be shown to the petitioner in the matter of payment of amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.1 lakh within one month from today. The balance amount shall be paid in five equal monthly instalments starting from the 1st working day of W.P.(c)No.22276/08 2 October 2008. Every subsequent instalment shall be paid on the 1st working day of every succeeding month. If the petitioner pays the above amounts 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 lakh or any of the subsequent instalments, it would be open to the respondents to complete 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.22276/08 3