IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 11TH JULY 2008 / 20TH ASHADHA 1930 WP(C).No. 19191 of 2008(I) ------------------------------------ PETITIONER : ------------------- B. PRASAD, MANAGER, SAI KRISHNA PUBLIC SCHOOL, CHENKAL, TRIVANDRUM-695 032. BY ADV. SRI.S.MOHAMMED AL RAFI SRI.I.SHAHUL HAMEED RESPONDENTS : ---------------------- 1. CHIEF MANAGER, STATE BANK OF INDIA, LMS COMPOUND, TRIVANDRUM-33. 2. BRANCH MANAGER, STATE BANK OF INDIA, KOTTUKAL, TRIVANDRUM. 3. AUTHORISED OFFICER/REGIONAL MANAGER, STATE BANK OF INDIA, ZONAL OFFICE, TRIVANDRUM-33. BY SRI.P.V.SURENDRANATH, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 11/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ============== W.P.(C).No. 19191 OF 2008 ==================== Dated this the 11th day of July, 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 against the petitioner for recovery of the loan amounts due from the petitioner to the State Bank of India. However, the petitioner is not disputing the liability to pay or the quantum. He only seeks some time to pay off the balance amounts due. 2. This is opposed by the counsel appearing for the respondents. 3. Petitioner offers to pay 1/3rd of the amounts due within one month and the balance in another two months. In the above circumstances, the writ petition is disposed of with a direction to the respondents to permit the petitioner to pay 1/3rd of the balance amount within one month and the remaining amounts within another two months. If the petitioner complies W.P.(C).No. 19191 OF 2008 2 with the above directions strictly, further proceedings shall be kept in abeyance. However if the petitioner commits default in payment of either the 1/3rd of the balance amount within one month or the balance within another two months, 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. This is subject to the further condition that the petitioner shall also file an undertaking to the effect that if he does not comply with the above directions, he would hand over vacant possession of the property to the respondents, failure of which would also attract the default condition mentioned above. S.SIRI JAGAN, JUDGE bkn/-