IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 5TH AUGUST 2008 / 14TH SRAVANA 1930 WP(C).No. 13984 of 2008(M) ------------------------------------- PETITIONER: ------------------ JAYASREE NARAYANA PILLAI, W/O.NARAYANA PILLAI, AGED 56 RESIDING AT T.C.4/971(8) KOWDIAR PO, THIRUVANANTHAPURAM BY ADV. SRI.M.HARI SHARMA RESPONDENTS: ---------------------- 1. THE SOUTH INDIA BANK LTD, REGIONAL OFFICE, AT HOTEL SAFA INTERNATIONAL BUILDING, P.B.NO.473, MALAYALA MANORAMA ROAD, REP.BY ITS CHIEF MANAGER. 2. NARAYANA PILLAI, RESIDING AT T.C.4/971(8) KOWDIAR, PO, THIRUVANANTHAPURAM BY ADV. SRI.GEORGE VARGHESE,SC,SOUTH INDIAN BAN FOR R1 SRI. D. NARENDRA NATH, R2 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 13984 of 2008(M) -3- APPENDIX PETITIONER'S EXHIBITS EXT.P1 - TRUE COPY OF THE SAID CMP NO. 3672 OF 2007 BEFORE THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM DATED 10-08-2007. EXT.P2 - TRUE COPY OF THE ORDER DATED 20-09-2007 PASSED BY THE CHIEF JUDICIAL MAGISTRATE COURT, THIRUVANANTHAPURAM. EXT.P3 - TRUE COPY OF THE ORDER DATED 28.03.2008 OF THE DEBT RECOVERY TRIBUNAL, ERNAKULAM IN S.A. NO. 125 OF 2007. EXT.P4 - TRUE COPY OF THE ORDER CMP 1402 OF 2008 BY ORDER DATED 24.04.2008 OF THE CJM, THIRUVANANTHAPURAM. /TRUE COPY/ PA TO JUDGE S.SIRI JAGAN, J ================== W.P(C)No.13984 of 2008 ================== Dated this the 5th 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 1st respondent for recovery of loan amounts due from the petitioner to the bank. However, the petitioner does not now dispute the liability to pay or the quantum. The petitioner only seeks permission to pay off the amounts in instalments. This is opposed by the Counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs. 5 lakhs within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 3.10.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the W.P(C)No.13984 of 2008 - 2 - petitioner pays the initial amount of Rs.5 lakhs and the subsequent instalments in time without default, coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.5 lakhs or any of the subsequent instalments, it would be open to the 1st respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs