IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 28TH JULY 2008 / 6TH SRAVANA 1930 WP(C).No. 21953 of 2008(L) -------------------------- PETITIONER: ------------ A.S.SANTHOSH, AGED 48 YEARS, S/O A.K. SUBRAMANIAN, AALAKKAL HOUSE, P.O. NATTIKA, THRISSUR. BY ADV. SRI.RAJIT RESPONDENTS: ------------- 1. THE AUTHORIZED OFFICER, CANARA BANK SECURITY AND ENFORCEMENT CELL, REGIONAL OFFICE, ERNAKULAM. 2. CANARA BANK,VALAPAD BRANCH, THRISSUR, REPRESENTED BY THE MANAGER.. BY ADV. SRI. P. GOPINATHA MENON. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 21953 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 28th July, 2008. J U D G M E N T The petitioner is a person who defaulted repayment of loan amounts due from him to the respondents. The respondents initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for coercive recovery of the defaulted amount from the petitioner. The petitioner is challenging the same in this writ petition. However, the petitioner does not now challenge the liability or quantum. He only seeks some time to pay off the amounts. Learned standing counsel for the respondents opposes the same. According to him, more than sufficient opportunities were given to the petitioner for paying off the amount, but he did not pay the same even after sufficient time was given to the petitioner. 2. After having heard both sides, I feel that some leniency can be shown to the petitioner in the matter of payment of the amount in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs. 4 lakhs within one month from today. The balance amount due shall be paid in four equal monthly instalments starting from the first working day of October, 2008. Every subsequent instalment shall be paid on the first working day of every subsequent month. If the petitioner pays Rs. 4 lakhs and subsequent instalments without default, further coercive proceedings shall be kept in abeyance. If the petitioner commits default in payment of either Rs. 4 lakhs or any of the subsequent instalments, it would be open to the respondents to initiate further proceedings as now initiated, without having to issue any fresh notice or proceedings in that regard. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.