IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 31ST JULY 2008 / 9TH SRAVANA 1930 WP(C).No. 23118 of 2008(B) -------------------------- PETITIONER: ------------ P.M.KUNHIMOHAMMED, S/O.MOIDUNNI, PUTHEN PEEDIKAYIL HOUSE, CHALISSERY (P.O). BY ADV. SRI.NAGARAJ NARAYANAN SRI.SAIJO HASSAN RESPONDENTS: ------------------ 1. THE AUTHORISED OFFICER AND CHIEF MANAGER, VIJAYA BANK, REGIONAL OFFICE, R & R SECTION, IST FLOOR, JOSE ANNEX, JOSE JUNCTION, M.G.ROAD, ERNAKULAM. 2. THE BRANCH MANAGER, VIJAYA BANK, VAVANNUR BRANCH, PALAKKAD DISTRICT. BY ADV.SRI.K.ANAND, SC. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 31/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No. 23118 of 2008 ================== Dated this the 31st day of July, 2008. J U D G M E N T The petitioner, who is a defaulter in repayment of loan amounts due to the respondents, is challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, initiated by the respondent for coercive recovery. However, the petitioner now seeks only facility to pay amounts in instalments. The learned Standing Counsel for the bank opposes the same. 2. Having heard both sides, I feel that some leniency can be shown to the petitioner in the matter of payment in balance amount due in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.3 lakhs within one month. The balance amount shall be paid in six equal monthly instalments starting from 3.10.2008. Every - 2 - subsequent instalment shall be paid on first working day of every succeeding month. If the petitioner pays initial amount and subsequent instalments on the due dates further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either Rs. 3 lakhs or any one of the subsequent instalments, it would be open to the respondent to continue proceedings as now initiated without having any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs