IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 22ND OCTOBER 2008 / 30TH ASWINA 1930 WP(C).No. 31012 of 2008(P) ----------------------------------- PETITIONER(S): ------------------------ N.K.SHAJI, S/O.NARAYANAN, AGED 38 YEARS, RESIDING AT KALATHIPARAMBIL HOUSE, ELANJIPRA, CHALAKKUDY. BY ADV. SRI.DILIP MOHAN RESPONDENT(S): ------------------------ 1. UNION BANK OF INDIA, REPRESENTED BY ITS CHIEF MANAGER, NRI BRANCH, ERNAKULAM. 2. THE AUTHORIZED OFFICER, UNION BANK OF INDIA, NRI BRANCH, ERNAKULAM. BY SRI. A.S.P. KURUP, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.31012 of 2008 ================== Dated this the 22nd day of October, 2008. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due to the 1st respondent - Bank. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act for coercive recovery of the amounts due. The petitioner is challenging those proceedings. However the petitioner does not now dispute the liability to pay or the quantum. The petitioner only seeks facility to pay off the amounts in instalments. 2. The learned Standing Counsel appearing for the respondent opposes the prayer. According to her, the petitioner was given sufficient opportunity to pay off the amounts which he has not availed of and therefore the petitioner is not entitled any further indulgence in the matter. 3. After hearing both sides, I feel that the respondents shall show some more leniency to the petitioner. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.10,00,000/- W.P(C)No.31012 of 2008 - 2 - (Rupees Ten lakhs only) on or before 30.11.2008. The balance amounts shall be paid in five equal monthly instalments starting from 30.12.2008. Every subsequent instalment shall be paid on the first working day after the 29th of every succeeding month. If the petitioner pays the initial amount of Rupees ten lakhs and the subsequent intalments on due dates without default, further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rupees ten lakhs or any of the subsequent instalments, 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. It would be open to the petitioner to submit an application for one time settlement, which shall be considered and orders passed by the 1st respondent in accordance with the scheme, if any available, and the guidelines and policy applicable to the bank. S.SIRI JAGAN, JUDGE rhs