IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC FRIDAY, THE 5TH SEPTEMBER 2008 / 14TH BHADRA 1930 WP(C).No. 18827 of 2008(N) -------------------------- PETITIONER: ------------ 1. DEVARAJAN V.K., S/O.KESAVAN, VARIKKOLIL HOUSE, VENPALA P.O., VENPALA MURI, KUTTOOR VILLAGE. 2. VASUNDARA V.V., W/O.DEVARAJAN.V.K., -DO-, -DO-. BY ADV. SRI.G.GOPAKUMAR (CHERTHALA) SRI.RASHEED C.NOORANAD RESPONDENTS: ------------- 1. STATE BANK OF TRAVANCORE REPRESENTED BY ITS GENERAL MANAGER, HEAD OFFICE, POOJAPPURA, THIRUVANANTHAPURAM. 2. CHIEF MANAGER (ADV.) REGION IV, ZONAL OFFICE, KOTTAYAM. 3. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, MGM HIGH SCHOOL BRANCH, THIRUVALLA. BY ADV. SRI.M.PATHROSE MATTHAI (SR.) FOR R1 SRI.SAJI VARGHESE FOR R1 THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: WP(C).No. 18827 of 2008(N) APPENDIX PETITIONERS' EXHIBITS - P1- TRUE COPY OF NOTICE ISSUED BY R1 TO THE 1ST PETITIONER DT. 30.7.2007. P2 - TRUE COPY OF NOTICE ISSUED BY THE 1ST RESPONDENT TO THE 2ND PETITONER DT. 30.7.2007. P3 - TRYE COPY OF NOTICE ISSUED BY THE 2ND RESPONDENT BANK DT. 10.9.2007. P4 - TRUE COPY OF THE REGISTERED NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DT. 16.6.08. ANTONY DOMINIC, J. -------------------------------------------------------- W.P.(C) 18827 of 2008 -------------------------------------------------------- Dated: SEPTEMBER 5, 2008 JUDGMENT The proceedings initiated against the petitioners under the provisions of the Securitization and Re- construction of Financial Assets and Enforcement of Security Interest Act, 2002, is under challenge. By order dated 23.6.2008, stay was granted on condition that an amount of Rs.75000/- is paid and this order has been complied with. Subsequently at the time when the interim order was extended, a further sum of Rs.75000/- was ordered to be paid. Petitioners submit that due to financial constraints this order could not be complied with and they are seeking extension of time for complying with the above direction. 2. Though several contentions have been raised in the writ petition, today when the matter came up for hearing, learned counsel for the petitioner confines his request for an instalment facility to discharge the liability. I WP(C) 18827/08 2 heard the learned standing counsel for the respondent Bank also. 3. Having regard to the submissions that are made by both sides, I am satisfied that an instalment facility could be granted to the petitioners so that they can liquidate the liability and at the same time the Bank could also realise its dues. 4. Accordingly this writ petition is disposed of with the following directions:- That within two weeks from today, an initial payment of Rs.75000/- shall be made by the petitioners. Thereafter the balance due shall be paid in four equal monthly instalments, the first of which shall be paid on or before 15.10.2008 and the subsequent instalments, on or before the 15th of every succeeding month. Subject to payment as above, the coercive action initiated against the petitioners shall be kept in abeyance. If default is committed in paying any instalment, the bank will be free to continue its proceedings. ANTONY DOMINIC, JUDGE mt/-