IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 28TH AUGUST 2008 / 6TH BHADRA 1930 WP(C).No. 23852 of 2008(M) -------------------------- PETITIONER: ----------------- SUJI VENU , W/O. SRI ,VENU.S, KANJIMATTOM, CMC-27 CHERTHALA, ALAPPUZHA. NOW RESIDING AT DUBAI THROUGH HER POWER OF ATTORNEY HOLDER) A.B.PUSHPAVALLI,W/O. U.K.UNNIKRISHNAN,KELAMANGALAM THATTAMPALLY P.O., ALAPPUZHA BY ADV. SRI.P.VINODKUMAR RESPONDENTS: ------------------- 1. THE AUTHORISED OFFICER STATE BANK OF INDIA, REGIONAL BUSINESS OFFICE BEACH ROAD, ALAPPUZHA. 2. THE BRANCH MANAGER STATE BANK OF INDIA, ,MULLAKKAL BRANCH ALAPPUZHA. BY ADV. SRI.K.K.CHANDRAN PILLAI FOR R1-2 THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 28/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.23852 OF 2008 ---------------------------------------- Dated this the 28th day of August, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents for recovery of loan amounts due from her to the respondents. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner now seeks only facility to pay off the amounts in instalments. 2. This is opposed by the learned Standing Counsel for the respondents. However taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.10 lakhs within one month from today. The balance amount shall be paid in six equal monthly instalments starting from 1.11.2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.10 lakhs and the instalments in time without default, W.P.(c)No.23852/08 2 further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.10 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 of proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.23852/08 3