IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 15TH APRIL 2009 / 25TH CHAITHRA 1931 WP(C).No. 12323 of 2009(I) -------------------------- PETITIONER(S): --------------- K.SHAJI, S/O.KARUNAKARAN,PUTHENTHARAYIL HOUSE,PALLIPURATHUSERY.PO,VAIKOM,KOTTAYAM DIST. BY ADV. SRI.DILIP MOHAN RESPONDENT(S): --------------- 1. STATE BANK OF TRAVANCORE,REPRESENTED BY ITS CHIEF MANAGER,VAIKOM BRANCH. 2. AUTHORIZED OFFICER, REGIONAL OFFICE, STATE BANK OF TRAVANCORE,VAIKOM BRANCH. BY STANDING COUNSEL SRI K.S.DILIP. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 15/04/2009, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. -------------------------------------- W.P.(C).No.12323 of 2009 -------------------------------------- Dated: APRIL 15, 2009 JUDGMENT The petitioner challenges proceedings initiated by the respondents under the Securitization and Re-construction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of loan amounts due from the petitioner to the respondents. However, the petitioner does not dispute the liability to pay or the quantum. Petitioner also prays for some time to pay off the amounts due. 2. This is opposed by the learned counsel for the respondents who would submit that the respondents have given more than sufficient time to the petitioner to pay off the amounts which he has not availed of. 3. After hearing both sides I feel that the respondents can show some more leniency to the petitioner. In the above circumstances the writ petition is disposed of with W.P.(C).No.12323 of 2009 2 the following direction:- The petitioner shall pay an amount of Rs.2 lakhs within one month from today. The balance amount shall be paid in four equal monthly instalments starting from 1.6.2009. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.2 lakhs and the subsequent instalments on the due dates promptly, further proceedings pursuant to the impugned notices shall be kept in abeyance. However, if the petitioner commits default in payment of either the initial amount of Rs.2 lakhs or any of the subsequent instalments, it will be open to the respondents to continue the proceedings they have now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN JUDGE mt/- W.P.(C).No.12323 of 2009 3