IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 21ST FEBRUARY 2008 / 2ND PHALGUNA 1929 WP(C).No. 6098 of 2008(A) ------------------------- PETITIONERS: ------------ 1. JAYA JOSEPH, AGED 31 YEARS, W/O.REJI MATHEWS, PULIMOOTTIL HOUSE, PARUMALA P.O., THIRUVALLA. 2. REJI MATHEWS, AGED 39 YEARS, S/O.MATHEWS, PULIMOOTTIL HOUSE, PARUMALA P.O., THIRUVALLA. BY ADV. SRI.V.V.NANDAGOPAL NAMBIAR SRI.T.P.PRADEEP RESPONDENTS: ------------- 1. THE AUTHORISED OFFICER/CHIEF MANAGER, UCO BANK, KOLLAM BRANCH. 2. THE BRANCH MANAGER, UCO BANK, THIRUVALLA BRANCH, CROSS JN. THIRUVALLA. BY S.C.SRI.GEORGE K. VARGHESE. W W THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/02/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: Antony Dominic, J. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - W.P.(C) No. 6098 of 2008 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Dated this the 21st day of February, 2008 JUDGMENT Proceedings have been initiated against the petitioners under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002. The admitted fact is that the petitioners had availed a loan of Rs.5 lakh in the year 2006. Though the amount was to be paid in monthly instalments, the petitioners have paid only one instalment and defaulted instalments itself which would come to Rs.2,91,800/-. In view of the continued default, the bank has classified the account of as N.P.A. on 31-3-2007 and thereafter the impugned proceeding was initiated. 2. The matter has reached at the stage of sale and it is scheduled to take place on 23-2-2008. It is rightly pointed out by learned standing counsel for the bank that it was on account of continued default of the petitioners, the bank had initiated proceedings against them. It is also pointed out that presently about Rs.7 lakh is due from the petitioners. 3. When the writ petition come for hearing, the learned counsel for the petitioners sought time for settling the liability. However, having regard to the past conduct of the petitioners, this Court is of the view that the WPC 6098/08 -2- petitioners have to prove their bona fides by making a reasonable payment. Hence, the petitioners are permitted to pay the amount in instalments and save the property in question subject to the following conditions:- 4. The petitioners shall deposit an amount of Rs.2,00,000/- on or before 29-2-2008. Subject to the deposit as above, proceedings for the sale of the property will stand deferred. The balance amount will be paid by the petitioners in six equal monthly instalments. The first instalment will be paid in the first week of April, 2008 and subsequent instalments will be paid first week of every succeeding month. It is clarified that in case the petitioners default in paying as above, the payment, the bank will be free to proceed against the petitioners. The writ petition is disposed of as above. Antony Dominic, Judge. mn.