IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE ANTONY DOMINIC THURSDAY, THE 10TH JULY 2008 / 19TH ASHADHA 1930 W.P(C).No. 20686 of 2008(K) --------------------------------------- PETITIONERS: ------------------ 1. UDAYAN, S/O. KOCHUKUTTAN NEETTIKAL THEKKETHIL, PADANILAM NOORANADU. 2. ANITHAKUMARI.P.B., W/O. UDAYAN, NEETTIKAL THEKKETHIL, PADANILAM, NOORANADU. BY ADV. SRI.S.MOHANAN RESPONDENTS: -------------------- 1. CHIEF OFFICER, (AUTHORISED OFFICER) STATE BANK OF TRAVANCORE REGION IV, ZONAL OFFICE, KOTTAYAM. 2. THE MANAGER STATE BANK OF TRAVANCORE THUMPAMON BRANCH, MAVELIKARA. BY ADV. SRI.SAJI VARGHESE, SC FOR SBT THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: ANTONY DOMINIC, J. = = = = = = = = = = = = = = = W.P.(C) No. 20686 OF 2008 K = = = = = = = = = = = = = = = Dated this the 10th day of July 2008 J U D G M E N T Petitioners are defaulters to the respondent Bank and as a result thereof, the bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The present stage of the proceedings is that the bank approached the Chief Judicial Magistrate and obtained an order under Section 14 of the Act and an Advocate Commissioner is also appointed for execution of the said order. It is at that stage, the writ petition has been filed by the petitioner challenging the recovery proceedings. 2. Though several contentions have been raised in the writ petition, the only request that is now made before me is for an instalment facility to pay the amount due and to avoid coercive action against the properties. 3. I heard the counsel for the bank also, who entered appearance on notice. W.P.(C) No.20686/2008 (K) - 2 - 4. Having regard to the submissions made, this writ petition is disposed of directing that the petitioner will be permitted to pay the entire amount that is due to the respondent Bank in 8 equal monthly instalments, the first of which will be paid before 30th of July 2008. 5. Subject to such payment further proceedings pursuant to Exts. P1 and P2 will stand deferred. 6. Petitioner shall pay the balance seven instalments before the end of every succeeding month. 7. It is clarified that in case the petitioner commits default in paying any one of the instalments, the Bank will be free to continue the proceedings it has initiated. ANTONY DOMINIC JUDGE jan/-