IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 3RD SEPTEMBER 2008 / 12TH BHADRA 1930 WP(C).No. 26687 of 2008(B) -------------------------- PETITIONERS: ---------------- 1. BALACHANDRAN,SHAJIBHAVAN,ELIYAVOOR, UZHAMALAKKAL VILLAGE,NEDUMANGAD. 2. GEETHAKUMARI,W/O.BALACHANDRAN, SHAJI BHAVAN, ELIYAVOOR,UZHAMALAKKAL VILLAGE, NEDUMANGAD. BY ADV. SRI.M.RAMASWAMY PILLAI SRI.P.M.JOSEPH RESPONDENTS: ------------------ 1. UNION OF INDIA ,REPRESENTED BY ITS SECRETARY TO THE FINANCE, GOVERNMENT SECRETARIAT, NEW DELHI. 2. STATE BANK OF TRAVANCORE REPRESENTED BY ITS BRANCH MANAGER, UZHAMALAKKAL BRANCH, UZHAMALAKKAL, NEDUMANGAD. 3. AUTHORISED OFFICER CHIEF MANAGER (ADVANCES) STATE BANK OF TRAVANCORE REGION II ZONAL OFFICE, SANTHINAGAR, THIRUVANANTHAPURAM SAROJINI AMMA, D/O.LEKASHMI AMMA, AGED 75 YEARS RESIDING AT SHAJI BHAVAN, ELIYAVOOR, UZHAMALAKKAL VILLAGE NEDUMANGAD. 4. REGIONAL MANAGER, STATE BANK OF OF TRAVANCORE, HEAD OFFICE, HOUSING BOARD BUILDING, THIRUVANANTHAPURAM. BY SRI. R.S. KALKURA – SC SRI. P. PARAMESWARAN NAIR, ASST. SOL. GENERAL. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 03/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.26687 OF 2008 ---------------------------------------- Dated this the 3rd day of September, 2008 JUDGMENT The petitioners challenge proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by respondents 2 and 3 for recovery of loan amounts due from them to the 2nd respondent bank. However, the petitioners do not dispute the liability to pay or the quantum. The petitioners now seek 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 petitioners shall pay an amount of Rs.4 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 petitioners pay the initial amount of Rs.4 lakhs and the instalments in time without default, further W.P.(c)No.26687/08 2 proceedings under the Act shall be kept in abeyance. However, if the petitioners commit default in payment of either the Rs.4 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. It would be open to the petitioners to approach the bank for concessions in the matter of interest. If the petitioner approaches the bank, the bank shall consider the same in accordance with law. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.26687/08 3