IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 4TH SEPTEMBER 2008 / 13TH BHADRA 1930 WP(C).No. 26724 of 2008(F) -------------------------- CMP.1906/2008 of C.J.M.,TRIVANDRUM .................... PETITIONER: ---------------- MANI GEORGE,S/O.GEORGE T.C. 11/2001. D-19, KANAKA NAGAR, VELLAYAMBALAM, THIRUVANANTHAPURAM. BY ADV. SRI.LIJI.J.VADAKEDOM RESPONDENTS: ------------------ 1. VIJAYA BANK , M.G.ROAD,BRANCH SWASTIC BUILDING, M.G.ROAD, THIRUVANANTHAPURAM. 2. RECOVERY OFFICER (UNDER THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT ,2002, VIJAYA BANK, M.G.ROAD, THIRUVANANTHAPURAM. BY SRI. K. ANAND - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 04/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.26724 OF 2008 ---------------------------------------- Dated this the 4th day of September, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondents against the petitioner for coercive recovery of loan amounts due from him. However, the petitioner now seeks only facility to pay the amounts in instalments. 2. The learned Standing Counsel appearing for the respondents opposes the prayer. According to him, sufficient time has been granted to the petitioner and only when the bank was sure that the petitioner is not going to pay the amounts, proceedings were initiated. Having heard both sides, I feel that some more leniency can be shown to the petitioner in the matter of payment of the amounts in instalments. In the above circumstances, the writ petition is disposed of with the following directions: W.P.(c)No.26724/08 2 The petitioner shall pay 1/3rd of the balance amount within one month from today. The remaining 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 and the subsequent instalments in time without default as directed above, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the initial amount 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 or proceedings in that regard. If the petitioner complies with the above directions, taking over of possession shall be postponed. However, if the petitioner commits default, the petitioner shall voluntarily surrender possession of the security interest to the bank, in default of which the bank would be entitled to file contempt proceedings against the petitioner. S. SIRI JAGAN, JUDGE W.P.(c)No.26724/08 3 Acd