IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 13TH AUGUST 2008 / 22ND SRAVANA 1930 WP(C).No. 24346 of 2008(W) -------------------------- PETITIONER: ---------------- H. HASSAN, S/O.MOHAMMED HARIS, 8/1276, ARUMUGAN GARDEN, CHANDRA NAGAR.P.O, PALAKKAD. BY ADV. SMT.S.MUMTAZ RESPONDENTS: ------------------ CORPORATION BANK, PALAKKAD BRANCH, REP. BY THE MANAGER, 11/1447, MARKET ROAD, PALAKKAD. BY SRI. S.B. PREMACHANDRA PRABU THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 13/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.24346 OF 2008 ---------------------------------------- Dated this the 13th day of August, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the respondent for recovery of loan amounts due from the petitioner to the respondent. The petitioner seeks facility to pay the defaulted amounts and to regularise the loan account so that the petitioner can continue to pay instalments as per the original loan agreement. 2. This is stoutly opposed by the learned Standing Counsel for the bank. He would submit that the loan was taken in 2006. The petitioner was given a notice in January, 2008 and the petitioner did not pay any amount nor did he take any steps to even challenge the same. At this distance of time, the bank will not be in a position to permit the petitioner to regularise the loan account, is the submission made. In view of the said W.P.(c)No.24346/08 2 objection raised by the learned counsel for the bank, the petitioner seeks permission to pay off the amounts in instalments at least. This is also opposed by the learned standing counsel for the bank. However, taking a lenient view, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.8 lakhs within one month from today. The balance amount shall be paid in six equal monthly instalment 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 amount of Rs.8 lakhs and the instalments on the due dates, further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.8 lakhs or any of the subsequent instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.24346/08 3