IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN TUESDAY, THE 22ND JULY 2008 / 31ST ASHADHA 1930 WP(C).No. 21140 of 2008(N) -------------------------- PETITIONER: ------------ T.MOHANDAS, CHOICE TVS, OPPOSITE GANDHI PARK, KUMALI. BY ADV. SRI.B.PREMOD RESPONDENTS: ------------- 1. THE CHIEF MANAGER (ADVANCES) AUTHORISED OFFICER, STATE BANK OF TRAVANCORE, ZONAL OFFICE, PANAMPILLY NAGAR, COCHIN - 36. 2. THE BRANCH MANAGER, STATE BANK OF TRAVANCORE, KUMALI BRANCH, KUMALI. BY ADV. SRI.SATHISH NINAN FOR R1 & 2 SRI.SANTHOSH MATHEW FOR R1 & 2 SRI. R.S. KALKURA, S.C. THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 22/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. Siri Jagan, J. =-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-= W. P (C) No. 21140 of 2008 =-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-= Dated this, the 22nd July, 2008. J U D G M E N T The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 initiated by the respondents for coercive recovery of loan amounts due from the petitioner to them. However, the petitioner does not now dispute the liability to pay or the quantum. He only seeks indulgence of this Court in directing the respondents to accept the balance amounts due in instalments. 2. Learned standing counsel for the respondents opposes the same. According to him, sufficient opportunity has been given to the petitioner to pay off the amounts, which the petitioner has not availed of. 3. After hearing both sides, I feel that some more leniency can be shown to the petitioner in the matter of permitting the petitioner to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions. The petitioner shall pay an amount of Rs. 2 lakhs within one month from today. The balance amounts due shall be paid in six equal monthly instalments starting from 3-10-2008. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the above amounts in time as directed above, further coercive proceedings shall be kept in abeyance. However, if the petitioner fails to pay either Rs. 2 lakhs or any of the subsequent instalment, it would open to the respondents to continue the proceedings without having to issue any fresh notice or proceedings in that regard. After paying Rs. 2 lakhs, if the petitioner W.P.C. No. 21140/2008. -: 2 :- submits an application for one time settlement or other concessions, the same shall be considered by the Bank in accordance with the Bank's policy and guidelines. Sd/- S. Siri Jagan, Judge. Tds/ [True copy] P.S to Judge.