IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN MONDAY, THE 18TH AUGUST 2008 / 27TH SRAVANA 1930 WP(C).No. 23334 of 2008(C) ------------------------------------ CMP.3144/2008 of C.J.M.,KOLLAM .................... PETITIONER: ------------------- 1. K.M.RAJAN, (PROP ASEAN STEELS, H & C COM POUND, KOLLAM) KOTTAVILA VEEDU, UDAYAMARTHANDAPURAM, MUNDAKKAL MIDDLE, KOLLAM DISTRICT. 2. BABY JULIET, KOTTAVILA VEEDU, UDAYAMARTHANDAPURAM, MUNDAKKAL MIDDLE, KOLLAM DISTRICT. BY ADV. SRI.N.SASIDHARAN UNNITHAN RESPONDENTS: ----------------------- THE AUTHORISED OFFICER, (CHIEF MANAGER), STATE BANK OF TRAVANCORE, BEACH ROAD BRACH, KOLLAM. BY R.S.KALKURA, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 18/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.23334 of 2008 ================== Dated this the 18th day of August, 2008. J U D G M E N T The petitioners are challenging proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. But now the petitioner does not dispute the liability to pay or the quantum. The petitioner only seeks a direction to the respondent to permit the petitioners to pay of the amounts due in instalments. 2. I have heard the learned Standing Counsel appearing for the bank, who opposes the same. However, taking a lenient view, I direct the respondent to permit the petitioners to pay of the balance amount in four equal monthly instalments starting from 15.9.2008. Every subsequent instalment shall be paid on the first working day after 14th of every succeeding month. If the petitioner pays instalments in time without default, further proceedings in the matter shall be kept in abeyance. However, if the petitioner commits default in W.P(C)No.23334 of 2008 - 2 - payment of any one of the 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. It would be open to the petitioner to approach the bank for benefits of OTS scheme, if available which shall be considered by the bank in accordance with the banks policy and guide lines. S.SIRI JAGAN, JUDGE rhs