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. 18158 of 2008(J) -------------------------- PETITIONER: ------------ 1. A.M.ISSAC, PROPRIETOR, SHAH PLYWOODS CHANDRANAGAR, PALAKKAD 678 007 2. JASMIN ISSAN PROPRIETOR, SHAH PLYWOODS CHANDRANAGAR, PALAKKAD 678 007 3. NANCY THAMBI, CHANDRANAGAR, PALAKKAD 678 007 BY ADV. SRI.K.I.MAYANKUTTY MATHER SRI.P.P.RAMACHANDRAN RESPONDENTS: ------------- 1. INDIAN OVERSEAS BRANCH REPRESENTED BY ITS BRANCH MANAGER PALAKKAD BRANCH. 2. AUTHORIZED OFFICER INDIAN OVERSEAS BRANCH PALAKKAD BRANCH. BY ADV. SRI.P.B.SURESH KUMAR, SC,I.O.BANK FOR R1,2 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.18158 of 2008 ================== Dated this the 22nd day of July, 2008 J U D G M E N T The petitioners are defaulters in repayment of loan amount due from them to the respondents. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for coercive recovery. However, the petitioners do not dispute the liability to pay or the quantum. They only seek some time to pay off the amount in instalments. 2. This is opposed by the standing counsel for the Bank. He would submit that sufficient opportunity was given to the petitioners to pay off the amount and they have not paid the same. The petitioners further submit they have already paid an amount of Rs.10 lakhs. 3. After hearing both sides, I feel that a lenient attitude can be taken in the matter to enable the petitioners to pay off the amount in instalments on conditions. Accordingly, this writ petition is disposed of as follows: w.p.c.18158/08 2 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 22.9.2008. Every subsequent instalment shall be paid on the first working day after 21st of every succeeding month. If the petitioners pay the initial amount and the instalments in time, coercive proceedings shall be kept in abeyance. However, if the petitioners commit default in payment of the initial amount or any of the instalments, it would be open to the respondents to continue the proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. Sd/- sdk+ S.SIRI JAGAN, JUDGE ///True copy/// P.A. to Judge