IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 21ST AUGUST 2008 / 30TH SRAVANA 1930 WP(C).No. 23007 of 2008(L) -------------------------- PETITIONER: ------------ VASUDEVAN PILLAI,ARUN NIVAS, EDAKKADAM P.O.,KAREEPRA,KOLLAM BY ADV. SRI.JOHNSON GOMEZ RESPONDENTS: ------------------ 1. THE GENERAL MANAGER CANARA BANK, HEAD OFFICE, BANGALOR 560 002 2. THE SENIOR MANGER THE CANARA BANK, ADICHANALLOOR BRANCH KOLLAM DISTRICT BY SRI. GOPINATHA MENON - SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 21/08/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S. SIRI JAGAN, J. ------------------------------------ W.P.(C)No.23007 OF 2008 ---------------------------------------- Dated this the 21st day of August, 2008 JUDGMENT The petitioner obtained two loans from the respondents, one an agricultural loan and another a house building loan. The petitioner defaulted repayment of the same. The respondents initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, which under challenge in this writ petition. 2. The petitioner's contention is that in respect of the agricultural loan, the petitioner is entitled to waiver as per a Scheme formulated by the Government of India. In respect of the house building loan, the petitioner seeks permission to pay off the amounts in instalments. 3. This is opposed by the learned counsel for the bank. He would submit that from 2005 onwards the repayment has been very irregular and as on January 2008 an amount of Rs.7,16,426/- is due from the petitioner on both the loan accounts. W.P.9c)No.23007/08 2 4. After hearing both sides, I dispose of this writ petition with the following directions: The petitioner shall pay an amount of Rs.2 lakhs within one month from today. Along with that payment, the petitioner shall also file an application seeking benefits under the Debt Waiver Scheme. On receipt of the same, the Branch Manager of the bank shall forward the same to the appropriate authority of the bank, who shall consider the same and pass appropriate orders thereon, within a period of two weeks therefrom. Thereafter, the balance amounts due, as decided by the competent officers of the bank, shall be paid by the petitioner 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 of Rs.2 lakhs and the instalments in time without default, further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.2 lakhs 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 of proceedings in that regard. I make it clear that I have not W.P.9c)No.23007/08 3 considered the eligibility of the petitioner for benefits under the Scheme and it is entirely for the competent officers of the bank to decide the matter in accordance with the scheme applicable. S. SIRI JAGAN, JUDGE Acd