IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN FRIDAY, THE 5TH SEPTEMBER 2008 / 14TH BHADRA 1930 WP(C).No. 27072 of 2008(W) ------------------------------------- PETITIONER: ------------------- S.SASANKAN, AGED 56 YEARS S/O. SREEDHARAN, JAYABHAVAN CHEMMANAMTHITTA, MOOTHEDOM, MALAPPURAM DISTRICT BY ADV. SRI.A.F.SEBASTIAN RESPONDENTS: --------------------- 1. STATE BANK OF INDIA REPRESENTED BY THE AUTHORISED OFFICER, REGIONAL BUSINESS OFFICE, KOZHIKODE - 673 002. 2. BRANCH MANAGER STATE BANK OF INDIA MANIMOOLI BRANCH MUMBAI 400 001 3. THE RESERVE BANK OF INDIA REPRESENTED BY ITS GOVERNOR, CENTRAL OFFICE, MUMBAI - 400 001 4. UNION OF INDIA REPRESENTED BY THE SECRETARY TO THE GOVERNMENT MINISTRY OF BANKING AFFARIS, NEW DELHI. BY K. JAYA KUMAR, SC THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 05/09/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.27072 of 2008 ================== Dated this the 5th day of September, 2008. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from respondents 1 and 2. Respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is under challenge before me. However, the petitioner confines his prayer for a direction to respondents 1 and 2 to permit the petitioner to pay off the amounts in instalments. 2. The learned standing counsel for the bank opposes the same. According to him, the petitioner has been given sufficient opportunities to pay off the amounts, which the petitioner has not availed and therefore, the petitioner is not entitled to any further indulgence in the matter. Having heard both sides, I feel that respondents 1 and 2 can show some more leniency to the petitioner in the matter of payment in instalments. Accordingly, the writ petition is disposed of with a direction to the petitioner to pay an amount of Rs.50,000/- within one month from today. The balance W.P(C)No.27072 of 2008 - 2 - amount due shall be paid in six equal monthly installments starting from 1.11.2008. Every subsequent instalments shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rs.50,000/- and the subsequent instalments on the due dates without default further proceedings under the Act shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rs.50,000/- or any of the subsequent instalments, it would be open to the respondents 1 and 2 to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE rhs