IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN THURSDAY, THE 10TH JULY 2008 / 19TH ASHADHA 1930 WP(C).No. 20778 of 2008(W) -------------------------------------- PETITIONER : ------------------ JANARDHANAN, S/O.GOPALAN, AGED 50 YEARS, MEETHALAI PURAYIL, MATTOOL NORTH, KAVILAI PARAMBA, KANNUR. BY ADV. SRI.V.R.K.KAIMAL SRI.N.M.MADHU RESPONDENTS : ---------------------- 1. THE SYNDICATE BANK, REPRESENTED BY ITS REGIONAL MANAGER, REGIONAL OFFICE, FORT ROAD, KANNUR 670 001. 2. THE BRANCH MANAGER, SYNDICATE BANK, PAYANGADI (MUTTOM), KANNUR. BY ADVOCATE SRI.M.P.ASHOK KUMAR THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON 10/07/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ============== W.P.(C).No. 20778 OF 2008 ==================== Dated this the 10th day of July, 2008. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from him to the respondents. The bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, which is under challenge in this writ petition. However, the petitioner does not now dispute the liability to pay or the quantum. The petitioner only seeks facility to pay the amounts in instalments. 2. I have heard the learned standing counsel for the respondents who opposes the same. He would submit that the petitioner has been given sufficient opportunity to pay off the amounts which he has not availed of same and therefore he is not entitled to any further indulgence in the matter. 3. Having heard both sides, I am of opinion that the respondents can take a lenient view in the matter. Accordingly, I dispose of the writ petition with the following directions: W.P.(C).No. 20778 OF 2008 2 The petitioner shall pay Rs.One Lakh within one month and the balance amount due shall be paid in four equal monthly instalments starting from 1.10.2008. Every subsequently instalment shall paid on the 1st working day of every succeeding month. If the petitioner pays the initial amount of Rs. One Lakh and the instalments in time without default, further proceedings shall be kept in abeyance. However, if the petitioner fails to pay either the Rs.One Lakh or any of the subsequent instalments, it would be open to the respondents to initiate proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. S.SIRI JAGAN, JUDGE bkn/-