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. 21723 of 2008(J) -------------------------- PETITIONER: ------------ K.SREEKANTH, PROPRIETOR, M/S MAYOORA AGENCIES, WHITE HOUSE, THANNIVILA, VEDIVACHANCOIL P.O., PALLICHAL, THIRUVANANTHAPURAM. BY ADV. SRI.S.M.PREM SMT.K.P.SANTHI SRI.S.S.HUSSAIN SRI.P.K.NIJOY RESPONDENTS: ------------- 1. ANDHRA BANK, M.G. ROAD, ERNAKULAM, COCHIN -16, REPRESENTED BY ITS AUTHORISED OFFICER, 2. S.MOHANKUMAR, SON OF SUKUMARAN, AMBADI HOUSE, CHEMMANNUVILA VEEDU, PUNNAMOODU, PALLICHAL, THIRUVANANTHAPURAM. 3. SREEJAMOL K.S., WHITE HOUSE, THANNIVIAL, VEDIVACHANKOIL P.O., THIRUVANANTHAPURAM. 4. VIJU KRISHNAN, K.KRISHNAN, PANANKALA VEEDU, KANCHAM PAZHINJI, POOVAR P.O., THIRUVANANTHAPURAM. BY ADV. SRI.ABRAHAM MATHEW (VETTOOR) FOR R1 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.21723 OF 2008 ---------------------------------------- Dated this the 21st day of August, 2008 JUDGMENT The petitioner challenges proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, initiated by the 1st respondent for recovery of loan amounts due from the petitioner under a loan, which the petitioner has defaulted repayment of. However, the petitioner does not dispute the liability to pay or the quantum. The petitioner confines his prayer for a permission to pay off the amounts due in instalments. He would also pray for a direction to the 1st respondent to consider the petitioner’s claim for settling the loan under the One Time Settlement Scheme. 2. The learned counsel appearing for the bank would submit that the petitioner has been given sufficient opportunity to pay off the amount and the petitioner has not cared to pay the amount, in spite of several opportunities given. He also submits that the petitioner has not yet submitted a proposal for One Time W.P.(c)No.21723/08 2 Settlement also. 3. I have considered the rival contentions in detail. Despite the objections raised by the 1st respondent, I am of opinion that the petitioner can be given some time to pay off the amounts in instalments. Accordingly, the writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.5 lakhs within one month from today. The balance amount shall be paid 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.5 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.5 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. If the petitioner submits a proposal for One Time Settlement, the bank shall consider the same in accordance with the policy and the guidelines applicable to the bank. S. SIRI JAGAN, JUDGE Acd W.P.(c)No.21723/08 3