IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE S.SIRI JAGAN WEDNESDAY, THE 22ND OCTOBER 2008 / 30TH ASWINA 1930 WP(C).No. 31087 of 2008(A) ------------------------------------- PETITIONER(S): ----------------------- V.E.JOSEPH, VANCHICKAL HOUSE, VAISAMBHAGAM.P.O, CHAMPAKKULAM, ALLEPPY. BY ADV. SMT.S.MUMTAZ SHUMSUDDIN RESPONDENT(S): ------------------------- BANK OF INDIA, ALLEPPY BRANCH,REP.BY THE AUTHORISED OFFICER, IST FLOOR, VIJAYA COMLEX, MULLAKKAL, ALLEPPY. BY SRI. DEVAN RAMACHANDRAN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 22/10/2008, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: S.SIRI JAGAN, J ================== W.P(C)No.31087 of 2008 ================== Dated this the 22nd day of October, 2008. J U D G M E N T The petitioner is a defaulter in repayment of loan amounts due from him to the respondent - Bank. The respondent bank has initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, for coercive recovery of the amounts due. The petitioner is challenging those proceedings. However, the petitioner now seeks only the facility to pay off the amounts in instalments. 2. This is opposed by the Counsel for the bank, who would submit that the petitioner has been given sufficient opportunity to pay off the amounts which the petitioner has not availed of. 3. After hearing both sides, I feel that some more leniency can be shown to the petitioner in the matter of payment of the amounts in instalments. Accordingly, this writ petition is disposed of with the following directions: The petitioner shall pay an amount of Rs.1,00,000/- (Rupees one lakh only) on or before 30.11.2008. The balance W.P(C)No.31087 of 2008 - 2 - amount shall be paid in five equal monthly instalments, starting from 1.1.2009. Every subsequent instalment shall be paid on the first working day of every succeeding month. If the petitioner pays the initial amount of Rupees one lakh and the subsequent intalments on due dates without default, further coercive proceedings shall be kept in abeyance. However, if the petitioner commits default in payment of either the Rupees one lakh or any of the subsequent instalments, it would be open to the respondent to continue proceedings as now initiated without having to issue any fresh notice or proceedings in that regard. On receipt of the Rupees one lakh, the respondent shall issue a statement of accounts to the petitioner showing the details of amounts due and calculation of interest, as also adjusting of amounts paid, if any, by the petitioner. S.SIRI JAGAN, JUDGE rhs